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jan 11

employee questions to ask when company is merging

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