Professionals in the human resources field are often tasked with overseeing the benefits and compensation functions within any given organization. Human resource professionals often have to examine specific compensation and benefit elements of a total rewards system and compare them with qualitative and quantitative data collected internally, to determine how to fairly and appropriately reward employees for their work.
For the final project, you will analyze Emerging Pharmaceuticals in order to evaluate and revise the company’s current total rewards system. You will utilize information presented in the case study to compare and contrast the U.S. organization’s total reward system with external benchmarking data. You will also analyze the data for gaps and make revisions to the existing compensation and benefits package. The information you are provided with will be based on a specific aspect of a benefits and compensation package (retirement benefits, medical benefits, and so on). You will also create a presentation to stakeholders that explains the proposed changes, your rationale behind the changes, and the implications of the changes for the organization.
For Milestone One, you will prepare a draft of Parts A–C of your total rewards analysis (Section I of the final project). Your submission will have the major heading “Total Rewards Analysis: Parts A–C.” Your instructor will grade your submission using the rubric below and will provide feedback you can apply to your final project.
Begin by analyzing qualitative and quantitative data for the current system (as identified in the case study) that will inform your future recommendations and revisions. Once your analysis has been completed, compare and contrast the provided quantitative data regarding the current benefits and compensation system with external benchmarking data from Medtronic, an organizations within the same industry. Then draft Parts A–C of your analysis. Thoroughly cover each of the critical elements, and include your answers to the guiding questions.
Specifically the following critical elements must be addressed:
Benefits and Compensation Analysis: For this part of the assessment, you will analyze given aspects of a benefits and compensation package from the provided case study. You will analyze qualitative and quantitative data regarding the current system and determine gaps in that system that will inform your future recommendations and revisions.
Analyze the issues or concerns of employees through a review of the qualitative data presented in the case study, for their validity and importance. Be sure to consider the needs of different demographics of employees within the organization.
Determine the key issues or concerns of employees that should be targeted and addressed, based on the provided qualitative data. Justify your response. What issues or concerns should be targeted and why? Why should other concerns be made less of a priority? You could consider the underlying reasons behind the issues voiced by employees.
Compare and contrast the provided quantitative data regarding the current benefits and compensation system with external benchmarking data from the provided Medtronic data to complete your response. What does the current system have that other organizations do not? What do other organizations offer that the current system does not? Be sure to justify your response.
What to Submit
This milestone should be 3–4 pages in length (in addition to a cover page and references section) and should be submitted as a Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Use at least three sources, which should be cited according to APA style.