Essay on Geico Case Study
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.
After reviewing GEICO’s website the first facet that stood out to me was the fact with the economic problems in the US was they had not had a decline in their workforce, which shows this is a company that values its employees. GEICO’s total rewards program is based on a compensation and competitiveness and it relates to other companies that are in the same market, like All State and State Farm. GEICO pays its employees based off their experience and skill level. Every position from entry level to executive was compensated well, …show more content…
Assuming employees are unhappy with the current plan, offer two (2) improvements or changes to GEICO’s total rewards program.
The first change that I would make to help improve the total rewards program is to try and save employees as much as possible. I would tackle this benefit because the cost of health care is forever on the rise and if done it would be one way to increase the quality of life of my employees. I figure If I can increase the quality of life of my employee this will also increase their satisfaction with the company and in turn increase they will be more committed to the company and be more productive. I would also see if employees would like to work 32 hours a week instead of 40 and keep full benefits to offset health care cost.
The next change that I would recommend is the ability to work from home. I have chosen this improvement because of the price of gas and its ability to create a better work life balance. I think this would be a great program because it will cut the cost for employees and it will also give them to better opportunities to attend to personal things. I am currently in a position where I am able to work from home and I love it because I currently live 20 miles away from my work place and with rising gas prices I am able