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 Three, you will prepare a draft of your recommendations and revisions (Section II). The submission will have the Will have the major heading ?Revisions.?
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 benefits and compensation package described in the ?Consumer-Driven Health Care: Medtronic?s Health Insurance Options? case study. Draft your revisions so that they thoroughly cover each of the critical elements listed in Parts A?D.
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 for accommodating potential financial, procedural, and legal constraints regarding the revised benefits and compensation package.
B. Make revisions to the current benefits and compensation 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 the concerns you previously identified?
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.
D. Explain the cost of each benefit and compensation element as a cost per employee. You may want to show cost increases or decreases per benefit item, with a total rollup cost to the employee and the organization.