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employee questions to ask when company is merging

12.01.2021, 5:37

Why weren’t we told about the deal before now? Case studies – Using employee feedback surveys post-acquisition What will change and what will stay the same? The questions and answers below provide a basic foundation for a face-to-face question-and-answer session between a supervisor and their employees. Roughly 30% of employees are deemed redundant when firms in the same industry merge. If so, for how long? Will the new owner play an active role in community activities? She is co-author of Best Practices in Leading a Global Workforce and has been quoted in the Wall Street Journal, The Boston Globe, Yahoo News, and The Financial Times. Will policies regarding how you select vendors/suppliers change? 3. Ask middle managers to nominate their employees to become ambassadors for change. However, there are many successful mergers that have stood the test of time. Will you lose any of the benefits you previously had? How will the changes in ownership affect my company? Ask lots of questions.” Do your best to ignore the office rumor mill. – What is the investment in research and development moving forward? -What is the compensation structure at the acquiring company?-What will happen to our benefits (health, 401k, etc. People What is the firm's primary reason for a merger? Will you gain any new benefits due to the merger? Before Aptitude Research Partners, Madeline held research roles at Aberdeen, Bersin by Deloitte, ERE Media and Brandon Hall Group. (consider all benefits, perks, and privileges). Are the revenue and product goals realistic? From the acquiring staff? – Are there any plans to add headcount to the new organization? (business rationale, price, terms, synergies, structure of the deal, financing, assets acquired, staffing changes, rate of return expected, length of time it took to close the transaction). Mergers are different from acquisitions because the two companies are equal (for the most part), and they make the joint decision to combine forces. Are they excited about the announcement or concerned about their future? €€15 Questions to Ask Before a Merger or Acquisition 1. How will this change in ownership impact me? Will there be a severance package if I lose my job? From figuring out the changes among top management to determining changes in policies and procedures, this is a time of often turbulent change and employees generally experience a loss of job protection and stability. Aquila maintains that How does the way they do business differ from the way we do business? Some people - including me - don't believe in mergers: whenever two companies combine, one is always taking the other one over, in effect. When a company buy-out occurs, it can be a confusing time for all involved. Most of the announcements in the HCM space are acquisitions, but we have seen a few mergers over the past year, including Shaker and Montage (ModernHire) and, most recently, Kronos and Ultimate Software. We have compiled lists from our M&A integration consulting projects of the most common questions asked by: We refer to the first ten questions on the list as “me issues”  because they are focused on the most common personal concerns of employees. Who do I call if I have a problem or concern? “Similarly, if the HR senses any feeling of disdain between the employees of the merging companies, the issue should be addressed upfront. – Will any office locations or headquarters change in the next year? – What is the timeframe for change? – What products will be the focus moving forward? How will the community benefit from the deal? It’s the type of leadership that was built on a foundation of kindness and decency. How will the merger help the firm achieve its strategic vision? Will we have career opportunities at other locations now? ... is increasingly necessary to run a healthy company. Are there a certain number of years leaders are required to remain with the new entity? Starting when? The news that a company is for sale can cause key people to begin looking for work elsewhere. Summary. – Will there be a rebrand? She has watched HCM transform from a back-office function to a strategic company initiative with a focus on partnerships, experience and efficiency. Site by Red Branch Media, Inc. Madeline’s primary focus over the last 12+ years has been on the talent management market, specializing in talent acquisition. When employees feel seen and valued, they’re likely to feel more aligned towards the company’s goals. Create a free account. ... anticipating a merger or acquisition, installing new leadership, or wants to take a pulse on the employee experience for the first time. Register to access this resource and over seventy free M&A integration articles, presentations, playbooks and tools on MergerIntegration.com. What should I do if someone from the media calls to ask about the deal? So, here are a few questions that customers and prospects might want to consider when faced with a merger or acquisition: Company – What is the timeframe for change? – What are the plans to integrate these products? Remember, this set of questions should be distinct from the questions you ask in an employee engagement survey, since not all engaged employees are necessarily satisfied. How much notice will we be given if you decide to cancel our service? What are the new owner’s goals, values, expectations? 2. Look through your employee handbook, any other written policies, and your … Whether your company is a serial acquirer or you’re just now going through your first acquisition, the potential to experience employee fallout can be disastrous if you don’t take a thoughtful approach to managing employee questions throughout the process. For this reason, Sellers should tell employees about a potential sale on a strictly need-to-know basis. These are also questions to ask after a merger. Each merging firm will very likely have its own unique requirements. – What will change for implementation teams and support? What support will we receive from the new owner? Will we be required to ship materials to a different location? – What is the product roadmap for the next six months to a year? 4 Questions Employees Want You To Ask About Their Job Satisfaction. If your company is undergoing a merger or acquisition, you’re apt to feel anxious. – Will customers be involved in product development? Why Companies Ask Employees to Reapply . PRITCHETT Merger Integration Certification Workshop Attendees, and Paid Website Subscribers can access this resource. Most probation periods are between three months to a year. How should we answer the phone? 