Presentation_Benefits & Compensation Analysis

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Southern New Hampshire University *

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620

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Management

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Jan 9, 2024

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Uploaded by AdmiralMandrill2350

Benefits & Compensation Analysis Total Rewards: Final Analysis Diana Nunez

Overview  What is the problem?  Employees who have worked for Emerging Pharmaceuticals for less than two years are leaving the company at a rate of 25%.  Why are they leaving?  In the focus group, employees expressed dissatisfaction with:  Healthcare Options  Pay  Education Opportunities  Work/Life Balance

Employee Demographics  Thirteen percent of EP's fifteen thousand workers are between the ages of 30 and 50, and at least two of them are parents. These individuals struggle to maintain a work-life balance since they have a long commute back and aren't spending enough time with their families.

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Employee Survey  The focus group results with Emerging Pharmaceuticals workers regarding their dissatisfaction with the present overall rewards package offered are listed below: With this data, EP can start developing a package that will appeal to both present and potential workers.

Goals  Salary Increase  Raise pay ranges to reflect current labor market conditions.  Healthcare  Offer options for wellness programs to reduce the cost of employee healthcare.  Work/Life Balance  PTO benefits should be raised to accommodate labor market demands. Expand the options for remote work to save costs for the company and to help commuters.  Education Opportunities  Partner with colleges to give employees greater opportunities for career progression.

Work/Life Balance  Emerging Pharmaceuticals  3 years or less – 10 days  After 3 years – 12 days  After6 years – 15 days  At 10 years and every year thereafter – 18 days  Medtronic  4 years or less – 20 days  After 4 years – 25 days  After 14 years – 30 days  24+ years – 35 days While Emerging Pharmaceuticals only offers seven paid holidays, Medtronic currently offers ten paid holidays in total, plus extra time off after every five years of service. PTO increases will boost staff morale and mental wellness in general. The PTO packages offered by EP and Medtronic with years of service are contrasted below:

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Education Opportunities  Higher education institutions, both local and virtual, should collaborate with Emerging Pharmaceuticals to expand employee education programs. The annual budget should include funding for the scholarship program as well. Talent, both present and future, will be drawn to an organization that prioritizes employee education.

Performance Review Cycle Performance Assessment • Employee self-reports performance supervisor • Assigns rating leadership reviews for approval • Employee is informed of final performance decision Recommendations for Promotions • Suggestions for advancement to the next level of employment are reviewed • Approved by the leadership • Recommunicated to the employee. Reward Performance • Promotions granted • New roles • New salaries begin October January November/December

Wellness Program  By engaging in the wellness program and making healthy lifestyle choices, you and your family can reduce the cost of your health insurance.  The $25 surcharge will not be applied if employees and eligible enrolled family members intend for the wellness requirements to be met on a monthly basis.  You can save up to $20 a month on membership fees if you are a member of participating gyms and have an Emerging Pharmaceuticals health plan.

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Implications/Cost  By listening to employee concerns and implementing the required adjustments. This will encourage employees to contribute more to the company and reduce the retention rate.  Adding more paid time off will cost the business money, but if objectives and workload stay the same, employees can take advantage of the extra time and still perform at the same level.  By adding different levels of responsibilities and salaries, it will give employees extra incentives to work harder and improve performance, resulting in improved performance for the company and employees moving up through the ranks.  Employees' paid time off should be managed appropriately by their direct supervisor. With yearly performance reviews, they won't feel complacent and will always know what's expected of them to advance.  Adding a wellness program will encourage employees to lead healthier lives, which will reduce the use of sick days and benefits.  Adding a match to the pension plan and vesting it after five years will ensure that employees want to stay with the company to vest their savings.

Reference  SNHU Medtronic. (2020). 2018 Medtronic Benefits Information. For use in OL 620 Total Rewards comparison with the supplied case study data.  SNHU Emerging. (2020). Emerging Pharmaceuticals and Medtronics Comparison Study. SNHU OL-620 Total Rewards Course Documentation.

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