For the final project, you will analyze Medtronic, a company within the Harvard Business Review case study “Consumer-Driven Health Care: Medtronic’s Health Insurance,” in order to evaluate and revise the company’s current benefits and compensation package. You will utilize information presented in the case study to compare and contrast the 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 must 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 Two, you will prepare a draft of Parts E–I of your benefits and compensation analysis (Section I of the final project). The submission will have the major heading “Benefits and Compensation Analysis: Parts E–I.” Your instructor will grade your submission using the rubric below and will provide feedback to be applied to the 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 organizations within the same industry. Then draft Parts E–I of your benefits and compensation analysis. Thoroughly cover each of the critical elements, and include your answers to the guiding questions.
Specifically, the following critical elements must be addressed:
I. 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.
E. Determine areas of misalignment, differences, and gaps
present in the current benefits and compensation system, based on
the external benchmarking data. What are the key areas of the
current system that are misaligned with the industry standard?
F. Compare qualitative input data and quantitative analysis with the organization’s employee demographic data to determine the degree of the existing population that will be affected by the proposed changes. In other words, what is the overall impact of a proposed change?
G. Based on your analysis of the provided qualitative and quantitative data, determine strengths and weaknesses present in the current benefits and compensation system. What are the strong suits of the system? What are the weak areas? Be sure to justify your response.
H. Determine rewards components that should be increased or stay the same, and provide your rationale. What in the current package should be emphasized or left alone?
I. Determine rewards components that should be reduced, and provide your rationale. What in the current package should be addressed?
Guidelines for Submission: This milestone should be 3 to 4 pages in length (in addition to a cover page and references) 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
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