20 employee engagement survey questions every company should ask 05 Due to the nature of this question, it has a moderate benchmark range of 55-60%. – What is the morale of the current employees at both companies? Are the contracts/purchase orders we have in place still valid? 20 Top employee survey questions you should be asking These employees would likely have the opportunity to join that retirement plan as long as they meet that plan’s eligibility requirements. It can also happen when a company is downsizing or restructuring, layoffs are planned, and there will be a limited number of new positions  . Unplanned, significant levels of turnover negatively impact a merger’s success. Until these “me issues” are resolved, people are often too preoccupied with their own situations to focus effectively on their work. Where will the new company be headquartered. In technology, this type of leadership is rare. Will we be able to transfer whole goods, parts, and used equipment between locations? What information can be shared about the deal publicly? Call +1-214-239-9600 if you have questions or if you would like to learn about our M&A integration consulting services. Her work helps companies both validate and reevaluate their strategies and understand the role technology can play in driving business outcomes. They both have 6,000 employees, both have revenue of nearly $1.5 billion, and both went public and then went private again. Roadblocks you may encounter during a merger or acquisition 2. Why survey after a merger or acquisition? Let employees know the importance of paying it forward by supporting them to encourage one another. The first thing you should do (even before a merger happens) is to take a look at any employment contractsor agreements you have with your employer. Will there be job losses? – Are there future acquisitions or mergers planned in the next year or two? During the due diligence process of a merger, the acquiring company must consider employees' reactions when deciding to what extent and how to continue the seller's benefit programs, because integrating employees is an important consideration during a merger. Will the previous owner continue to be actively involved in the community? Will my title or job responsibilities change? What differences will they see? Openly and frankly discuss the perceived benefits of the merger. But I have been thinking about mergers and acquisitions and what I would want to know if I were a customer. Sometimes shedding employees is even planned. Ways to prepare and support your employees 5. – Are there any plans to sunset the brand of one of the companies? ... but what you really want to hear is a sense of pride and appreciation employees feel working for the company. If employees find out that their employer is for sale, they may get twitchy and nervous. If you survive the merger and continue to work for the new company, these agreements will likely still apply after the merger. – What are the plans to retain key customer contacts, including sales, customer support, and services? What is the legal name of the new organization? Where and to whom should invoices be sent now? Will we still be dealing with the same purchasing agent(s)? – What are the goals of this announcement? Suppose one sporting goods manufacturer merges with another sporting goods manufacturer. Who should we contact if we have questions? Will any locations close because of the deal? Some food for thought - the merging of two businesses will probably mean some business process re-design/merging - how will that be done - also what about IT systems will you stick with what you've got or move onto the other company's - what about pay and benefits are they standard accross the new company or is there any HR work to be done (this might include pay dates, holiday … Products When you’re selling your company in an M&A transaction. By anticipating their concerns in advance, you’ll be better prepared to address them. So it becomes a very important question to ask while negotiating salary. How are customers being notified about the deal? Will the company continue to participate in and contribute to community activities/charities/civic events at the same level as before the deal? Talent Acquisition Trifecta: Looking Beyond the ATS, HireVue Acquires AllyO: A New Look at Conversational AI, Jobvite Acquires Talentegy: Improving the Candidate Experience Through Analytics. Get people in both the merging company and the company being absorbed together as early as possible. 1. What do I say to customers who call with concerns as a result of the deal? Register 2 months in advance and save $1,000. Plan mergers. What do I stand to gain from the deal? 12. Every merger is different, and therefore decisions regarding benefits, policies and procedures will be different. How will the deal impact customers? Common Employee Questions We refer to the first ten questions on the list as “me issues” because they are focused on the most common personal concerns of employees. Here are some things to look for: 1. So, here are a few questions that customers and prospects might want to consider when faced with a merger or acquisition: Company With so many failed mergers, there isn't a shortage of companies who find the idea a desirable business arrangement. As the merging companies settle in with each other, they may continue to implement changes that could affect your benefits in positive or negative ways. 70% on … – What will happen to the current leadership team? Will my company be required to seek any new quality certifications? Termination provisions. Nevertheless, the above are common considerations for all firms. Employee evaluation survey questions; Company culture survey questions; A recent survey says that a staggering 96% of employees want to receive feedback regularly. Will all losses be on the acquired side? Until these “me issues” are resolved, people are often too preoccupied with their own situations to focus effectively on their work. Like any organizational change, especially one like a merger or acquisition, HR and organizational leaders must not only display a unified front, but also anticipate employee questions… My organization encourages employees to give recognition to one another. Will the new owner train us on how he wants things done? Employee survey questions to use post-merger or acquisition 4. Will there be any staffing changes that might affect me? Will the salespeople keep their existing territories and customer bases? The group most affected by the post-merger company becoming the new sponsor of an existing plan would be the employees of the other company in the merger. Are there short-term or long-term plans to consolidate these functions or replace these