Total Rewards - 1512 Words

Assignment 1 Geico Total Rewards Program Case Study Advantages to a Total Rewards Approach There are several advantages to using a total rewards approach to compensating the workforce. The top five are described in the text (pp. 15—17). The following paragraphs discuss the facets of the Geico total rewards program that align with these advantages: The first facet is â€Å"Health and Well-Being†. Geico offers a variety of medical plans to their employees such as PPO’s, HMO’s, dental, and vision. Geico offers three free sessions from their employee assistance program and basic long-term disability insurance which is paid for after three years of employment. Premium long-term disability insurance is available at an†¦show more content†¦Total Rewards Strategy Geico needs a strategy that addresses all of these advantages. (These are the top five advantages on pp. (15—17.) The company should follow the following strategy toward this end: â€Å"Increased Flexibility† consists of various benefits that meet the needs of a diverse organization. Flexible benefits are an important part of total rewards because they help improve the employee experience by providing them with more choices when it comes to perks (Wilkinson, 2007). Geico can capitalize on â€Å"Increased Flexibility† by communicating to existing employees and prospective candidates how each flexible reward is beneficial to them. Most employees may not appreciate total rewards an organization offers because they do not understand them. Geico can take advantage of â€Å"Improved Recruitment and Retention† by tailoring their total rewards package towards the demographics of the workplace. Demographics play a significant role in the type of total rewards an organization offers. A younger workforce’s should differ from the needs of an older workforce. Today’s employees value relational rewards such as career development and learning (Kaplan, 2005). Gender influences the type of total rewards package as well. A predominantly female population may value relational benefits such as flexibility versus a male dominated workforce (Kaplan, 2005). GeicoShow MoreRelatedThe Total Rewards Program1997 Words   |  8 PagesOrganization Overview This paper will discuss the total rewards program. This company is a beverage and bottling company that has been in business for over 100 years. Currently we operate in about 3 continents and in about 20 different countries all over the world. SZT Corp is the home to over 20,000 employees with about 2,000 management-level employees worldwide. Armstrong (2012) affirms that definitions of total rewards characteristically includes not only traditional, quantifiable elements suchRead MoreTotal Rewards1191 Words   |  5 PagesRunning head: TOTAL REWARDS Total Rewards: Strategically Achieving Business Results Strayer University Abstract Total Rewards reflects what employees’ value from its employer. It focuses on five elements that attract, motivate, and retain the talent to achieve business goals. These elements are: Compensation, Benefits, Work- Life, Performance and Recognition and Development and Career Opportunities (WorldatWork, 2007, p. 4). This paper describes the five advantages of a total rewards approachRead MoreWhy Total Reward Is Important2041 Words   |  9 PagesWhy a Total Reward Program is Important As the labor force becomes more highly developed and demanding, rivalry between organizations for talented employees is drastically increasing. It is extremely important that organizations make their company more enticing as an incomparable career opportunity. Instituting a total rewards system into an organization can do much to help it invite the paramount talent available and significantly condense turnover. The longevity of an organization’s employees isRead MoreTotal Rewards System Proposal2087 Words   |  9 PagesTotal Rewards System Proposal Organization Overview This paper will discuss the total rewards program for Apple Inc. This company is a technology company that produces cutting edge computers, smart phones, tablets and portable music players. Apple Retail has been in existence since 2001 and now has 365 stores world wide with over ninety thousand employees in thirty nine countries. Apple Retail enables customers to touch and feel the products and work with knowledgeable sales associatesRead MoreHrm 533 Total Rewards Strategy Proposal1826 Words   |  8 Pagesand manage a total rewards program for an insurance company. First, it indicates the requirement of a total rewards system for the company. Then, it formulates a competitive strategy and explains it. Since the communication of a strategy is as important as the strategy itself, the paper includes a communication plan of the strategy. And last but not least it studies devising a competitive pay structure. 1. Create a brief overview of the company requirements for a total rewards system. CompanyRead MoreEssay On Total Rewards1380 Words   |  6 Pagesretirement savings plan. Different workers want and different things out of their benefits, which is why companies need their benefit package a bit more tailed-made, to meet the need of all employees within the company. According to Rose Stanley, a total rewards practice leader, WorldatWork, the non-profit human resources association, says companies must try to tailor those offerings in a way that addresses the needs of their workforce but at the same time keeps costs in line. Employers who can affordRead MoreWhat Is Total Rewards System Or Trs? Essay1306 Words   |  6 Pagesneeds ensures that their mindsets, efforts and productivities are all â€Å"on the job† and so this limits the worrying of any uncontrollable part of the employees work experience, working conditions, payments and the relevant benefits. So, to describe Total Rewards System or TRS in a roundabout way; ‘TRS is a combination of various processes carried out in different areas of the workplace which encompasses three main elements that which all the employees value from their term of employment, payment/compensationRead MorePerformance Management System and Total Rewards Plan for Weavertech1736 Words   |  7 PagesPerformance Management System and Total Rewards Plan for WeaverTech Southern New Hampshire University OL 600 Strategic Human Resource Management INTRODUCTION Due to the acquisition of WeaverTech formally known as Johnson-Ware an apparel company by CVX Partners, a private equity firm, there arose a need for the company to change its line of business to high-end segment of the apparel industry (Beer Swier, 2015). Before the acquisition of the company by the newRead MoreTotal Rewards1051 Words   |  5 PagesDescribe each of the top five (5) advantages of a total rewards approach. The first advantage of a total rewards approach is self fulfillment so that people are recognized for what they do and encouraged to reach their potential through effective learning and development processes and given feedback on their performance. The second advantage is an organization culture where roles are clear and organizational and personal values are in alignment so that employees engage and enjoy work. AnotherRead MorePerformance Management System And Total Rewards Plan For Weavertech1751 Words   |  8 Pages Performance Management System and Total Rewards Plan for WeaverTech Name: Institution: Course Title: Instructor: INTRODUCTION Due to the acquisition of WeaverTech formally known as Johnson-Ware an apparel company by CVX Partners, a private equity firm, there arose a need for the company to change its line of business to high-end segment of the apparel industry (Beer Swier, 2015). Before the acquisition of the company by the new owners, WeaverTech was a closely owned family