Professionals in the human resources field are often tasked with overseeing the benefits and compensation functions within any given organization. Human resource professionals often have to examine specific compensation and benefit elements of a total rewards system and compare them with qualitative and quantitative data collected internally, to determine how to fairly and appropriately reward employees for their work.
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 One, you will prepare a draft of Parts A–D of your benefits and compensation analysis (Section I of the final project). The submission will have the major heading “Benefits and Compensation Analysis: Parts A–D.” 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 A–D of your benefits and compensation analysis. Thoroughly cover each of the critical elements, and include your answers to the guiding questions.