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Medicine Masters Inc. New Benefits Package Proposal

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MEDICINE MASTERS INC. New Benefits Package Proposal

Prepared For:

Professor Mary Leach, Adjunct Professor

Brown Mackie College Albuquerque

Due: April 28, 2016

Prepared By:

Iptisam & Pete Petzold, Students

Brown Mackie College Albuquerque

Information Technology Department


TABLE OF CONTENTS

  1. Executive Summary ………………………………………………………………………3
  2. Introduction…………………………………………………………………….................4
  3. Background …………………..…………………………………………………………...4
  4. Proposal/ Scope……………………………………………………………………………5
  5. The Competition………………………………………………………………..................7
  6. Schedule………………………………………………......................................................8
  7. Staffing……………………………………………………………………………………9
  8. Budget…………………………………………………………………………………….9
  9. Authorization Request…………………………………………………………………..10
  10. References……………………………………………………………………………....12
  11. Appendix A……………………………………………………………………………....13
  12. Appendix B……………………………………………………………………………..14
  13. Appendix C……………………………………………………………………………..15
  14. Appendix D…………………………………………………………………………….16


EXECUTIVE SUMMARY

In an economy such as ours, Medicine Masters Inc. still continues to direct a modest amount of it’s profits inwardly on it’s own employee perks, from unusual benefits to generous retirement compensation opportunities. We have developed new benefits that, with our already existing package, will keep us at the top of our game. From free car washes to discounts on purchasing a new home, we have covered  every need our staff might have! We compared our benefits with two of our competitors, My Fix Pharmacy & Must Have It Meds, neither of which compares to our’s. Our company's success remains steadfast, due mostly to cutting-edge ideas, such as importing a large portion of our medications wholesale form Mexico. Here at Medicine Masters Inc. our distinctive corporate culture is, without question, why we are seen as ideal employers.


217 Dallas NE

Albuquerque, NM 87108

April 28, 2016

Mary Leach, Adjunct Professor

10500 Copper Ave. NE

Albuquerque, NM 87123

Dear Professor Leach:

Everybody knows that employees want to and should feel valued. Here at Medicine Masters Inc. we reflect that by maintaining a generous benefits package for all our employees. After implementing these new benefits as well, Medicine Masters Inc. should not only be appealing in recruiting quality employees, but they should remain profitable also. The company will have some unusual employee perks to give us that competitive edge necessary in these economic times to sustain the same level of quality in our staff, if not raise the standard.

Background:

Employees working at Medicine Masters Inc. home offices, already have a great benefit package which consists of quarterly bonuses that are tied to performance of specific tasks, quarterly commissions that are tied to sales quotas, along with their yearly salary. The average sales representative makes $62,788 annual salary. We also offer stock option grants yearly, with profit sharing at the end of the year. Our 30 or more employees all have 100% company paid  medical insurance, with 85% company paid medical insurance for their dependents, along with 29 days of paid time off per year after they have been working for us over one year. A few 200% match 401K is offered to all executive personnel and a 401K plan is offered to all employees after one year of employment. Stock options are available after 5 years of employment.

Proposal/ Scope:

  1. In order to make life easier, while at the office, we will have free snacks, drinks, breakfast, lunch & dinner plates, package/mailing services, massage therapy, hair salon, banking, dry cleaning, shoe shine, and childcare services. There will be a gym with a personal trainer & fitness classes offered on a daily basis, as well as by appointment. Retirees get a lifetime membership at the company fitness center. Employees & their family members, will be able to utilize any of these services when they are on-site and they will be completely free of charge.
  2. Medicine Masters Inc. has made arraignments with several local businesses to bring an even greater savings to our staff members. For example; free car washes, discounts on tires, vehicle maintenance, weight watcher classes, massage, sabbaticals, purchasing a new home, buying a new or used vehicle, Personal concierge service, and much more. All you need to do is show proof of employment at the time of  service at any of the participating local businesses. For a complete list email either Pete or myself and we will email you a copy.
  3. 100% tuition reimbursement. Our employees are all up to speed with current technology by periodically taking classes. Every employee at our company maintains current certifications in all departments. There's no limit! If the tuition reimbursement isn't motivational enough, our staff receives a $500 bonus check for staying certified in their particular area.
  4. We want colleagues to be able to offer recognition to one another, which is why we will add a page on our website that will be dedicated to just that. Your peer-to-peer thank-you notes and praise emails will be proudly displayed on that page. Medicine Masters Inc. will also reward it’s staff for their hard work by implementing spot bonuses, which will be given in cash or can be chosen in a variety of forms; for example, tickets to local sporting events, concerts or something as simple as a gift card. Employees will have the opportunity to enter their colleagues into a monthly $175 bonus drawing, on a link on that same page.
  5. Instead of the traditional maternity leave time off, we’d like to try a broader primary caregiver model. Essentially, that would mean that new parents, regardless of gender (and including dads, domestic partners, adoptive parents, and surrogate parents), who take an equal or primary role in their child’s care during the first year, can receive up to twelve weeks of fully paid baby bonding time. Other caregivers are eligible for seven weeks of paid bonding time. Medicine Masters Inc. birth moms receive four weeks of pre-delivery maternity leave and 18-20 weeks of post-delivery maternity leave. Employees  can choose to take their leave in increments throughout their child’s first year, for added flexibility.
  6. In addition to the medical insurance already offered, we will also offer alternative treatments such as acupuncture, homeopathy, or chiropractic to employees and their dependents. Dependents will enjoy a 10% increase in coverage too. Dental, vision, and mental health care, and fertility treatments are among the other proposed additions to their existing health care policies.

The Competition:

 We agreed upon two companies who we feel maintain a level similar to our own. When we took a closer look, they really aren't better than us, although they do keep a close competitive edge to us.

[pic 1]

Figure 1: Competition Comparison Chart

  1. Must Have It Meds was the first competitor we researched. Their benefits package consisted of 20 days paid time off per year, 401K after 6 months of employment as a part of their executive staff only, no stock options at all, and 100% health insurance for their staff but not for their dependents.
  2. My Fix Pharmacy was the other competitor we compared benefits with. According to our research,  they give their employees 30 days of paid time off a year, 100% 401K for their executives after 2 years of employment and only 50% for their regular staff, and, after 3 years, their employees have stock options available. 50% tuition  reimbursement is given to all staff for classes that are work related during their employment only. Medical insurance  is 85% paid for by the company, as well as 50% for their staff’s  dependents.

Schedule:

With your approval, the following schedule has been arranged for implementing this proposed addition to our already successful company:

  • Develop a new benefits package. April 20
  • Submit a proposal to the Board of Directors. April 25
  • Start bids on construction. April 30
  • Receive authorization request with approval. May 25
  • Hire construction company for remodeling home office. May 28
  • Implement new benefits package to all employees. May 30
  • Begin construction at home offices. June 1
  • Construction complete at home office. July 4

Staffing

We've asked Janet Matthews, to implement the new benefits package on May 30, after we get your approval. She currently is in charge of data entry for the switch from our American wholesalers to our new Mexican company. She has been with Medicine Masters Inc. for 7 years and is excited about helping make whatever changes are necessary.

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