Who is Convergys?
Convergys Corporation (NYSE: CVG) is a member of the S&P 500, Forbes 2000, Fortune 1000 and a Fortune Most Admired Company. They are the global leader in integrated billing, employee care, and customer care services provided through outsourcing or licensing. Convergys’ clients are top companies in telecommunications, Internet, cable and broadband services, technology, financial services, and other industries in more than 40 countries. They
also provide integrated, outsourced, human resource services to leading companies across a broad range of industries.
Convergys software produces more than 1.5 million individual bills each day to support more than 100 million subscribers. Convergys manages more than 1.7 million separate customer and employee contacts each day, both live and via electronic interaction.
Convergys employs more than 55,000 people in 51 customer contact centers and in data centers and other offices in the United States, Canada, Latin America, Europe, the Middle East, and Asia.
What is happening?
On November 3, 2004, a purchase agreement was signed under which Convergys will acquire the Finali Corporation.
Why did Convergys decide to acquire Finali?
This acquisition represents new and exciting opportunities for both parties. Finali’s sophisticated data collection/virtual agent tools, and analytics experience combined with Convergys’ client relationships, and superior reputation create significant opportunities with new and existing clients.
What does this acquisition mean for me?
To support this work, requires a trained and knowledgeable workforce specializing in analytical tools and interpretation. Finali employees will be key contributors toward our success.
Will there be a lot of changes?
We expect that things will continue in a “business as usual” mode – with the delivery of high quality services to existing and growing books of business. The Convergys/Finali leadership goal is to work together to aggressively grow the Finali business.
Will there be any layoffs of Finali employees as a result of this acquisition?
Business will continue as usual with focus towards client growth and opportunity.
What will happen to my position?
We expect that all Finali employees will transition in their current roles.
Will my manager stay the same?
Again, it is expected that business, including reporting structures, will be maintained as they have been.
Will the Finali headquarters still be Denver?
The intent is for the current business and staff to continue in Denver as they are today.
Are Finali clients aware of the acquisition…and what do they think?
Members of Finali and Convergys leadership have jointly met with the existing clients to inform them of the acquisition. Feedback from clients has been very positive.
What benefits does Convergys offer?
Convergys offers a competitive benefit plan that among other things, includes a 401(k) plan, an employee assistance plan (EAP), medical, dental and vision plans, employee stock purchase plan, short and long term disability, health and dependent care reimbursement plans, holidays, and paid-time off. Detailed information will be provided as we approach open enrollment.
When will my benefits begin?
Current Finali benefits will remain unchanged through the remainder of 2004. Open enrollment for 2005 Convergys plan coverage regularly occurs in November each year. At that time, employees make their selections for benefit coverage to begin the first of the upcoming year. As open enrollment approaches, you will receive specific information regarding your benefit options for 2005.
Will the payroll process remain the same?
Convergys and Finali currently share similar payroll practices and pay periods. There are no immediate changes planned regarding payroll processes.
What happens to our seniority?
All employees will maintain their Finali seniority with Convergys.
How can I learn more about Convergys Corporation?
You can review a comprehensive company overview and read about current company related news and events by logging on to https://mycvg.convergys.com and clicking on the Finali link located to the right of the screen. You’ll also be able to view frequently asked questions and post your own question at that site. In addition, we will provide you with ongoing information as part of our ongoing communications.
Will the Finali holiday schedule change?
Finali will continue its current holiday schedule through 2004. Beginning 2005 Finali will convert to the Convergys holiday schedule.
How does tuition reimbursement work?
Convergys offers competitive tuition reimbursement towards undergraduate and graduate work at accredited schools. Eligible staff and eSpecialists may participate in the tuition reimbursement plan beginning 1/1/05. To participate in the plan, you are required to complete a course application for approval prior to the start of each class/course. When you have completed the class/course, you are required to complete a request for tuition reimbursement for the approved class/course and submit proof of grades attained and a detail of fees paid. Please contact Lynn Baalman or Kerry Malone for questions regarding eligibility, reimbursement maximums, and the application process.
Will I have an opportunity to apply for Convergys job openings?
