Running head: 7-1 FINAL PROJECT MILESTONE THREE1 7-1 Final Project Milestone Three: Revision (Section II) Southern New Hampshire University OL-620-X5356 Total Rewards Instructor: Dr.Bobby Burcham August 20, 2023 7-1 Final Project Milestone Three: Revisions (Section II) Throughout this paper, we will be determining the areas that are needing to be revisied. First we will look at recommendations that can be made to the current rewards package. Second we will identify any potential financial, procedural, or legal concerns in regards to the current rewards package. Lastly, we will dig into the financial cost of the recommended changes to the rewards package. Overall, through this paper we will see changes that will make the overall progress of the pharmaceutical companies. Section II: Revision
7-1 FINAL PROJECT MILESTONE THREE2 A. Recommendations As we look into Emerging Pharmaceuticals, we can see that they are attempting to find ways to obtain and retain employees. For Emerging Pharmaceuticals to achieve this goal they need to make changes to their rewards package that is appealing to candidates and current employees. From completing the analysis of the current rewards package the following recommendations have been made. First, Emerging Pharmaceuticals must review all job descriptions that match the salary standards for that position. This will ensure that information is updated to match the position. This will also ensure that every employee understands the expectations of their position, and the salary associated with that position. Furthermore, by having higher salary bands this will help reduce the concerns of turnover by 25%. The second recommendation would be for Emerging Pharmaceuticals to review and update the current holiday pay and paid time off incentives. Currently, when looking at Emerging Pharmaceuticals we can see that they are offering half of what Medtronic is for their employees. Therefore, Emerging Pharmaceuticals needs to at least provide the same or more as their competitors to retain and obtain employees. Furthermore, employees need to feel that they are heard and valued as an employee. They need to know that their employer understands the importance of a work-life balance. The last recommendation for the current rewards package is a review and option plan changes to the benefit coverage. There is a need for more options that will allow employees to pick the best option that fits their needs. This may be a challenge for Emerging Pharmaceuticals because it will cost more to provide different plans. However, having this option can further save turnover costs. Emerging Pharmaceuticals can save a little by looking at also a change of benefit effective date, which may help with offsetting the cost.
7-1 FINAL PROJECT MILESTONE THREE3 B. Potential Financial, Procedural, and Legal Constraints When it comes to changes that are needing to be made to the Emerging Pharmaceuticals rewards package it is also important to look at the potential financial, procedural, and legal concerns that come with making changes. The financial constraints go hand and hand with the procedural changes because both areas involve budgeting approval. Therefore, when it comes to finances usually it is associated with facial year budgeting. Therefore, when changing salary options, and benefits, time off procedures need to be made at the beginning of a fiscal year, as well as having open enrollment at the same time. Therefore, less than financial and procedural constraints need to be aligned with the calendar fiscal year. Then there are the legal constraints that come with making any changes. With Emerging Pharmaceuticals, it is important that with obtaining new benefits there is no penalization with it comes to increasing paid time off, and holiday pay. I think the biggest challenge that Emerging Pharmaceuticals will face with changes is the salary bands. This is said because when auditing occurs within Emerging Pharmaceuticals, they will have to be able to justify the increase in the salary band. This will have to be justified in documentation not just words. When it comes to the Department of Labor they will ask questions about why salary bands have jumped by $15,000 extra a year. Emerging Pharmaceuticals will need to ensure that all documentation and justification is by the book and to ensure that no favoritism or discrimination was used when salary decisions were made. C. Financial Cost When it comes to changes being made within any company it is important to understand that money will need to be spent to get money back. Therefore, with the change to the current rewards package from Emerging Pharmaceuticals, we must know what the cost is. By looking at
Why is this page out of focus?
Because this is a Premium document. Subscribe to unlock this document and more.