OL-620-X5356 Milestone Two

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Southern New Hampshire University **We aren't endorsed by this school
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OL -620-X3501
Subject
Management
Date
Oct 29, 2023
Pages
8
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Running head: 5-2 FINAL PROJECT MILESTONE TWO 1 5-2 Final Project Milestone Two: Benefits and Compensation Analysis Southern New Hampshire University OL-620-X5356 Total Rewards Instructor: Dr. Bobby Burcham August 6, 2023
5-2 FINAL PROJECT MILESTONE TWO 2 5-2 Final Project Milestone Two: Benefits and Compensation Analysis Throughout this paper, we will be determining the areas that are misaligned, different, and that have gaps within the current benefit and compensation system at Emerging Pharmaceuticals. This information will be determined by external data that was collected. Furthermore, we will look at the strengths and weaknesses of each plan and whether the rewards should increase, reduce or stay the same. Lastly, we will compare the qualitative and quantitative data as it relates to Emerging Pharmaceuticals and the existing population and what the affected change will do. D. Misalignment, Differences, and Gaps We can see that for a business to be successful that have to have to ability to attract and maintain applicants and employees. For Emerging Pharmaceutical, it is clear that the benefits and rewards packages have room for improvement. Therefore, when looking at the external data from Medtronic we can see that the areas that need improvement are remote work options, tuition reimbursement, time off benefits, competitive salaries, and diverse options with healthcare. Furthermore, when looking at Emerging Pharmaceuticals they provide options for remote work but only for scientists and analysts, unlike Medtronic, which offers remote work for many positions including the technology, human resources, and operations departments. Remote work is a great option to help a business save on expenses for example Medtronic saves 1.2 million a year because it provided the option of remote work locations (Frauenheim, 2013). Now when it comes to tuition reimbursement, we can see there are misalignments between Emerging Pharmaceuticals and Medtronic. First, Emerging Pharmaceuticals, their tuition reimbursement policy is only offered as a yearly benefit of up to $2,000 for undergraduate and $3,500 for graduate students. They also require that for employees to be considered for this
5-2 FINAL PROJECT MILESTONE TWO 3 reimbursement the employee had to be employed with the business for a minimum of one year and that the education has to be related to the employee's current position (SNHU Emerging, 2020). As far as Medtronic goes for offering tuition reimbursement that offers $3,000 for undergraduate and $5,250 for graduate students. Medtronic does not require a minimum employee timeframe however, that stay requires that the education be part of the employees' current position (SNHU Medtronic, 2020). However, Emerging Pharmaceuticals allows for any accredited colleges unlike Medtronic which only offers to certain schools. Another area that is misaligned between Emerging Pharmaceutical and Medtronic is the paid time off. When looking at Emerging Pharmaceuticals offer annual leave based on years of service, and that is usually around 18 days. They also offer seven paid holidays. The downside is that at Emerging Pharmaceuticals if any PTO remains it is forfeited and will not carry over the following year (SNHU Emerging, 2020). Unlike Medtronic which offers monthly accrued leave which is around 35 days annually. They also offer 10 paid holidays. Medtronic is not using it for loss, so most PTO can carry over to April of the following year. The best part is that Medtronic offers extra leave for those that have more than five years of service. Emerging Pharmaceuticals and Medtronic, both need to ensure that they are aligned with their competitors when it comes to salary ranges. Within each business, it is clear that the positions range from scientists, and research to non-clinical, and clinical positions and it is clear that Emerging Pharmaceuticals is paying about $10,000 less than Medtronic's (SNHU Emerging, 2020). Emerging Pharmaceutics has taken the approach of match marketing while Medtronic has taken the lead marketing approach (Martocchio, 2020). What that means is that the match market closely follows that typical market value of what employees should get paid for that position
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