Advantages Of Total Rewards

Great Essays
Show More
A total rewards program consists of several different elements that an employee receives for being employed at that company. Most total rewards programs consist of compensation, benefits, work-life, recognition and development. “Total reward embraces everything that employees value in the employment relationship” (Armstrong, 2007). Geico is an example of a company who has excelled at creating a total rewards program for their employees. They focus on providing benefits that will help employees achieve physical, financial and personal well being. Their total rewards program is broken down into categories: health, retirement, family/life, education and leave time. The health and well-being section of their total rewards program focuses on …show more content…
The first advantage of a total rewards program is increased flexibility. Geico’s total rewards program aligns with this because it offers benefits that cater to a wide variety of employees. They do not have a cookie cutter type benefits package that caters towards one type of individual. They offer flexible choices that accommodate to all employees and their lifestyles. This also is beneficial to employees because it allows the individual to only pay for benefits that they will …show more content…
Geico’s total rewards program is aligned with this because the benefits they offer are very appealing. Not only are they flexible to all generations, they focus on career development as well. “Now more than ever before, employees are seeking growth and development opportunities from their employers” (VanOrnum, 2017). Many people leave organizations who offer good benefits, but fail to offer employee development and promotional opportunities. The next advantage that their total rewards program offers is heightened visibility in a confined labor market. Geico’s total rewards program offers a good mix of benefits that employees value. Todays labor pool is very diverse, especially with the number of working mothers in the workforce. Offering benefits such as child care flexible spending accounts and several leave options make it easier for individuals to have a healthy work/life

Related Documents

  • Improved Essays

    Nustar Energy Case Study
    • 769 Words
    • 4 Pages

    Nustar Energy Case Study

    As an additional incentive, employees get paid time off to go and volunteer doing community service for their local communities and environments. Other employees state that they enjoy working for the company because of the corporate environment that it entails, which is positive, uplifting, and motivational. While the majority of employees state that the incentives and health benefits that the company provides cannot compare to any other company that they have worked for ("NuStar Energy", 2016). NuStar does not provide any specific strategies in which they use to keep employees motivated but they do have a variety of programs, policies, and committees that are aimed at providing the best experience for employees. Their No Layoff Policy is an important installment because it lets employees know that they will not induce layoffs randomly.…

    • 769 Words
    • 4 Pages
    Improved Essays
    Read More
  • Improved Essays

    Lincoln Electric Company's Culture
    • 883 Words
    • 4 Pages

    Lincoln Electric Company's Culture

    Along with a diverse compensation structure, which included different rates of pay for different products manufactured (“Piece Rate”), the company adopted an annual incentive bonus based on the year’s financial performance. The annual incentive for each employee was then tied back to their annual performance review. This meant every employee would get a bonus based on the overall company performance, however, their share was fully contingent upon them. When interviewed for the study Betty Stewart stated “I think with the incentive program the way that it is, if you want to work and achieve, then you will do it. If you don 't want to work and achieve, you will not do it no matter where you are.…

    • 883 Words
    • 4 Pages
    Improved Essays
    Read More
  • Improved Essays

    Total Rewards: A Case Study
    • 758 Words
    • 4 Pages

    Total Rewards: A Case Study

    On October 1, 2015 The Supreme Court of the United States agreed to rule on five cases involving Total Rewards. These cases are outlined below with a brief description and the date set for argument. Montanile v. Board of Trustees of the National Elevator Industry Health Benefit Plan (Arg. 11/09) This case is seeking to determine whether a man must repay an insurance company for medical expenses it paid after he received a settlement from the drunk driver who injured him.…

    • 758 Words
    • 4 Pages
    Improved Essays
    Read More
  • Improved Essays

    Rhetorical Analysis: The Allstate Ad
    • 621 Words
    • 3 Pages

    Rhetorical Analysis: The Allstate Ad

    The commercial says “that people began to care about the little things in life such as a home cooked meal and time with loved ones.” A home cooked meal can bring a family together and make everyone feel the love coming from all the people sitting at the table. Spending time with loved ones should not be taken for granted because they will not be around for forever. The ad implies that people should appreciate the precious time that they have with the ones they love the most, because those people will make a family complete. Allstate presents the idea of family being the main thing that matters in life and having this insurance will help people keep their families safe and sound.…

