The assessment of the case study will further analyze the benefits and compensation package of Medtronic. The validation of concerns will address the misalignments, differences, and gaps in the current compensation system within the organization. Determination of issues that are most prominent based on the qualitative data of the existing population that will be affected by the change. Determination of the strengths and weaknesses of the current compensation packages, while impacting a change to either stay the same, increase or reduce any necessary changes to the program. Comprising a SWOT analysis that will align with the company’s strategic planning.
Critical Elements
E. The industry standard is the minimum de facto an organization can …show more content…
Medtronic has a demographic age gap between employees, although all generations of employees will be able to benefit. The proposed changed will benefit the company to further the projected alignment with organizational goals with the industry standard. Medtronic can administer surveys that will administer the quantitative data they need to figure out the population characteristics for the benefits needs. The overall impact of change will become beneficial to each demographic needs for any situation that will arise in their life’s circumstances. The potential gain will implement employee gratification to ensure utilization of company benefits. Employees will automatically gain these benefits when they are ready to enrich their …show more content…
The SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis evaluates internal resources and capabilities and external possibilities and threats (PESTLE Analysis, 2016). The strengths of the newly implemented benefits package will align with industry standards while having a competitive advantage over rivalry organizations. Employee utilization of the rewards will strengthen the vision of the human resources department and the company as a whole. Another strength would impact employee loyalty to the company (Scorza, 2011). By increasing employee benefits there will be less possible turnover, higher morale amongst employees, better job performance, and healthier employees while increasing the appeal to potential employees (Mann, N.d.). The weakness of the implemented benefits are the costs associated with the program. The problem associated with the costs would affect stockholders of the company. The new cost would affect revenues for the company, and with depleted revenue comes a reduce price in stock. The SWOT analysis chart below signifies an evaluation for Medtronic.
Strengths
• Existence of strategic planning efforts offers innovative solutions.
• Tools to improve HR activities are readily available.
• An experienced workforce dedicated to Medtronic’s mission. Employees are team focused.
Critical Elements
E. The industry standard is the minimum de facto an organization can …show more content…
Medtronic has a demographic age gap between employees, although all generations of employees will be able to benefit. The proposed changed will benefit the company to further the projected alignment with organizational goals with the industry standard. Medtronic can administer surveys that will administer the quantitative data they need to figure out the population characteristics for the benefits needs. The overall impact of change will become beneficial to each demographic needs for any situation that will arise in their life’s circumstances. The potential gain will implement employee gratification to ensure utilization of company benefits. Employees will automatically gain these benefits when they are ready to enrich their …show more content…
The SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis evaluates internal resources and capabilities and external possibilities and threats (PESTLE Analysis, 2016). The strengths of the newly implemented benefits package will align with industry standards while having a competitive advantage over rivalry organizations. Employee utilization of the rewards will strengthen the vision of the human resources department and the company as a whole. Another strength would impact employee loyalty to the company (Scorza, 2011). By increasing employee benefits there will be less possible turnover, higher morale amongst employees, better job performance, and healthier employees while increasing the appeal to potential employees (Mann, N.d.). The weakness of the implemented benefits are the costs associated with the program. The problem associated with the costs would affect stockholders of the company. The new cost would affect revenues for the company, and with depleted revenue comes a reduce price in stock. The SWOT analysis chart below signifies an evaluation for Medtronic.
Strengths
• Existence of strategic planning efforts offers innovative solutions.
• Tools to improve HR activities are readily available.
• An experienced workforce dedicated to Medtronic’s mission. Employees are team focused.