Jamie Kanger
Professor Carlotta Walker
OL-620 Total Rewards
9-1 Final Project: Benefits and Compensation
October 20, 2022
Introduction: Emerging Pharmaceuticals
2012 was the year Emerging Pharmaceuticals Firm was created and founded on the West
Coast. Since the company's founding they have become one of the top producing
pharmaceuticals, and over the years developed themselves into a monumental internal
organization. Having over 20 locations and more then 15,000 employees. Within their current
year they are projecting to earn a gross income of $5 billion dollars. One may think that with all
the success Emerging Pharmaceuticals is having, they would have a great retention of employees
and talent. Truth be told they are struggling to keep good talent on, losing them to competitors.
some such as Medtronic. Within a given two-year time frame, about 25% of new hires will go on
to leave the company. During this review of Emerging Pharmaceuticals, concerns of the
company's total reward system will be examined as well as other areas that would be beneficial
to keeping employees on longer. Also included will be a comparison of Emerging
Pharmaceuticals and Medtronic employee rewards systems.
Benefits and Compensation Analysis: Issues or Concerns
Employees at Emerging Pharmaceuticals were asked to take part in many focus groups
that were conducts by consultants. With the data collected from these focus groups, it was
discovered that employees were concerned with the benefit and rewards system at Emerging
Pharmaceuticals. Ranging from several things including but not limited to, high cost of
healthcare plans, lack of 401k contributions percentage match from the company, and even
absences of advancement opportunities. To say employees were upset, would be an
understatement, employees were not feeling their worth while working at Emerging
Pharmaceuticals and were instead using at it as steppingstone to come across better opportunities
with other companies. Reported from the focus group, as much as 10% of all Emerging
Pharmaceuticals current employees would prefer to work remotely and have a market level
compensation. While 9% of employees considered professional opportunities of development
just as important. Another 8% of all employees stated that having personal time, paid time off,
tuition reimbursement, and training given by the companies were also considered important to
them.
A survey conducted by SHRM discovered that there are three important factors when it
comes to employee job satisfaction, equal and respectful treatment for every employee, pay and
compensation, and additional benefits including life/health insurance, growth opportunities, and
retirement options. (SHRM, 2016). From a conducted Emerging Pharmaceuticals employee
survey, 60% stated that competitive market compensation is ideal, and 63% compared job
satisfaction to paid time off. From the survey, highlighted key points were that employees
preferred to have family options for benefits, market-appropriate compensation and paid time
off.
Many times, we see that organizations must find ways of being appealing yet different to
different demographics as well as employees (Chelsey, 2016). Having the knowledge to stay
current and know that one size does not fit all will help any company greatly. While Emerging
Pharmaceutical