The company is aware of the diverse group of individuals they have working for them and are currently working on accommodating the different needs of its employees. To meet the needs of the employees Medtronic’s conducted a business research.
They researched three different insurance companies which in total offered five options. Definity Health offered three different plans while the other insurance companies offered one each. (Herzlinger, Hurwich, & Bokser, 2018) Employee can choose a plan that works for them. Definity health concluded that everyone is different, and each insurance tier is not for everyone. Difinity introduced three tier plans they range from low deductible, medium deductible and high deductible. They are categorized as PCA’s, HAS’s, and FSA’s to employees.
The Human Resources (HR) department has placed importance on a career strategy for all employees’ not only upper management. Which involves the needs and importance of the employees by offering services. “Offering continues education, providing leadership training, offering courses on values and ethics, providing flexible work hours, and having on-site child care for those who need it.” (Herzlinger, Hurwich, & Bokser, 2018) a philosophy was created by the HR dept. which states “treat employees the way you would want the patients to be treated.” (Herzlinger, Hurwich, & Bokser, 2018) By creating this program it eliminates the needs for the employees to stress about their outside lives, i.e. childcare and or medical needs.
Medtronic’s has positive in their current health insurance plans, but they have a weakness, the restriction of doctors’ visits and the out of pocket costs. Out of network PCP is costlier than an in-network PCP. For instance, if an employee just had an accident and they are hurt and injured an ambulance will take them to the closet’s hospital, but that hospital might not be in their network, the employee will incur a higher out of pocket expense. This can put the employee in financial danger.