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.
Since the two companies are now combined, they have a new number of employees to negotiate with the health care providers. The executives need to be involved because this is a significant expense for the company. Simply rolling all employees into an existing plan often results in discord and will cost the company in lost talent as dissatisfied employees seek jobs elsewhere.
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.
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.
Since the two companies are now combined, they have a new number of employees to negotiate with the health care providers. The executives need to be involved because this is a significant expense for the company. Simply rolling all employees into an existing plan often results in discord and will cost the company in lost talent as dissatisfied employees seek jobs elsewhere.
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.
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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