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.
Human resource technology is used to control and track employee information. This includes the benefits that each employee receives. When two companies merge, their systems will probably have different styles and methods. Getting all the records into a single database is often difficult because the labels and information are different. The database may need to be modified to cover the information of both sets until it can be combined under a single standard.
When two companies merge, they usually have different providers and plans. Making the decisions on what to offer requires input from both the executives and the employees to be successful. One plan may have more options but be more costly to the company or worker. The other plan may have fewer options but be desired because it is cheaper for everyone. No one wants to lose benefits they are used to, so this will take some time and navigation.
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.
Do an employee benefits survey. This not only gives the HR staff a great amount of valuable information on what options the employees desire the most but also gives the employees a stake in the process. Simply being asked what they want is a great way to increase employee satisfaction with 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.
Mergers are a complicated and cumbersome process. Keeping the employees happy is something that can be accomplished by including them in the process of setting up new health care plans and getting everyone signed up together. Losing a valued benefit will cause discord and knowing this can prevent a revolt from valued staff.
Human resource technology is used to control and track employee information. This includes the benefits that each employee receives. When two companies merge, their systems will probably have different styles and methods. Getting all the records into a single database is often difficult because the labels and information are different. The database may need to be modified to cover the information of both sets until it can be combined under a single standard.
When two companies merge, they usually have different providers and plans. Making the decisions on what to offer requires input from both the executives and the employees to be successful. One plan may have more options but be more costly to the company or worker. The other plan may have fewer options but be desired because it is cheaper for everyone. No one wants to lose benefits they are used to, so this will take some time and navigation.
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.
Do an employee benefits survey. This not only gives the HR staff a great amount of valuable information on what options the employees desire the most but also gives the employees a stake in the process. Simply being asked what they want is a great way to increase employee satisfaction with 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.
Mergers are a complicated and cumbersome process. Keeping the employees happy is something that can be accomplished by including them in the process of setting up new health care plans and getting everyone signed up together. Losing a valued benefit will cause discord and knowing this can prevent a revolt from valued staff.
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