Why employers must reassess employee benefits
Why employers must reassess employee benefits | Insurance Business Australia
Insurance News
Why employers must reassess employee benefits
Employers are encouraged to assess the current situation and what else can be done
Insurance News
By
Jonalyn Cueto
Managing employee benefits is often overlooked during a merger and acquisitions process despite it being crucial in boosting employee confidence and maintaining employee morale and productivity. In a new blog, Arthur J. Gallagher & Co shares the main aspects to building a good strategy towards providing employee benefits:
Communication. Being able to communicate is important during a change management activity. This includes keeping employees informed and more connected to the M&A process. Create a channel where employees can ask questions and express their concerns about their benefits.
Legal and compliance. Examining employee contracts and agreements would help ensure compliance with the laws and regulations and develop a clear plan for employee benefits that align with the business needs.
Due diligence. Understand the acquired company’s existing plans, costs, and liabilities. Identify key talent and consider retaining some incentives or benefits.
Culture and morale. Aim to create a unified and positive work environment. Consider how the changes to employee benefits could impact the culture and morale of both companies.
Harmonisation. Assess the existing benefits of your company and the acquired company, including superannuation plans, group insurance arrangements, leave entitlements, stock options, and longevity of service, among others.
Employee education. Host workshops and information sessions to educate employees on their current benefits and new plans or enhancements to their current benefits.
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