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employee questions to ask when company is merging

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Unplanned, significant levels of turnover negatively impact a merger’s success. 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.” 20 Top employee survey questions you should be asking Excited employees can serve as your best chance to get as many employees on board as possible. Each merging firm will very likely have its own unique requirements. My organization encourages employees to give recognition to one another. 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. What support will we receive from the new owner? Mergers are different from acquisitions because the two companies are equal (for the most part), and they make the joint decision to combine forces. When you’re selling your company in an M&A transaction. Will policies regarding how you select vendors/suppliers change? Will there be a transition period that will impact implementation timeframes? Kronos and Ultimate Software can easily be characterized as equal companies coming together. Employee survey questions to use post-merger or acquisition 4. -What is the compensation structure at the acquiring company?-What will happen to our benefits (health, 401k, etc. – What are the goals of this announcement? 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. 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%. Will there be a severance package if I lose my job? 1. It’s the type of leadership that was built on a foundation of kindness and decency. How will the deal impact customers? Summary. Are they excited about the announcement or concerned about their future? Will all losses be on the acquired side? Register to access this resource and over seventy free M&A integration articles, presentations, playbooks and tools on MergerIntegration.com. 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. – Are there any plans to add headcount to the new organization? 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. What are the new owner’s goals, values, expectations? (consider all benefits, perks, and privileges). Ask middle managers to nominate their employees to become ambassadors for change. People 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. Who do I call if I have a problem or concern? Are the revenue and product goals realistic? Will there be any jobs lost as a result of the deal? Roughly 30% of employees are deemed redundant when firms in the same industry merge. Where will the new company be headquartered. An acquisition is typically a takeover of a smaller firm by a larger firm. A merger or acquisition will create numerous questions in the minds of stakeholders. Ask lots of questions.” Do your best to ignore the office rumor mill. These employees would likely have the opportunity to join that retirement plan as long as they meet that plan’s eligibility requirements. Some people - including me - don't believe in mergers: whenever two companies combine, one is always taking the other one over, in effect. What is the legal name of the new organization? Ways to prepare and support your employees 5. Here are some things to look for: 1. – Are there any plans to sunset the brand of one of the companies? It might be opening a new office, or just hiring one or two sales reps, but either way, there’s work to do. 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. Let employees know the importance of paying it forward by supporting them to encourage one another. Even if you're not retained, the contracts may impact your rights to severance—and even your next job. Will there be any staffing changes that might affect me? – What is the morale of the current employees at both companies? How should we answer the phone? All Rights Reserved. Plan mergers. 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? However, there are many successful mergers that have stood the test of time. ... By asking your employees questions that … Where and to whom should invoices be sent now? Her work helps companies both validate and reevaluate their strategies and understand the role technology can play in driving business outcomes. 70% on … Why Companies Ask Employees to Reapply . Until these “me issues” are resolved, people are often too preoccupied with their own situations to focus effectively on their work. Do you expect the volume that you have been ordering to increase or decrease? How are customers being notified about the deal? Create a free account. 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. Case studies – Using employee feedback surveys post-acquisition 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. PRITCHETT Merger Integration Certification Workshop Attendees, and Paid Website Subscribers can access this resource. Will we still be dealing with the same purchasing agent(s)? For this reason, Sellers should tell employees about a potential sale on a strictly need-to-know basis. How can I learn more about the other company and how they do business? Look through your employee handbook, any other written policies, and your … © 2021 Aptitude Research. Roadblocks you may encounter during a merger or acquisition 2. Call +1-214-239-9600 if you have questions or if you would like to learn about our M&A integration consulting services. When can customers expect to see changes to the company or products? ... but what you really want to hear is a sense of pride and appreciation employees feel working for the company. Suppose one sporting goods manufacturer merges with another sporting goods manufacturer. Will the salespeople keep their existing territories and customer bases? – What will change for implementation teams and support? – What is the investment in research and development moving forward? 