Every worker loves new technology, right? Not quite. The truth is, even in today’s business world, where certain segments seem dominated by news of an ‘always on’ culture, adopting and training on new technology can be daunting for plenty of employees. Training Employees on New Time & Attendance Software Perhaps you’ve recently added one or […]Read More >
The Time and Attendance Role in Mergers and Acquisitions
- nettime solutions staff
Last year mergers and acquisitions were alive and well in the United States — over $1 trillion worth, accounting for 43 percent of all M&A deals worldwide, according to Thomson Reuters. Mergers and acquisitions take place for a variety of reasons, most commonly to gain market power, obtain new resources, and achieve rapid growth and financial gain. Regardless of the reason for such a move, there are many financial, HR, and IT-related pieces that must be in place to ensure a smooth transition for all entities. If you’ve ever been part of a merger or acquisition, you are well aware of the complexities involved and the potential disruption to productivity. Time and attendance, and its integration with payroll and benefits administration, is especially key in minimizing disruption within organizations.
Earlier this year I had the opportunity to speak with one of our clients, a manufacturing company that has grown substantially over the last five years, both organically and as a result of acquisitions. With each company that they acquired, they also took on the essential labor management pieces of each entity, such as time clocks, pay rules, and pay policies. With acquisitions clearly being a part of the organization’s overall growth plan, the team needed a time and attendance system that would not only be able to handle the current complexities, but would also be able to grow with them.
Now, to say that this company’s pay policies are complex is an understatement. They have both union and non-unionhourly employees working in ten different locations in the United States, resulting in over 60 different pay rules and pay polices. During a merger or an acquisition, fear of the unfamiliar can cripple employee engagement. Experts recommend extensive planning and over-communication to pre-address any employee concerns, but stability and trust can quickly unravel should employee paychecks and benefits be impacted at all. Therefore, it’s crucial that sophisticated and integrated solutions are in place that can handle even the most complex acquisition scenarios.