Mergers seriously impact employee well-being – "it should set off alarm bells"
According to a new membership survey by Finansforbundet, mergers have profound consequences for employee well-being. And employers really need to take that seriously, says President Dorrit Brandt.
About 9,000 employees have responded to Finansforbundet’s well-being survey. The conclusions regarding merged companies are based on responses from employees at Sydbank and Nykredit (the largest merger companies) as well as Spar Nord, Arbejdernes Landsbank and Vestjysk Bank (the smallest merger companies).
From well-being to dissatisfaction
When comparing these figures with those of Finansforbundet's most recent survey from 2024, it becomes clear that employees – particularly those in the small companies – have gone from being satisfied to being unhappy to a far greater extent after the merger.
Employee well-being at the smallest merger companies has plummeted from 48 per cent in 2024 to 14 per cent in 2026. In the largest companies, employee well-being has over the same period declined from 43 per cent to 31 per cent.
"Mergers represent a profound change to employees, and they place the greatest strain on colleagues at the smallest of the merging companies. It is often here employees experience the biggest and most far-reaching changes to their everyday lives and in the workplace they know and liked. We’re seeing the far-reaching impact on employee well-being, which requires close attention as companies move forward,” says Dorrit Brandt.
Lack of trust in companies
The survey also shows that changes at work have an adverse impact on working life.
They may, for example, test employees' trust in the company. This is particularly true for the smallest merger companies as 62 per cent report that their trust is negatively affected. In the largest merger companies, 36 per cent report the same.
“We generally have a very good relationship of trust between employees and companies in the sector, but that trust may be tested if, for example, there is a lack of communication.” By its very nature, the merger process can’t provide us with all the answers when we want them, but as much transparency and clarity as possible are absolutely crucial to building trust,” says Dorrit Brandt.
Many consider leaving
Finansforbundet's president is urging companies to take the figures seriously and specifically address the issue. She points out that, in a worst-case scenario, companies risk losing qualified employees.
In fact, 38 per cent of employees at the smallest merger companies are considering finding new jobs because of the changes, while the same is true for 16 per cent of employees at the largest companies.
“Employees in the sector are extremely loyal, but major changes at work – and perhaps also uncertainty about job security – may naturally lead them to consider other options. We’re seeing other companies in the sector be aware of this,” she says.
AL Sydbank: we have tried to limit the period of uncertainty
The survey also includes AL Sydbank's employees. The major bank was established last year following a merger between Vestjysk Bank, Arbejdernes Landsbank and Sydbank. To Deputy CEO Frank Mortensen, it is no surprise that the process has affected the employees.
“It is only natural that employee well-being is affected in a merger process, because changes create uncertainty, and as human beings, we prefer things to be clear. That is why it has been a major priority for us to implement the organisational changes as fast as possible to limit the period of uncertainty and provide direction for our employees,” is his written reply to the newsletter Finans, and he continues:
“At the same time, it is encouraging that the majority of employees at merged banks continue to thrive – this demonstrates a high degree of adaptability and resilience, which are qualities we also recognise in our own employees.”
The deputy CEO emphasises that employee well-being is a recurring item on Sydbank’s agenda.
“We maintain a constant focus on well-being, closely monitor developments through pulse surveys and prioritise open and transparent communication about the merger process, sharing what we can as early as possible. We believe this benefits us all,” writes Frank Mortensen, who refers to the bank’s pulse surveys as its internal barometer of how things are going.
Finansforbundet to monitor progress
Dorrit Brandt emphasises that Finansforbundet will ensure that steps are taken to improve employee well-being at the affected companies.
“Mergers are a unique process, but integrating organisations is a management task that extends well into the future. It's absolutely essential that this task is carried through to the end, and we will, of course, monitor its progress,” she says.
