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 technology that HR uses includes all employee records. The payroll information is often contained in this database. It will also include information on what provider and plan the workers are signed up for health care. To get everything on the same page, they need to combine the information into a single system without losing important data.
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.
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.
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 technology that HR uses includes all employee records. The payroll information is often contained in this database. It will also include information on what provider and plan the workers are signed up for health care. To get everything on the same page, they need to combine the information into a single system without losing important data.
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.
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.
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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