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.
To be successful, the benefits need to be reviewed by both companies. The insurance companies can be expected to send a rep to renegotiate rates and options for the employees. With a larger pool, the rates could change quite a bit. This is a process that could take months and should not be rushed to avoid having an employee revolt.
Keeping employees happy and involved is critical to success. Conducting a survey is a great way to get input from the workers from both companies to find out what they liked and disliked about their plans. This will give HR an idea of what the most important aspects are and help them create a new plan that will keep most people happy and with the company. Being able to participate is a sure way to give employees value in the process.
Signing everyone up on the new plan requires assistance. Insurance forms are notoriously difficult to complete. Having representatives from the company help both HR staff and workers get signed up on the new plan helps reduce the stress this can cause. Most employees will need to consider different options based on their own family situations and may need to discuss it with their family before signing up. Having a solid deadline and help along the way will make a smooth transition.
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.
To be successful, the benefits need to be reviewed by both companies. The insurance companies can be expected to send a rep to renegotiate rates and options for the employees. With a larger pool, the rates could change quite a bit. This is a process that could take months and should not be rushed to avoid having an employee revolt.
Keeping employees happy and involved is critical to success. Conducting a survey is a great way to get input from the workers from both companies to find out what they liked and disliked about their plans. This will give HR an idea of what the most important aspects are and help them create a new plan that will keep most people happy and with the company. Being able to participate is a sure way to give employees value in the process.
Signing everyone up on the new plan requires assistance. Insurance forms are notoriously difficult to complete. Having representatives from the company help both HR staff and workers get signed up on the new plan helps reduce the stress this can cause. Most employees will need to consider different options based on their own family situations and may need to discuss it with their family before signing up. Having a solid deadline and help along the way will make a smooth transition.
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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