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. What will change and what will stay the same? Are there a certain number of years leaders are required to remain with the new entity? Will the deal create new jobs for our community? Will my title or job responsibilities change? Products Termination provisions. If so, for how long? Openly and frankly discuss the perceived benefits of the merger. If your company is undergoing a merger or acquisition, you’re apt to feel anxious. She has watched HCM transform from a back-office function to a strategic company initiative with a focus on partnerships, experience and efficiency. How will the merger help the firm achieve its strategic vision? How does the way they do business differ from the way we do business? Will the previous owner continue to be actively involved in the community? – What is the product roadmap for the next six months to a year? Will the company continue to participate in and contribute to community activities/charities/civic events at the same level as before the deal? When can customers expect to see changes to the company or products? Will the quote you gave me still be honored? Every merger is different, and therefore decisions regarding benefits, policies and procedures will be different. Will you move to a different provider? Are the contracts/purchase orders we have in place still valid? Will there be any facilities closed as a result of the deal? What are my options if I decide not to work for the new company? They can also access all the presentations, playbooks, books, articles, checklists, software, assessments, webinars, research, tools, and templates on MergerIntegration.com. 4 Questions Employees Want You To Ask About Their Job Satisfaction. – What are the plans to retain key customer contacts, including sales, customer support, and services? So it becomes a very important question to ask while negotiating salary. ... is increasingly necessary to run a healthy company. 2. 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 … 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. 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. Will we be able to transfer whole goods, parts, and used equipment between locations? Aquila maintains that Register 2 months in advance and save $1,000. Ask these questions in the interview. Are there short-term or long-term plans to consolidate these functions or replace these functions? Before Aptitude Research Partners, Madeline held research roles at Aberdeen, Bersin by Deloitte, ERE Media and Brandon Hall Group. Why weren’t we told about the deal before now? If employees find out that their employer is for sale, they may get twitchy and nervous. Employee evaluation survey questions; Company culture survey questions; A recent survey says that a staggering 96% of employees want to receive feedback regularly. In technology, this type of leadership is rare. They both have 6,000 employees, both have revenue of nearly $1.5 billion, and both went public and then went private again. How much notice will we be given if you decide to cancel our service? Will anyone lose their job because of the deal? Will we be required to ship materials to a different location? 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. What is the firm's primary reason for a merger? 3. 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. What policies and procedures will be changing? Will we have career opportunities at other locations now? If you survive the merger and continue to work for the new company, these agreements will likely still apply after the merger. How will this change in ownership impact me? So, here are a few questions that customers and prospects might want to consider when faced with a merger or acquisition: Company Sometimes shedding employees is even planned. – Will there be a rebrand? – Are there future acquisitions or mergers planned in the next year or two? With so many failed mergers, there isn't a shortage of companies who find the idea a desirable business arrangement. Tracking down answers before questions arise will be one of the most helpful things you can do for yourself and your team. From the acquiring staff? The questions and answers below provide a basic foundation for a face-to-face question-and-answer session between a supervisor and their employees. It can also happen when a company is downsizing or restructuring, layoffs are planned, and there will be a limited number of new positions  . Starting when? “Similarly, if the HR senses any feeling of disdain between the employees of the merging companies, the issue should be addressed upfront. What do I say to customers who call with concerns as a result of the deal? Until these “me issues” are resolved, people are often too preoccupied with their own situations to focus effectively on their work. What differences will they see? Work by department or business unit to fill the gaps between employees, managers, and leadership. 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. Why survey after a merger or acquisition? (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). – What are the goals of this announcement? Using QuestionPro Workforce platform you can create all the above types of employee surveys and more. Most probation periods are between three months to a year. An acquisition is when one company buys or takes over another and a merger is when two companies agree to combine. €€15 Questions to Ask Before a Merger or Acquisition 1. The news that a company is for sale can cause key people to begin looking for work elsewhere. How will the community benefit from the deal? When will we meet the staff of the other company? 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… What information can be shared about the deal publicly? Who should we contact if we have questions? 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. 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. – Will any office locations or headquarters change in the next year? Acquiring talent, increasing profits, and expanding services or geographic coverage are common reasons. How will the changes in ownership affect my company? Will any locations close because of the deal? 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. These are also questions to ask after a merger. 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. When a company buy-out occurs, it can be a confusing time for all involved. – What are the plans to integrate these products? What should I do if someone from the media calls to ask about the deal? 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. 12. – What products will be the focus moving forward? – What is the timeframe for change? Get people in both the merging company and the company being absorbed together as early as possible. Yes, some turnover is to be expected in any company merger. Next job, values, expectations yes, some turnover is to be expected in any merger. Eligibility requirements to access this resource way we do business community activities and tools MergerIntegration.com... M & a integration consulting services given if you 're not retained, the above are common considerations for involved! Where and to whom should invoices be sent now Using QuestionPro Workforce platform you create! 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