Healthiertogether medtronic com

PLEASE SEE ATTACHMENTS FOR RUBRIC AND THE FIRST THREE SECTIONS OF PAPERS ARE ALREADY INCLUDED.

Guidelines for Submission: Your total rewards analysis paper must be 8–12 pages in length (plus a cover page and references list) and must be written in APA format. Use double spacing, 12-point Times New Roman font, and one-inch margins. Include at least seven academic references. The presentation must consist of 5–10 slides with adequate speaker notes explaining each slide’s content. Use a product such as PowerPoint or Prezi to create your presentation. Sources should be cited according to APA style.BENEFITS AND COMPENSATION ANALYSIS 1 ‘‘Total Reward Analysis: Part D-F’’ Margarita Lozada Southern New Hampshire University 10/17/2020 BENEFITS AND COMPENSATION ANALYSIS I. 2 ‘‘Total Reward Analysis: Part D-F’’ D. Areas of Misalignment, Differences, and Gaps Compared to the benchmark compensation system, Medtronic Emerging Pharmaceuticals have key misalignment areas, differences, and gaps. First, there is a key difference in the company's incentives to access generic drugs. The company provides a co-payment option of $5.00 for generic drugs. On the other hand, the benchmark company provides 100% payment for patient access to certain medications. Medtronic provides this benefit through the CHP and PPO plans. Although Emerging Pharmaceuticals is considering a partnership with Care Compare selection tool to increase employee well-being, the initiative remains considerably less significant. Particularly the company provides incentives to employees using Care Compare only when they select the lowest cost provider. The medical costs and health plan designs are significantly different. Although the value preferred provider (Value PPO) has low premiums, employees incur significantly high out of the pocket costs. For the choice PPO, the biweekly premiums are relatively high, but the out of pocket costs are minimal. All the company's healthcare plans include a spouse surcharge of $25.0 to cover spouses who have cover from their employer. In Medtronic, employees who engage in Healthier Together Programs and with their spouses earn points as rewards. Emerging Pharmaceuticals does not provide such benefits to employees engaging in healthy activities. There is a major gap in the salary provision in Emerging Pharmaceuticals from the benchmark company. For all the six key job titles, Medtronic's pay range is significantly higher than in Emerging pharmaceuticals. The variation in salaries is a major cause of turnover for the organization. A scientist in Emerging pharmaceuticals receives an average salary of $93500, but in Medtronic, the average salary is $ 103900. A major misalignment is in the wealth benefits. BENEFITS AND COMPENSATION ANALYSIS 3 Medtronic builds financial security by paying 50% for the first 6% each employee saves. In Emerging Pharmaceuticals, the organization makes a core contribution at the end of the year, amounting to 3% of eligible pay for each eligible employee. In this case, the organization is committed to making a core contribution to saving or not. The organization has a key variation with Medtronic in the enhancement of work-life balance. The organization's employee well-being varies from Medtronic about tuition assistance, paid holidays, paid time off, paid holidays, and limited remote opportunities. For the PTO, the difference is significant, and in favor of Medtronic.