Benefits and Compensation Analysis: Parts A-D 5
Benefits and Compensation Analysis: Parts A-D
Shelley Black
OL620 Total Rewards
July 28, 2017
Summary Within the case study, Consumer Driven Health Care: Medtronic’s Health Insurance Options, by Herzlinger, R., Hurwich, J., & Bokser, S, there is an abundance of information that contributes to the benefits and compensation of Medtronic. Medtronic currently faces some challenges regarding better healthcare options for the employees. In order to overcome these challenges, Medtronic must make healthcare changes that are beneficial to the employees. However, there are many hurdles that the employees are concerned about and needs attention. Their main key points that they have addressed is 1) identifying issues and concerns, 2) being consistent as well as prominent, 3) Following through with employee concerns that should be targeted and addressed 4) providing up to date and comparative information on current benefits through similar external benchmarking.
Section 1
Part A: Issues and Concerns
According to the case study, Medtronic provides three distinct health plans. They tend to make health coverage accessible for every employee by not only providing a range of plans but also offering family options. Medtronics options include, 1) HealthPartners, …show more content…
According to the SHRM, only 40% of organizations only offer one health care plan, 32% offer two and 28% offered three or more plans (Miller, 2012). In the end, the median total annual health care costs per covered employee in the United States was $6,813 in 2011. It is also noted that at the 25th percentile, the cost per covered employee was $4,436 (Miller, 2012). Yet Medtronic pays 6% more for a family coverage and 8% below for single
Benefits and Compensation Analysis: Parts A-D
Shelley Black
OL620 Total Rewards
July 28, 2017
Summary Within the case study, Consumer Driven Health Care: Medtronic’s Health Insurance Options, by Herzlinger, R., Hurwich, J., & Bokser, S, there is an abundance of information that contributes to the benefits and compensation of Medtronic. Medtronic currently faces some challenges regarding better healthcare options for the employees. In order to overcome these challenges, Medtronic must make healthcare changes that are beneficial to the employees. However, there are many hurdles that the employees are concerned about and needs attention. Their main key points that they have addressed is 1) identifying issues and concerns, 2) being consistent as well as prominent, 3) Following through with employee concerns that should be targeted and addressed 4) providing up to date and comparative information on current benefits through similar external benchmarking.
Section 1
Part A: Issues and Concerns
According to the case study, Medtronic provides three distinct health plans. They tend to make health coverage accessible for every employee by not only providing a range of plans but also offering family options. Medtronics options include, 1) HealthPartners, …show more content…
According to the SHRM, only 40% of organizations only offer one health care plan, 32% offer two and 28% offered three or more plans (Miller, 2012). In the end, the median total annual health care costs per covered employee in the United States was $6,813 in 2011. It is also noted that at the 25th percentile, the cost per covered employee was $4,436 (Miller, 2012). Yet Medtronic pays 6% more for a family coverage and 8% below for single