Description
Go to the Geico Website to read the “Total Rewards Program” at http://careers.geico.com/working_at_geico/total_rewards_program.
Write a five to seven (5-7) page paper in which you:
- Determine which facets of the Geico total rewards program align with the five (5) top advantages of a total rewards program outlined in Chapter 2 of the textbook and discuss your reasoning.
- Create a strategy for ensuring that the Geico plan addresses all of the advantages.
- Evaluate the effectiveness of the communication of Geico’s total rewards program based upon the Website’s descriptions of the benefits. Recommend two (2) areas for improvement.
- Assuming employees are unhappy with the current plan, offer two (2) improvements or changes to Geico’s total rewards program.
- Use at least five (5) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources.
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
- Define total rewards and describe the advantages of a total rewards approach.
- Analyze an organization’s strategy, workforce, operating environment, and key stakeholders to identify critical factors in designing a total rewards strategy.
- Evaluate the elements of a total rewards communication program.
- Use technology and information resources to research issues in total rewards.
- Write clearly and concisely about total rewards using proper writing mechanics.
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Explanation & Answer
Attached.
Running Head: GEICO TOTAL REWARD PROGRAM
GEICO Total Reward Program
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Instructor
Institutional Affiliation
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GEICO TOTAL REWARD PROGRAM
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GEICO offers a very comprehensive total reward program that focuses on all aspects of
employee work and life. The foundation of the company’s total reward program is based on the
elements that improve the employee work and comfort. It is essential to understand that a total
reward program should center most on enhancing employee wellbeing. In this regard, the welfare
of employees should be integrated with the development of an organizational total reward
program. GEICO total reward program, in essence, reflects on the aspect of employee health and
wellbeing, education and training, finance and retirement, work-life balance and time off leave
(Steinhoff & Palmatier, 2016). These are the most critical aspects of the job that increases
employee jobs satisfaction since they focus on the employee as a whole. A total reward program
thus must be comprehensive enough to offer high employee level of flexibility in the
organization at the same time ensuring the employee is satisfied with the job. The result of job
satisfaction brought about by the organizational total reward program is employee productivity
and the overall corporate success.
The top five advantages of a total reward program are that the total reward program
should increase employee level of flexibility, improve employee recruitment and retention,
reduce labor costs, heighten visibility in a tight labor market, and enhance profitability. GEICO
total reward program aligns with these advantages since of the programs key attributes focuses
on achieving these goals. Some of the GEICO total reward program that centers on the above
advantages includes the following:
Health and well-being package
Employee health and well-being total reward package for GEICO offers a variety of
benefits to the company employees. The program integrates aspects such as medical insurance an
GEICO TOTAL REWARD PROGRAM
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aspect which is highly regarded by employees. Medical insurance assures employees of a healthy
life while working for the company. This, in turn, motivates the employees to become more
engaged to the company and work towards the realization of the overall objectives of the
company (Gross & Friedman, 2004). This package aligns to the five advantages since it enhances
employee loyalty thus reducing employee turnover rates. It also provides a high level of
flexibility of the employees thus lowers employee turnover rates and improves employee
recruitment and retention.
Education and training package
Employee education and training are ways of enhancing employee knowledge and skills
that are aimed at improving employee productivity. This package aligns to the top five
advantages of a total reward program in the sense that it heightens the visibility of employees in
tight labor markets as employees can showcase their skills through training which makes them
relevant to the job market. Education and training package allows employees to become more
flexible in their job roles and enhances their level of job satisfaction which reduces employee
turnover and improves employee recruitment and retention in the bottom line (Gross &
Friedman, 2004).
Time off and leave package
Time off and leave package is one of the essential components of a total reward program
in the sense that it facilitates the work-life balance of employee. Work-life balance is a critical
aspect of job productivity since employees can maintain a high level of job satisfaction when
they are allowed time to rest time for vacation. This program typically aligns with the top five
advantages of a total reward program since it enhances employee job flexibility and enhances the
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overall organizational profitability as employees who are allowed time for leave are more
productive and are more engaged to the company. It also reduces the employee turnover costs as
employees are less likely to leave the organization whenever they are treated well and are
allowed time to rest as a result of a flexible job schedule.
Finance and Retirement Package
A total reward program should center on the future employees after retirement.
Retirement package offers employees a peaceful mind a...