Once you have systems in place to align company policy, the next phase is to evaluate the different policies and procedures. The aim is to ensure that everyone is able to identify with a part of their individual legacy. Making elements personable gives the companies recognition for their initiatives and facilitates bringing the best that each firm has to offer into the new phase. This sends out a clear message that they are valued by the business. It’s a great way to get employees involved and it shows a mutual respect, which staff will buy into.
A merger or acquisition is also a perfect opportunity to get rid of existing legacy policies and procedures that don’t serve a purpose to the business anymore. Businesses should start by conducting a thorough audit of each company’s terms and conditions, as well as staff handbooks, whilst in discussion with stakeholders and employees. As this can potentially mean not carrying on certain practices, it is very important to have an open and constructive conversation.
This two-way process is about give and take on both sides; any benefits need to be aligned with business objectives and strategies. For instance, Access was able to successfully negotiate out incentives that benefited a limited number of staff, and moved the costs to other schemes, which benefited more employees. For example, the business dropped a commercial legacy bonus scheme and paid expenses for lunches. Instead, amongst other things, came Big Thanks (a company-wide bonus scheme in recognition of everyone’s efforts), a five per cent matched pension contribution, two weeks paid paternity and up to 12 weeks paid maternity leave. The aim of the process is to ensure that any incentives are scalable, cost effective and incorporate any forthcoming changes to legislation. When these changes are conducted in the right manner, employees can see clearly what the business is looking to achieve, and how they are being rewarded for helping the business reach these specified aims.
The end result is a blueprint for employment contracts, policies and standard practices. Policy documentation should be actual physical documents, which become a part of people’s lives from family, equality and career policies, to codes of conduct and the business’ commitment to it’s staff, whilst educating them on new policies and procedures.
Chris Tossell, Commercial Director at Access UK