Emerging Pharmaceuticals is a successful firm based on the West Coast of the United States. However, it has been facing strong competition from Medtronic Pharmaceuticals. Significantly, the company has been losing talents to its competitor. As such, it is vital to assess and review the company’s current total rewards system to determine necessary changes that will ensure employee retention and cost controls. This paper compares its reward system with that of Medtronic and suggests appropriate changes.
Inhaltsverzeichnis (Table of Contents)
- Part D: Misalignment, differences, and gaps
- Part E: Emerging Pharmaceuticals rewards components that should be increased, reduced, or stay the same
- Part F: Population affected
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This paper analyzes the total rewards system of Emerging Pharmaceuticals, comparing it to that of its competitor, Medtronic Pharmaceuticals. It aims to identify areas of misalignment, differences, and gaps in Emerging Pharmaceuticals' system and suggest appropriate changes to enhance employee retention and cost controls.
- Employee Value Proposition: The paper explores how Emerging Pharmaceuticals' reward system aligns with its employee value proposition.
- Employee Attrition: The analysis focuses on the factors driving employee attrition from Emerging Pharmaceuticals to Medtronic.
- Compensation and Benefits: The paper examines the effectiveness of Emerging Pharmaceuticals' compensation and benefits packages in retaining employees.
- Work-Life Balance: The paper investigates the impact of work-life balance on employee satisfaction and retention at Emerging Pharmaceuticals.
- Career Development: The study analyzes the role of career development opportunities in employee engagement and retention at Emerging Pharmaceuticals.
Zusammenfassung der Kapitel (Chapter Summaries)
- Part D: Misalignment, differences, and gaps: This chapter compares the reward systems of Emerging Pharmaceuticals and Medtronic, highlighting areas where Emerging Pharmaceuticals' system falls short. It focuses on employee concerns regarding health plan costs and selections, 401(K) plan issues, working hours, and inadequate career development opportunities. It concludes that these issues are contributing to employee exodus from Emerging Pharmaceuticals to Medtronic.
- Part E: Emerging Pharmaceuticals rewards components that should be increased, reduced, or stay the same: This chapter delves into specific recommendations for improving Emerging Pharmaceuticals' reward system. It suggests maintaining salary and financial bonuses while increasing opportunities for career development, enhancing health plans, and improving the 401(K) plan. The chapter also recommends reducing work hours to improve work-life balance and address employee concerns about burnout.
Schlüsselwörter (Keywords)
Total Rewards Analysis, Employee Retention, Compensation and Benefits, Health Plan, 401(K) Plan, Work-Life Balance, Career Development, Employee Attrition, Emerging Pharmaceuticals, Medtronic Pharmaceuticals.
- Quote paper
- Mourine Atsien (Author), Total Reward Analysis, Munich, GRIN Verlag, https://www.grin.com/document/1326041
