|Type of paper:
|Human resources Social psychology Organizational behavior Leadership management
Companies use different reward strategies to reward their employees and motivate them to work hard for the company. Rewarding the employees is meant to encourage them for their efforts to ensure that the company is successful by making the employees go the extra mile in their respective jobs that they do for the company. When productivity increases the revenue earned by the company increases when companies offer wellness to employees, they get relieved from stress and become more productive in the work that they do. Companies reward the most hardworking employees as a measure to encourage them and make other employees work hard and get rewarded also.
Emerging pharmaceuticals need to come up with changes in the reward systems on how it rewards its employees for retaining the employees that it already has and making them feel valued by the company ("Emerging Pharmaceuticals and Medtronic Comparison," 2018). Different employees have concerns that they want to address by the company. The emerging pharmaceutical company needs to identify the concerns of its employees and come up with a package that will meet the demands. There are options that other companies are offering that makes employees of emerging pharmaceutical opt to leave the company in such of greener pastures.
Among the factors identified include improving the safety of the employees at the workplace. Emerging pharmaceutical need to improve the safety of the employees at the workplace by coming up with strategies that will make employees feel more secure ("Emerging Pharmaceuticals and Medtronic Comparison," 2018). The strategies include a health insurance plan that can cater for all expenses that the employees incur when they get injured at the company. Employees will feel more secure if they know that they can get compensated if injured at the workplace. There are activities that employees feel to be risky; hence, they try to avoid them for fear of unknown.
The other factor identified include paying the right amounts for work done. Employees usually move from one company to the other looking for greener pastures in companies that pay more. Medtronic Company usually pays more; hence, employees move to the company to earn more money. Employees also cited professional development opportunities as a factor that they consider when searching for employment opportunities. Emerging pharmaceutical should come up with refresher programmers that employees can engage in to improve their working skills.
Total reward packages addressing the concerns of the employees can only be achieved when the company is committed to incurring costs and other related constraints ("Emerging Pharmaceuticals and Medtronic Comparison," 2018). The company will have to increase the budget it spends on paying the employees once it increases the salaries of the employees. The profit that the company makes will reduce before the productivity of the employees can increase, and the company makes more money. When raising the salaries work assessment need to be done to ensure that employees get paid for work done.
There are legal constraints that make it harder for the company to allow its employees to work remotely. Some work done by the employees cannot be done remotely making it harder for the company to implement the concern (Helios, 2017). The employees also raised the concern of paid time off so that they can spend time with their family. Emerging Pharmaceuticals can implement the strategy by re-scheduling the working time according to the wishes of the employees (Wilcox, 2019). The other concern of the employees is being given opportunities to use their abilities. This is achievable if the employees communicate their abilities to their respective supervisors. The constraint that the company has too many employees with different needs.
There is also the procedural constraint in embracing teamwork of employees at the company. Employees perform different roles at different stages. Teamwork is challenging to implement because of the diversity of work (Terera & Ngirande, 2014). Lack of enough resources makes it harder for the company to sponsor employees for further training. It's expected that employees have the required skills; hence, they will not need frequent training once they are hired. The company opts to higher other competent employees when in need of different services.
There is a financial cost to Emerging Pharmaceuticals when it implements the proposed changes. The organization change will disrupt activities that the company is engaged in either directly or indirectly. The financial cost that the company will have to deal with is increased expenditure. The changes require resources to be implemented. The fully-funded organizational changes will incur the company 20% more, while the partially funded changes will incur the company 10% more of the total revenue generated ("Medtronic Benefits Information," 2018). The increase in the employees' cost will reduce the profit margin earned by the company. The company has a decision to make the weather to make the changes or not.
In conclusion, Emerging Pharmaceuticals need to accommodate some changes to meet the needs of the employees and stop losing the employees to competitor companies. There are challenges experienced in the implementation of the demands of the employees. Retaining the employees is a challenging task for the company but cannot be avoided. Competitors want to poach employees and get the best services from them.
Terera, S. R., & Ngirande, H. (2014). The impact of rewards on job satisfaction and employee retention. Mediterranean Journal of Social Sciences, 5(1), 481.
Emerging Pharmaceuticals and Medtronic Comparison. (2018). Retrieved 2 October 2019, from https://learn.snhu.edu/d2l/lor/viewer/viewFile.d2lfile/109897/22787,2/
Helios, E. (2017). What Makes Up A Great Total Employee Rewards Package? | Helios, HR. Retrieved 2 October 2019, from https://www.helioshr.com/2013/11/what-makes-up-a-great-total-rewards-package/#targetText=Total%20Rewards%20is%20a%20concept,attract%2C%20motivate%20and%20retain%20employees.&targetText=It's%20a%20candidate%2Ddriven%20market,in%20the%20race%20to%20compete.
Medtronic Benefits Information. (2018). Retrieved 2 October 2019, from http://benefits.medtronic.com/SitePages/ChannelContentR2.aspx?ChnIDval=3&GrpIDval=16&IDval=21
Wilcox, A. (2019). Creating a Total Rewards Program: Compensation and Benefits - RMI. Retrieved 2 October 2019, from https://rmi-solutions.com/creating-a-total-rewards-program-compensation-and-benefits/
Cite this page
Essay Sample on Revisions to Benefits and Compensation Package. (2023, Feb 12). Retrieved from https://speedypaper.com/essays/revisions-to-benefits-and-compensation-package
If you are the original author of this essay and no longer wish to have it published on the SpeedyPaper website, please click below to request its removal:
- Essay Example on Assistant in Nursing
- Political Science Essay on Civil Liberties and Civil Rights
- Free Essay on How the UAE Supports Renewable Energy
- Free Essay on Stretch Shortening Cycle and How It Relates to Exercise
- Essay Sample on Analyzing a Wedding Speech
- Essay Sample on Public and Private Organizations
- The Business Swims in a World of Opportunities. Free Essay