You will have an opportunity to apply for Convergys job openings. Openings are listed on the Convergys Portal at https://mycvg.convergys.com. Finali employees are expected to have access to the Portal on 1/1/05. As this date nears you will receive additional information regarding job posting policies and procedures.
What will happen to my 401(K)
You may continue to participate in the Finali 401(k) plan until the end of this year. As of December 31, 2004, the Finali 401(k) plan will be frozen and will not accept any additional contributions. You will continue to have the ability to make exchanges among the investments offered under the Finali 401(k) plan as you have in the past. However, you will not be permitted to take a distribution from your Finali 401(k) account while you remain employed by Finali or any other Convergys affiliate.
Effective January 1, 2005, you will be permitted to enroll in the Convergys 401(k) plan. You will receive an enrollment kit from Fidelity Investments, the Convergys RSP record keeper, shortly after the first of the year. This kit contains all the necessary instructions to enroll in the plan as well as descriptions of investment options and plan features available to you. This means that for a brief period of time you could have an account under both 401(k) plans. Convergys expects to be able to merge the Finali 401(k) plan into the Convergys 401(k) sometime prior to the end of the 2005 year. At that time, your account under the Finali 401(k) plan will be transferred to your account under the Convergys 401(k) plan. You will receive additional information on the transfer as details arise.
How does the 401(K) match work
As a special incentive for you to save in the plan, the company makes matching contributions to your account. All participants are eligible for matching contributions after completing one year of service in which 1000 hours or more have been worked. Your prior service with Finali will be taken into account in determining whether you have completed a year of service. The company matching formula for your 401(K) is 100% of each dollar you contribute up to 3% of pay per pay period, plus 50% of the next 2% of pay contributed per pay period. Convergys matching contributions are made to your account each pay period and are used to purchase Convergys stock. You are permitted to transfer these contributions from Convergys stock into any other investment option offered in the plan at anytime.
Will Finali’s relationship with Wells Fargo change?
At this time we do not anticipate a change in the partnership benefits with Wells Fargo. However, we have not met with representatives from Wells Fargo to discuss this, but plan on having the answer in time for Open Enrollment.
How does Convergys define full-time and part-time employment?
From a benefits eligibility perspective, staff employees that are scheduled to work 20 hours or more per week are eligible for all health and welfare benefits. Staff employees who are scheduled to work less than 40 hours per week receive prorated PTO accrual and are not eligible for tuition reimbursement.
From a benefits eligibility perspective, agent employees that work an average of 20 hours or more per week are eligible for all health and welfare benefits. Agent employees that work an average of 20-29 hours per week pay a higher cost share for medical than those who average 30-40 hours per week.
Staff and agent employees who work less than 20 hours per week are eligible for Starbridge insurance plans, the LifeResources employee work-life assistance program and prorated PTO accrual.
Will the shift differential policy change?
There are no immediate changes planned regarding the shift differential policy for the remainder of 2004. We are, however, looking at shift bid practices for both companies to determine what is the appropriate practice going forward in 2005.
Will my project/customer incentives remain the same?
There are no immediate changes planned regarding current project/customer incentives.
What happens to my PTO?
Your Finali PTO will remained unchanged through the rest of 2004. Starting January 1st, however, you will receive the greater of either your projected 2005 PTO with Finali or your eligible PTO with Convergys. Further details will be discussed during Open Enrollment.
I have my paycheck direct deposited, what will happen?
We are currently working to make the integration from Finali to Convergys payroll seamless for those employees who utilize direct deposit. Barring any unexpected issues, your first paycheck from Convergys should be direct deposited into your account during the first pay cycle in 2005. Updates will be provided, as information is available.
On page 3 of the 2005 Enrollment Guide, the annual dental deductible shows $50 for Single coverage and $150 for Family. What is the deductible for Employee + One?
The Employee + One deductible is $100.
Is the Orthodontic Life Time Max of 1,200 in the Dental Plus Plan separate or combined with the $1,200 annual benefit max?
The two are separate maximums.
Is a bridge covered under Dental the plan?
Yes, 50% in-network or 50% of R&C (Reasonable & Customary charges)
out-of-network under the Plus Plan. There is a missing tooth exclusion in
our plan. Please consult MetLife directly. They suggest submitting a