HRM Descriptive on Medtronic

OVERVIEW:

Medtronic was named a Best Employer in Japan and Australasia in 2007 by Hewitt Associates
FORTUNE: America’s most Admired Company (2008)

Medtronic a multinational company with life saving drugs and medicines, operating around the globe in 120 countries with over 38,000 dedicated employees is the example of wonderful and most enviable firm rather a global firm with a concrete mission &visions to serve humanity and what really enables this organization to serve its best is its workforce employees and dynamic human resources which have been now proved to be the best as they actually strives hard to make Medtronic what it is today .

The report will enable the reader to go through the HR policies and practices recruitment selection, appraise and evaluate performance, train or develop, employee compensation incentives & Indirect compensations career concerns, Diversity and Employment relationship issues, retaining and other HRD polices Which have converted the different people round the world hired by Medtronic a winning team competent enough to lead the world.
STRATEGIC HR ENVIRONMENT:

Medtronic operates in more than 120 countries hence the strategic HR environments very difficult, diverse and dynamic thus making it very hard for the HR policies formulations and regulations and working standards thus every basic function of HR right from the Recruitment to the retirement and to relegation of the employees ,training them retaining them compensating and motivating setting their career paths and integrating the organizational and personal growth objectives in such away that these are intervened together so that either of them be equally important .

 Particular Legal Issues may be likely to arise in the organization like Medtronic who would give such huge considerations to the socio-ethical and cultural and environmental factors and labor, employees and human rights issues may vary from different geographical locations and cultural or ethnic variations. Medtronic give full considerations to the corporate governance and business ethics, Social Wellness program, Corporate Social responsibility, Environment Health Safety, Employee benefits, Global community support, cultural Inclusion, Employee volunteerism and many more.

Thus it’s really a challenge in the global arena to mange and handle as well as plan and execute the HR activates successfully following are the brief overview how this is managed effectively by Medtronic (Medtronic, 2008).

RECRUITMENT:

Medtronic is a huge multinational organization operating across the globe in various countries hence its operating successfully within US and across the board and the success of the company can be understandably evident form the competent and effective work force who strives to make Medtronic a success.

Now for recruitment Medtronic has a wonderful way of doing the things as its clear that the organization had to hire some of the best talent round the globe and in that particular region in which its operating so to do this effectively they have come up with the excellent system they develop the recruiting calendar separately for the international job prospects and for the home country nationals that is the US. these schedules contain the recruiting events with specified  chronological order and the locations such as seminars workshops , university career fairs etc and other venues where there could be a chance of hiring is bright and where one of the best talent can be reached moreover such recruitment calendars enable people to locate the jobs very easily its really a time saving and cost saving activity and beneficial for both the parties that is the organization and the job prospects in both ways cost of advertising and reaching advertisements is curtailed more over the mediation costs like HR hiring and consulting agencies is reduced again for either parties and yet within one click the information about the  prevalent vacancies can be reached and its rather easy to update or edit the job requirements . Thus it’s made really easy and reachable for the job prospects to be on the pre determined location and venue of the job fair.

SELECTION:

Medtronic is an Equal Employment Opportunity hire its selection policies are in compliance with the Affirmation plan of EEO  That means equal employment opportunity to all persons regardless of age, color, national origin, citizenship status, physical or mental disability, race, religion, doctrine, gender, gender, sexual orientation, gender identity and/or expression, marital status, status with regard to public assistance, status as a disabled veteran and/or Veteran of the Vietnam Era or any other characteristic protected by federal, state or local law(Medtronic, n.d.).

And fully subscribe to the law and order requirements of the region .i.e. local affirmative action policy. One can go through the official website of Medtronic to have a clear cut description as to what are the entry level requirements in the areas where jobs are available .usually jobs are classified into two distinct segments that is Management and technical. In Management sides that is Finance, Marketing, Human Resource, and Administration  and technical sides like Supply chain Information technology ,Sales , sales in clinical support ,Engineering, quality assurance etc require professional and technical skills plus experience in relevant fields and desirability for relocation , here Masters or Bachelors grade is usually acceptable with strong core skills .

Hence with a profound and well displayed job requirement may eliminate any chances of malignant hiring process (Medtronic, n.d.).

TRAIN OR DEVELOP EMPLOYEES:

Medtronic’s Leadership Development Rotation Program (LDRP) is an excellent source to maintain a good training and development programs for the employees this provides them with the wonderful insight about the various other business units in the organization , its functions and geography within Medtronic and enables employees to contribute to the personal skill ,career and organizational development . It’s aimed to enhance both the professional and core competencies especially in the following areas:

extended job assignments
Cross-business experience
constant mentoring and coaching
evaluation and feedback
Identified educational experiences

The training program usually include the areas such as

Corporate Development:

It requires the participant to develop good skills in achieving business goals by designing and reengineering and performing key corporate roles so that they may handle Project managers responsibilities for individual projects and assignments.

Finance:

LDRP in this area is for approximately 2 years and have them experience the exposure to various finical modes across the Medtronic. Simulated by variety of the real time financial thick and thins making clear cut decisions and analyzing the finical models ,Budgeting, cost analysis financial operations and financial accounting and many more so that competency can be developed in the individual to foresee ,forecast and estimate economic and financial aspects of various projects.

Human Resources:

Such LDRP involves the exposure to complex problems and issues in the key HR areas like Compensation, Benefits, Talent Acquisition, Training and Development, Executive and Leadership, Development Diversity/Inclusion, Organizational Development, Organizational Change Management, HR Information Systems, HR Generalist to provide business support in the best possible manner (Medtronic, 2008).

