It has been four years since the ACA became law, and during this time the healthcare industry has seen a sharp rise in M&A events. It seems like every healthcare executive I talk to is either preparing to acquire or be acquired.
One of the largest challenges any organization faces during the course of an M&A event is employee morale. Particularly in healthcare, where employees are responsible for the care and well-being of patients, keeping morale high during and following the transition is critical.
One area that has a strong impact on employee morale but is often overlooked is pay and scheduling policies. When multiple disparate entities come together, it can be tricky to ensure that enterprise-wide consistency and compliance with both internal pay and scheduling policies and external regulations. The fastest way to damage employee morale and impede the success of the transition is the failure to understand and address these issues.
In our whitepaper Workforce Management Strategies Before, During and After a Merger or Acquisition, we have outlined several tips for creating a successful go-forward strategy. Among the tips we offer are these five lessons for tapping into your payroll team’s expertise:
- Include a representative from the payroll department on the due diligence team.
- Make sure pay policies comply with state and federal wage and hour laws.
- Work to standardize pay policies when possible.
- Plan to bring the new facilities onto your time and attendance system.
- Understand how demands on payroll resources will impact integration timelines.
Do you have any tips for achieving a successful merger or acquisition event? Share them with us here by commenting below.
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