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.
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.
For this integration to be successful, a benefits review needs to happen. Both insurance companies will send representatives and work with the HR staff in coming up with a better deal that includes the larger set of workers. This may take months to accomplish since everything from the benefits offered to the cost the company or employees will have to pay may change from the previous plans.
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.
Singing up for a new plan is not easy. Get the insurance company to send reps to help with the process. They can train HR staff to answer questions about the options and how to fill out the form. Having prefilled forms will help speed up the process. The costs and options should be easy to understand and staff should be able to help guide people to the right choice based on their own family situation.
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.
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.
For this integration to be successful, a benefits review needs to happen. Both insurance companies will send representatives and work with the HR staff in coming up with a better deal that includes the larger set of workers. This may take months to accomplish since everything from the benefits offered to the cost the company or employees will have to pay may change from the previous plans.
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.
Singing up for a new plan is not easy. Get the insurance company to send reps to help with the process. They can train HR staff to answer questions about the options and how to fill out the form. Having prefilled forms will help speed up the process. The costs and options should be easy to understand and staff should be able to help guide people to the right choice based on their own family situation.
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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