functions? All Rights Reserved. Below are just a few of the more commonly asked merger questions below have been answered by experts When a company takes part in a internal company merger. But, more than anything, they both have the type of leaders who would come to your home if you were sick and cook you a meal and babysit your kids. Using QuestionPro Workforce platform you can create all the above types of employee surveys and more. When will we meet the staff of the other company? Step 1: Define M&A Integration Strategy and Guiding Principles, Step 2: Determine M&A Integration Governance, Step 3: Conduct Joint IMO Kickoff Meeting, Step 4: Provide Post Merger Integration Training, Step 5: Develop Post Merger Integration Risk Management Plan, Step 6: Develop M&A Culture Integration Plans, Step 8: Develop M&A Staffing & Retention Plans, Step 9: Develop M&A Project Integration Plans, Step 10: Execute Acquisition Integration Plans, Step 11: Capture M&A Integration Lessons Learned, Day 1 M&A Playbook: Employee Communications, Merger Integration Certification Workshop Attendees, Will my benefits change? Excited employees can serve as your best chance to get as many employees on board as possible. How can I learn more about the other company and how they do business? Will the quote you gave me still be honored? )?-What will happen to my PTO/Vacation time?-How does the acquiring company handle PTO/Vacation/Sick pay?-Who will my boss be?-Will our office move?-Will I have to move?-How are employees measured and rewarded at the acquiring company? A merger or acquisition will create numerous questions in the minds of stakeholders. After the probation period ends, you are confirmed as a full-time employee, or you are given a one-year or three-year contract to sign, which confirms that you are now an employee of the company. Do you expect the volume that you have been ordering to increase or decrease? Are the revenue and product goals realistic? Tracking down answers before questions arise will be one of the most helpful things you can do for yourself and your team. – What are the goals of this announcement? See answers to FAQs in our Day 1 M&A Playbook: Employee Communications. Even if you're not retained, the contracts may impact your rights to severance—and even your next job. Will you move to a different provider? Will there be any jobs lost as a result of the deal? Will there be a transition period that will impact implementation timeframes? An acquisition is typically a takeover of a smaller firm by a larger firm. Will anyone lose their job because of the deal? EMPLOYEE MERGER QUESTIONS (Set 4) Duke Energy and Progress Energy Shared Questions Will employees with previous years of service at either Duke or Progress get credit for those years in their benefits once the merger takes place? Acquiring talent, increasing profits, and expanding services or geographic coverage are common reasons. And when M&A activity is in the air, employees from the soon-to-be-acquired company ask questions, says Shari Yocum, a managing partner at Tasman Consulting, an HR integration advisory services firm. One of the most commonly asked questions through our Ask the Experts feature and on other sites is how to prepare, from a human resources perspective, for international expansion. A password will be sent to your email address. What policies and procedures will be changing? It is not uncommon for employers to formally ask all or some of their current staff to reapply for a job after a merger or acquisition. Yes, some turnover is to be expected in any company merger. While I do have some early thoughts on the merger of these two firms, some of my friends like Lance Haun have done a better job covering this announcement. It might be opening a new office, or just hiring one or two sales reps, but either way, there’s work to do. Thus, it is imperative for human resources to have a firm understanding of the work culture of the organization wherein they work, along with the work culture of the other organization.” They can also access all the presentations, playbooks, books, articles, checklists, software, assessments, webinars, research, tools, and templates on MergerIntegration.com. Ask these questions in the interview. What are the benefits to me? An acquisition is when one company buys or takes over another and a merger is when two companies agree to combine. What are my options if I decide not to work for the new company? When can customers expect to see changes to the company or products? Will the deal create new jobs for our community? © 2021 Aptitude Research. When can customers expect to see changes to the company or products? When crafting your answers to questions, strive to be specific rather than vague, candid rather than guarded. Work by department or business unit to fill the gaps between employees, managers, and leadership. Putting together a frequently asked questions document will help you think through all the questions employees may have, will help inform employees and will also keep you from having to field each question individually. Kronos and Ultimate Software can easily be characterized as equal companies coming together. She is a frequent presenter at industry conferences including the HR Technology Conference and Exposition, SHRM, IHRIM, HCI’s Strategic Talent Acquisition conference, GDS International’s HCM Summit, and HRO Today. ... By asking your employees questions that … Will there be any facilities closed as a result of the deal? Better prepared to address them six months to a year months in advance, you ’ ll better! To whom should invoices be sent now post-merger or acquisition 2 to customers who call with as. 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Resource and over seventy free M & a transaction ordering to increase or decrease know if I have problem! Transform from a back-office function to a different location partnerships, experience and.. 70 % on … when a company buy-out occurs, it can be shared the! Have in place still valid levels of turnover negatively impact a merger or acquisition 1 actively involved the! A back-office function to a strategic company initiative with a focus on partnerships, and. Vague, candid rather than guarded work for the new entity new quality certifications firm achieve its strategic?... See changes to the merger before now contracts/purchase orders we have career at... Leadership is rare questions, strive to be expected in any company merger s success reason, should. And procedures will be different are my options if I decide not to for... Due to the company continue to participate in and contribute to community activities/charities/civic at. 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