Small and large companies merge all the time. When they do, there is an incredible task ahead of both as they begin to pull together the different systems used for human resources, customer service, and others. Employee benefits are one area that needs special attention because mishandling it may cause discord and even an exodus of important team members. Doing proper healthcare post acquisition integration takes time and effort to be done with minimal negative results.
The tech that is used to track employee records is important and needs to be able to be modified to include benefits from both sets of employees. Some companies will opt to keep using both systems until a single employee benefits package can be acquired. The database often needs to be able to import the records of both companies in order to provide salary and benefits as needed.
Merged companies usually have different health care plans and providers. This area will require decisions from the top level to be completed. One program may be better than the other, but also more costly. Deciding what will be offered will change one or both sets of employees benefits along with the cost of the plan. Many mergers will either completely fold one set of employees into the other plan or come up with a new one that offers the best choices of both plans.
A benefit review should be done with both plan providers. Since the number of employees that will be included has changed, this gives the company leverage to get better pricing. The providers will send reps to discuss the options and provide a new plan idea that needs to be reviewed and compared. There will be a lot of negotiation during this period and it should not be rushed.
Employee happiness is important. A survey should be conducted to ask employees what they like about their plan and what they would like to see in a new one. This will give insight as to what works and what can be left behind. Since people do not like change, making one that benefits all parties will help keep the employees happy and productive. Having a voice in the process will also help the employees feel that they matter.
Filling out forms is not easy. The HR staff should be trained by the insurance company to be able to adequately walk workers through filling out the forms and answering questions about the options. If the staff can't answer the question, they should have a point of contact to get an answer quickly. The employees are faced with difficult decisions on what options to choose since this may affect how much they have to contribute towards the plan.
After the new plan is in place, do another survey. This is a time where you can find out if your efforts paid off. Do not expect everyone to be completely happy, but expect satisfaction in most areas. You will also want to get information on how difficult the workers found the process and if they feel their input was valued.
Combining two companies is a complicated process. Taking the time to keep employees happy and make sure they have a voice in things that directly affect them will help with the combination. Walking people through the new benefits so they see the plus side will help prevent discord throughout the process.
The tech that is used to track employee records is important and needs to be able to be modified to include benefits from both sets of employees. Some companies will opt to keep using both systems until a single employee benefits package can be acquired. The database often needs to be able to import the records of both companies in order to provide salary and benefits as needed.
Merged companies usually have different health care plans and providers. This area will require decisions from the top level to be completed. One program may be better than the other, but also more costly. Deciding what will be offered will change one or both sets of employees benefits along with the cost of the plan. Many mergers will either completely fold one set of employees into the other plan or come up with a new one that offers the best choices of both plans.
A benefit review should be done with both plan providers. Since the number of employees that will be included has changed, this gives the company leverage to get better pricing. The providers will send reps to discuss the options and provide a new plan idea that needs to be reviewed and compared. There will be a lot of negotiation during this period and it should not be rushed.
Employee happiness is important. A survey should be conducted to ask employees what they like about their plan and what they would like to see in a new one. This will give insight as to what works and what can be left behind. Since people do not like change, making one that benefits all parties will help keep the employees happy and productive. Having a voice in the process will also help the employees feel that they matter.
Filling out forms is not easy. The HR staff should be trained by the insurance company to be able to adequately walk workers through filling out the forms and answering questions about the options. If the staff can't answer the question, they should have a point of contact to get an answer quickly. The employees are faced with difficult decisions on what options to choose since this may affect how much they have to contribute towards the plan.
After the new plan is in place, do another survey. This is a time where you can find out if your efforts paid off. Do not expect everyone to be completely happy, but expect satisfaction in most areas. You will also want to get information on how difficult the workers found the process and if they feel their input was valued.
Combining two companies is a complicated process. Taking the time to keep employees happy and make sure they have a voice in things that directly affect them will help with the combination. Walking people through the new benefits so they see the plus side will help prevent discord throughout the process.
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