Information Technology:

The LDRP in this are include training in the IT domain with the exposure to new and advanced IT applications trends and knowledge to integrate and upgrade all the organizational processes with the technological shift this includes the Sap implementation , Quality Assurance- Business , project management ,supply chain ,sales and financial estimations etc .

Marketing:

LDRP in this area provides and individual training about core marketing areas desired for the organization generally in fields like Band /product management, market and business development and cross borders marketing policies to achieve targets.

·         Other trainings are given in the areas like supply chain and technical areas.

APPRAISE AND EVALUATE PERFORMANCE:

There are certain criteria’s on the basis of annual performance evaluation and appraisal is based in a generalized manner are:

·         Presentation and preserving the interest and benefits of the Shareholder and stake owners

·         On the basis of the judgmental knowledge and skills to analyze.

·         Involving in the meaningful and active participation in the organizational goal attainment.

·         Making facilitating and being the important and effective node of communication in the organization.

·         Expertise in the job that is described fulfills its needs and tries to nurture job to highest and fullest by personal contribution.

·         Having a vision and leadership to do drive and divert yourself and your subordinates.

·         Having a good professional outlook in the organization be it work or the colleagues the image should be really need to be positive ones.

            Besides the above key points there are a number of ways and means with which the evaluation of employees is done and several organization‘s confidential practices are there to appraise individuals.

COMPENSATION, OTHER INCENTIVES AND INDIRECT REIMBURSEMENT:

Benefits compensations and reimbursements are the compulsory part of the employee motivational programs .Medtronic offers its employees all forms of compensations and benefits be it in financial terms, non cash incentives or indirect reimbursements. Like it offers to its permanent employees, using pre-tax income for insurance premiums, medical expenses and dependent care via Flexible Spending Accounts also the 100% investments within 5 years of service worth 401(k), employee stock purchase that is 15% discount and an extensive tuition fees payment program to help employees increasing their educational state(Medtronic, n.d.).

Other kind of fringe benefits includes a wide-ranging vision plan, temporary and lasting disability, term life insurance/AD;D, and an Employee Assistance Program. They may also enjoy paid vacations holidays and off times and other yearly leaves Jury Duty time and mourning leave for eligible employees.

Other indirect compensations may include training and development, employee education, retirement’s plans, flexible working hours, direct deposit, access to credit union memberships, and discounts on tickets for attractions and special events, adoption and elder care assistance and many more(Medtronic, n.d.).

RETENTION:

With the wonderful compensation and benefit system, excellent salary packages, job security, international exposure and a pride of working with the best company in the world with outstanding ethical moral and social codes to be followed, where employees career and personal development is cared much more its made very easy to retain people plus its provides an excellent opportunity to build strong networking which is also a strong retention tool some networks include.

·         National Sales Network

·         Society of Women Engineers

·         National Society of Black Engineers

·         Society of Hispanic Professional Engineers

·         National Society of Hispanic MBAs

·         National Black MBA Association

·         Black Data Processors Association (Medtronic, 2008).

DIVERSITY ; EMPLOYMENT RELATIONSHIP ISSUES:

Medtronic is a huge multinational working round the globe round the year and hiring form every where but what’s interesting in this case is instead of cultural clashes the employees of Medtronic feels like a big family and enjoys being exposed to such rich diversity as they are supposed to be deployed anywhere in the world but instead of feeling like a ping pong ball they are open to this change and feels it enhances their skills abilities and expertise and to anticipate and foster this cultural diversity  is canalized into various groups. Current groups include Awareness Benefiting Leadership and Employees About Disabilities (ABLED),African American Field Resource Group (EXCEL), Christian Employees Resource Group (CERG);Fostering Occupational Creativity, Unity, and Success (FOCUS), Latin Cultures Network (MLCnet);Muslims for Carrying Out the Medtronic Mission (MCOM), African American Employee Resource Group (MECCA), Medtronic Asian Resource Group (MARG), Medtronic Triangle Alliance(MTA),Medtronic Women’s Council (MWC), and Medtronic Veteran Employee Resource Group (VERG) (Medtronic, 2008).

Moreover “the Office of Workplace Inclusion” and “CEO Inclusion Awards”. Help to build the diversity at Medtronic effective and banded workforce (Medtronic, 2008).

CONCLUSIONS:

In this report we reviewed the hr policies practices and methods to get an understanding as to how this organization seemed to be consolidated and really able to care its customers their culture inclusions to make a Medtronic a global firm in its true sense sharing and giving the best and dealing with external environment in the best possible manner any organization can deal .Various revolutionary processes and practices gives Medtronic a competitive edge with a diverse and yet satisfied and committed workforce  round the globe making its presence as that of an exemplary modern global firm and one of the most desirable organization to work in.

REFRENCES:

Albrecht, M.H. (2000).International HRM: Managing Diversity in the Workplace. Wiley-Blackwell.

Ashok SOM. (2008).Organization Re-Design and Innovative Hrm. Oxford University Press.

Medtronic (n.d.). Careers. Retrived November 1, 2008 from http://www.minimed.com/about/careers.html
Medtronic. (2008). Advancing Our Stewardship. Retrived November 1, 2008 from http://www.medtronic.com/wcm/groups/mdtcom_sg/@mdt/@corp/documents/documents/advancing-our-stewardship.pdf.

Medtronic. (n.d.). Compensation and Benefits. Retrived November 1, 2008 from http://www.medtronic.com/careers/compensation-benefits/index.htm.
Medtronic. (n.d.). Diversity: Recruiting and Retention. Retrived November 1, 2008 from http://www.medtronic.com/about-medtronic/diversity/recruiting-retention/index.htm.