Benefits And Compensation Package Of Medtronic - 910 Words

Introduction The assessment of the case study will analyze the benefits and compensation package of Medtronic. The validation of concerns will consider the importance of different employee demographics within the organization. Determination of issues that are most prominent based on the qualitative data. Key issues will also be identified based on employee satisfaction of the compensation package. The analysis will also include an external benchmarking of data from other companies within the industry. Critical Elements A. Demographics play a vital role for benefits and compensation packages, as everyone at different circumstances require certain types of benefits. Recent college graduates and those whom make minimum wage would not take into account, signing up for certain benefits. Previously, the younger generation would be cash strapped to repay their student loans, electing not to opt-in for medical benefits, 401(k), etc. However, Millennials are taking a new facet approach to benefits. According to a 2013 Kaiser Foundation survey, seven in ten Millennials rate having health insurance as very important and worth the money (Howe, 2014). Another aspect of employee benefits are those whom are near retirement and participate in a 401(k), working mothers who may need assistance with childcare and/or paternity leave, and adoption assistance. The Baby Boomer generation is coming out of retirement and going back into the workforce, whether it be on a part-time basis. They haveShow MoreRelatedFinancial, Procedural, And Legal Constraints Regarding Medtronic s Compensation And Benefits Package880 Words   |  4 Pagespotential financial, procedural, and legal constraints regarding Medtronic’s compensation and benefits package. The potential recommendations to change the current benefits package of the company to address the needed changes to meet the needs of the employees. The proposed financial analysis will address the organizations fund to support each employee based on their needs. Furthermore, examine the element of the benefit and compensation per employee to show quantitative data to support the analysis. CriticalRead MoreCompensation and Benefit Plan Essay1309 Words   |  6 PagesCompensation and Benefits Plan Companies welcome employees to their organizations through job proposals that should set the tone for a good working relationship. Companies spend tremendous amount of time and resources seeking and attracting high quality talent and people who will hopefully contribute to the long-term success and future growth of the organization. Compensation and benefit packages can be strategic tools that reflect an organization’s commitment to the employee. 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