Different companies merge at different times to combine products and services and strengthen their position in their industry. A merger is not an easy task and requires a lot of effort after the contracts have been signed. Common departments and their technology must be combined in order to get everyone on the same system, using the same data. For human resources, the task can be very daunting. Not only do they need to combine employee databases, but they have to figure out what type of healthcare post acquisition integration needs to happen. In order to provide benefits to employees, they will need to navigate employee happiness, the current plans in place, and work with the providers and executives on appropriate costs. This takes a lot of time and works to get done without 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.
Once everything is in place, it is time to have another survey. This one will help point out flaws in the system of signing people up. It can also provide feedback on how satisfied everyone is with the new plan. Don't expect everyone to be thrilled, but you can gauge if the new plan works for the majority of people based on the cost and options.
It is not easy combining two companies into one. The process can be difficult and time-consuming. Taking the time to evaluate the benefits and options is important. Including the employees in the process can stifle future discord since their suggestions are included in the final plan.
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.
Once everything is in place, it is time to have another survey. This one will help point out flaws in the system of signing people up. It can also provide feedback on how satisfied everyone is with the new plan. Don't expect everyone to be thrilled, but you can gauge if the new plan works for the majority of people based on the cost and options.
It is not easy combining two companies into one. The process can be difficult and time-consuming. Taking the time to evaluate the benefits and options is important. Including the employees in the process can stifle future discord since their suggestions are included in the final plan.
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