Recently, benefitexpress CEO, Michael Sternklar had the opportunity to write a guest article for HR Technologist. In this piece, he highlights the ways in which an effective benefit management technology program can help alleviate the stress of consolidation both on HR teams and employees brought on by a merger or acquisition. Keep reading to view an excerpt from the article or download the full white paper.
Managing benefits administration during an M&A event
At benefitexpress, we routinely help clients navigate benefit administration and bring harmonized plans to life, following M&A events and integration of acquired entities.
Attention to detail in integration is vital, and success requires an experienced client delivery team. Technology should enable the company’s decisions and support its employees’ expectations.
To achieve integration goals and ensure success, companies are wise to consider features of their employee population, such as:
- How much benefit information do they need?
Some employees may expect a platform capable of delivering the education and intelligent decision support they need to actively choose their benefits; others may simply want to know which of the benefit options are available.
- How comfortable are they with technology?
Some tech-savvy employee populations may expect a robust benefit management technology experience, others may be more hesitant to engage technology.
- Do they have access to technology?
Most of all, consider the accessibility of the benefit administration experience. Not all employees are at a desk; many work in roles where their primary access is via a smart phone or tablet.
- How will we ensure access to information?
Access to information through education and benefits communication aids employees in making choices as things are changing.
- What is our service infrastructure and plan?
A key component of the successful integration plan is contact center service to respond to the employee in their channel of choice – for example voice, email, web or chat.
Employers must thoughtfully assess their own unique M&A situation by asking the above and many more questions to consider business, financial and personnel objectives.
Interested in learning more? Download our white paper to find solutions to these common human resource issues in mergers and acquisitions:
- How to effectively consolidate multiple benefit administration systems
- What to look for in a benefits administration technology partner
- Human resources mergers and acquisitions checklist of questions to consider when selecting the right technology for your employee population