Please include Total Rewards Analysis: Misalignment, Differences, and Gaps

 

When a business is in alignment, all operational functions and practices are clear about its purpose and make decisions by it (Kinsey, 2019, para. 3). Thus, EPs vision, mission, and employee value propositions should determine its human resources practices. For example, EPs mission is to retain critical employees, respond to the needs of multiple generations in the workforce, and keep costs under control (Emerging Pharmaceuticals, n.d., p.1). Yet, there are misalignments with the companys strategies because turnover for new hires is 25%. Employees have also complained about long work hours preventing them from spending time with their families. EPs vision is to compare the health, wealth, and work/life offerings to Medtronics (Emerging Pharmaceuticals, n.d., p.1). However, Medtronic offers their employees many health, wealth, and work/life offerings and opportunities that EP does not. Employee Value Proposition for EP included challenging work, competitive pay, and opportunities to advance. Recently, EP focused their attention on selections in health plans, 401(k), career paths, advancement opportunities, and work hours (Emerging Pharmaceuticals, n.d., p. 3). Yet, EPs health plans are costly, their 401(k) does not provide a match, tuition reimbursement is low, and employees are complaining about the number of hours worked.Differentiation is when a business develops and provides something unique, different, and distinct from items their competitors may offer (Differentiation Strategy, n.d., para. 5). EP and Medtronic both offer health plans, but EPs health plans are costlier and only offer a five-dollar copay for generic drugs. Medtronic offers lower rates for their health plan, covers 100% of generic drugs, and offers wellness incentives. EP offers a 401(k) plan with a 3% core contribution with no match. Medtronic offers a 401(k) plan with savings between 2% and 75%, matches 50% of the first 6% saved, and a stock purchase plan. EP offers PTO that caps off at 18 days, includes seven paid company holidays, has no carry-over-provision, no buy out option, and is lost if not used. Medtronics PTO is determined by the number of years worked, has no cap, offers Anniversary Bonus Week, offers ten paid company holidays, and a year-end break. EPs tuition reimbursement gives employees $2,000 for an undergraduate degree and up to $3,500 for a graduate degree. Medtronic offers tuition costs up to $3,000 for an undergraduate degree and $5,250 for a graduate degree. The salary for EP employees is low, while Medtronic employees get paid up to $10,000 higher. EP offers remote work opportunities, while Medtronic does not.A gap analysis is used to examine and assess an organizations current performance to identify the difference between your current state of business and where you would like to be (Leconte, 2021, para. 1).