If you’ve ever experienced a merger or acquisition first hand, you know what it means for the HR department. Teams must act quickly to communicate change, preserve morale, find a way to unite cultures and organizational structure, identify potential redundancies in staff and determine harmonization of compensation and benefits—all while doing their regular jobs and somehow avoiding an administrative nightmare.
That’s when having the right benefits administration partner can really help.
Failure to provide your acquired employees with the right benefits in the right place and at the right time can undermine your relationship with the newest members of your organizational family. During a time when uncertainty is to be expected, the last thing you want is for valued employees to feel underserved.
On the other hand, a better-than-expected benefits experience gives recently migrated employees a good reason to stick with you, despite all the other changes they may experience during the transition.
When the stakes are this high, it helps to have the right partner in your corner.
But with contracts for benefits technology and services lasting two, three or even five years, the time to find out whether your vendor has the flexibility, expertise and capacity for a successful merger or acquisition is not two or three weeks before the transition. This should be addressed during your initial selection process.
Read this short e-book, 10 RFP Questions to Help Avoid M&A Surprises, to learn how to effectively:
Ask about common costs associated with M&A.
Describe your needs through real-life scenarios.
Find out how the vendor will help you stay compliant.