Employee management practices matter to the prosperity of businesses across various sectors. In this case, some of the crucial human and personnel resource management practice include those channeled toward employee retention, empowerment, and incentive management. Compensation and needs attention for employees are some of the key managerial considerations that are further tailored toward recognizing the people's prolificacy when it comes to contributing to goal attainment. Benefits and compensation principles are essential for enabling job satisfaction among workers to make the workforce influential and significant to goal attainment at the organizational level. Emerging Pharmaceuticals stands chances of aligning its human and personnel resources management with the provisions of Medtronic when it comes to addressing the benefits and compensation requirements of the employees.
One of the changes that befit Emerging Pharmaceuticals is a revamp of the approach to retirement benefits among the workers. The reason behind Medtronic's capacity to attract employed personnel from rival companies in the sense of assurance for a better transformation from employed to retirement status (Armstrong & Stephens, 2005). It is critical to focus on addressing the needs of the people that make the Emerging Pharmaceuticals fraternity for the sake of enhancing discreet performance in matters operational pursuance to reinstitute job satisfaction and employee retention. There is a dire need for an increase in the amount accessible after retirement as benefits to depict the organization's care for the needs and welfare of its workforce.
Also, remunerations add direct value to what the workforce contributes to the goals and objectives of the business. In this sense, it is inevitable to identify and link the success of Medtronic to a high rate of salary payments. For example, the pay range for clinical managers under the Medtronic business is about $75,000 to $120,000 as compared to the Emerging Pharmaceuticals' range of $75,000 to $110,000. Another change regarding the remunerations should aim to portray the competitive nature of the Emerging Pharmaceuticals business in terms of the capacity to address the needs and requirements of the workforce accordingly (Armstrong & Stephens, 2005).
Another change within the benefits and compensations for Emerging Pharmaceuticals that are meant to meet and address the needs of the employees is the increase in the amount of money that is set aside in support of the employee education and training. For instance, the tuition reimbursement that is granted to interested employees at Emerging Pharmaceuticals is too scarce to cater to the financial needs of a degree or a postgraduate program (Malone & Presson, 2016). Such that, the changes should aim to understand better the needs and requirements of the employees when it comes to career growth so that the appropriate facilitation initiatives are channeled toward addressing the needs and requirements of the workforce as incentives and key motivational factors. According to Malone and Presson (2016), employee satisfaction can emanate from resolved issues that are founded at personal or family levels. Owing to the extrapolated help, a more significant assortment of employees has, in the recent past, been lured toward appreciating organizational efforts to address personality issues through loyalty and betterment in terms of performance at work.
Employee benefits and awards call for changes as well. These factors of the HRM must be tailored toward the better-understood needs and standards of the workers to enable their prolificacy when it comes to adding value to the organization at large (Ali, Edwin, & Tirimba, 2015). Rewards and tokens can be manifested in the form of health insurance plans and the way the business has structured its help for the employees to manage. The needs and requirements of the human and personnel resources merely revolve around the adoption of standardized approaches to goal attainment when tackling specific projects in organizations (Ali et al., 2015). It is key for Emerging Pharmaceuticals to improve the terms and conditions of accessing medical coverage for the workers to motivate their contribution and their stay. This is built on the fact that the workforce is trained and expected to work in the line of helping the customers to access quality and relevant services and drugs for health and medical care (Cao, Chen, & Song, 2013). The workforce needs to be in a position to successfully meet the medical needs for attention at a personal level to guarantee a sense of satisfaction with the job.
Another perspective that should be approached by the Emerging Pharmaceuticals to guarantee an extension of the influential contributions from the workforce include a sound people's wellbeing management that extends to engagement and inclusion to guarantee an understanding of the challenges among a group of workers that is dedicated to providing competent and quality services to the targeted stakeholders under the Emerging Pharmaceuticals brand name (Malone & Presson, 2016). It is essential to guarantee an amalgamation of the efforts through a well-founded organizational culture is built on the premise of a satisfied and influential workforce. Goal attainment and objective addressing are key initiatives among motivated employees that befit the needs and requirements of the business they are entitled to (Cao et al., 2013). Through reinstituting these changes at an organizational level, Emerging Pharmaceuticals stand opportunities to compete against prevalent rivals on the market such as Medtronic when it comes to matters attracting competent workers that can deliver according to the vision and objectives of the business.
Ali, A. A., Edwin, O., & Tirimba, O. I. (2015). Analysis of Extrinsic Rewards and Employee Satisfaction: Case of Somtel Company in Somaliland. International Journal of Business Management & Economic Research, 6(6). Retrieved from: https://www.researchgate.net/profile/Ibrahim_Ondabu2/publication/285576218_Analysis_of_Extrinsic_Rewards_and_Employee_Satisfaction_Case_of_Somtel_Company_in_Somaliland/links/565f082f08aefe619b27be69.pdf
Armstrong, M., & Stephens, T. (2005). A handbook of employee reward management and practice. London, UK: Kogan Page Publishers. Retrieved from: http://www.academia.edu/download/31652737/a_handbook_of_employee_reward_management_and_practice.pdf
Cao, Z., Chen, J., & Song, Y. (2013). Does Total Rewards Reduce the Core Employees' Turnover Intention? International Journal of Business and Management, 8(20), 62. Retrieved from: https://pdfs.semanticscholar.org/57d3/3ed81ff3c80b5ca030556a7ac9fd8cf19e1b.pdf
Eisenberger, R., Malone, G. P., & Presson, W. D. (2016). Optimizing perceived organizational support to enhance employee engagement. Society for Human Resource Management and Society for Industrial and Organizational Psychology, 2-22. Retrieved from: https://www.shrm.org/hr-today/trends-and-forecasting/special-reports-and-expert-views/Documents/SHRM-SIOP%20Perceived%20Organizational%20Support.pdf
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Successful Employee Management Practices: Retention, Empowerment & Incentives - Essay Sample. (2023, Feb 17). Retrieved from https://proessays.net/essays/successful-employee-management-practices-retention-empowerment-incentives-essay-sample
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