Based on the case study analyses, discussions, and textbook readings up to this point in the course, you should have gathered enough information to make recommendations and revisions to the current benefits and compensation package to address concerns and gaps previously identified from the Emerging Pharmaceuticals Case Study and the 2018 Medtronic Benefits data. You will not be answering the questions in the case study; however, you will address the prompts in Section II of the Final Project Guidelines and Rubric document and the Milestone Three Guidelines and Rubric document.
Overview: For the final project, you will analyze Emerging Pharmaceuticals in order to evaluate and revise the company’s total rewards system. 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 Three, you will prepare a draft of your recommendations and revisions (Section II). The submission will have the major heading “Revisions.”
Prompt: Begin by reviewing your first two milestone submissions. Then, based on the concerns and gaps you previously identified and the feedback from your instructor, make recommendations and revisions to the current total rewards package described in the case study and provided supplements.
Draft your revisions so that they thoroughly cover each of the critical elements listed in Parts A–C below. Specifically, the following critical elements must be addressed: II. Revisions: In this part of the assessment, you will make recommendations and revisions to the current benefits and compensation package to address any concerns and gaps previously identified.
A. Make recommendations to the current total rewards package that address concerns related to your previous analysis of the quantitative and qualitative data. In other words, what changes would you make to the current benefits and compensation package in order to address any concerns you previously identified?
B. Identify potential financial, procedural, and legal constraints regarding the revised total rewards package.
C. Explain the financial cost of proposed changes to both direct and indirect compensation. Be sure to address fully funded organizational changes, partially funded changes (and by what percentage), and fully employee-funded benefits. Identify the increase or decrease for total employee costs.
Rubric Guidelines for Submission: This milestone should be submitted as a 2- to 3-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style