5-1 Final Project Milestone Two: Benefits and Compensation Analysis (Section I, Parts D-F)

5-1 Final Project Milestone Two
Benefits and Compensation Analysis (Section I, Parts D-F)
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5-1 Final Project Milestone Two
Benefits and Compensation Analysis (Section I, Parts D-F)
Misalignment
As the EP's new Total Rewards Director, I have pinpointed the following critical areas that are either different, misaligned or have notable gaps in Medtronic's external benchmarking data. Misalignment is the business's failure to synchronize its critical strategic goals with its execution and operation tactics (Giancola, 2012). This leads to the inability of the company to compete and stand the stiff competition in the market. For instance, when it comes to tuition reimbursement, EP only offers an annual benefit of about $3500 for a graduate and a mere $2000 for an undergraduate. However, to qualify for this benefit, one ought to have worked for the company for at least one year (Harris, 2018). This misaligned aspect is that employees are reimbursed for their educational qualifications related to their current positions and not according to their performance output.
Differences
On the other hand, differences in benefits and compensation systems refer to the outright disparities and mismatches in how a company reimburses and pays salaries to its employees compared to other companies in the same production line (Staughton & Johnston, 2005). Some of the notable differences in EP’s benefits and compensation systems include diversified healthcare options, competitive salary ranges, paid time off benefits, tuition reimbursements, and remote work options (Sammer, 2019). I have noted that the EP only gives remote options to analytics and scientists who develop data analytics for patient outcomes or new drugs. Another aspect that is different from EP's competitors is the company's paid time off benefits. For instance, EP offers paid-off benefits based on years of service and front-load annual and seven paid holidays (Harris, 2018). However, the benefit is a use-it-or-loss type of benefit because any benefit that would be unused or any remaining balance in an employee's PTO account by 15th December of any year will be reclaimed or forfeited since there is no cash-out or carryover provision.
Gaps
The market and individual businesses exist because there is a gap to be filled. Gaps are unmet demands, unsatisfied needs, or operational strategies that fall below par and fail to accomplish their intended targets (Giancola, 2012). Different business and corporate organizations strive to better their performances to sat...