    • 621 Words
    • 3 Pages
    Improved Essays
    Read More
  • Improved Essays

    Vancity Case Study: Maslow's Hierarchy Of Needs
    • 1068 Words
    • 5 Pages

    Vancity Case Study: Maslow's Hierarchy Of Needs

    Case Study Muhammad Hussain Muhammad Owais Grade12 BOH4M VanCity Maslow’s Hierarchy of Needs Abraham Maslow came up with a set of individually required needs that are sufficient for one to commence a journey into self actualization. VanCity has ensured a great and consistent workforce that enables their employees to Self Actualize. The ways that they provide room for improvement are as follows: Lower-order needs: Focus is something usually dependant on the security and safe environment of a person. If something troubles a person or can put them in danger they can be a victim of constant anxiety. Safety from hazardous substances, dangerous procedures and harassment are a few of the major factors in workplace safety.…

    • 1068 Words
    • 5 Pages
    Improved Essays
    Read More
  • Improved Essays

    Allstate Commercial Analysis
    • 578 Words
    • 3 Pages

    Allstate Commercial Analysis

    They do an excellent job tackling the demographic that would by insurance. Allstate uses Star popularity that brings familiarity to advertisement. If I was to buy insurance the first insurance company I would check out would be Allstate, because it is the embedded in my memory which I think is the main goal of marketing, to be remembered and…

    • 578 Words
    • 3 Pages
    Improved Essays
    Read More
  • Great Essays

    Geico Organizational Structure
    • 1322 Words
    • 5 Pages

    Geico Organizational Structure

    1. Introduce your organization by presenting a detailed historical description of the organization from inception to a discussion of current issues and major initiatives (500-1000 words). a. As an organization, GEICO has a colorful history. Originally founded in 1936 by Leo Godwin, Sr., GEICO today has grown into a massive company, holding the title as the second largest private auto insurance company within the United States. With its original founding, Godwin sought to create a product that was marketed directly to certain target groups, thereby giving him the ability to lower premiums (Calandro, 2011).…

    • 1322 Words
    • 5 Pages
    Great Essays
    Read More
  • Superior Essays

    Walgreens Swot Analysis Paper
    • 1401 Words
    • 6 Pages

    Walgreens Swot Analysis Paper

    Introduction As the largest drugstore chain in the United States, and one of the most respected U.S. Corporations, Walgreens is ranked number 35 on the Fortune 500 Company list for 2015 (DeCarlo, 2015). With over 8, 200 stores nationally, Walgreens has become a massive drugstore chain with stores in all 50 states. They also have stores in the District of Columbia, Puerto Rico, and the U.S. Virgin Islands. They had fiscal 2014 sales of more than 76 billion dollars.…

    • 1401 Words
    • 6 Pages
    Superior Essays
    Read More
  • Improved Essays

    Case Study Diamond Pet Foods
    • 775 Words
    • 4 Pages

    Case Study Diamond Pet Foods

    The company offers employees free annual wellness exams and a registered dietitian that helps employees create nutrition plans. Having the most modest benefit packages for its employees, it is a motivating factor that the workers would want to work harder when receiving benefit packages as such. Andrew Brondel, the Diamond Pet Food’s director of administration, says “when employees…

    • 775 Words
    • 4 Pages
    Improved Essays
    Read More
  • Superior Essays

    Describe The Benefits Of Encouraging And Rewarding Positive Behaviour.
    • 889 Words
    • 4 Pages

    Describe The Benefits Of Encouraging And Rewarding Positive Behaviour.

    It could be a treat or an extra privilege. Rewards can make your praise and encouragement more effective in encouraging good behaviour. Most behaviour is influenced by the consequences that follow it, so when you reward your child’s behaviour, the behaviour is more likely to happen again in the…

    • 889 Words
    • 4 Pages
    Superior Essays
    Read More
  • Superior Essays

    Personal Narrative: An Interview With Capital One
    • 1611 Words
    • 7 Pages

    Personal Narrative: An Interview With Capital One

    Capital One also offers a range of insurance plans, these include, but are not limited to: associates life, accidental death and disability, personal loss, dependent life, short-term managed income protection “MIP” (disability), long-term MIP (disability), long-term care and worker’s compensation. Capital One offers financial benefits such as: 401(k) associate savings plans, associate stocks purchase plans, health care & dependent…

    • 1611 Words
    • 7 Pages
    Superior Essays
    Read More
  • Improved Essays

    The 2-2 Case Analysis Of Gain Sharing At Circleworks Business
    • 1107 Words
    • 5 Pages

    The 2-2 Case Analysis Of Gain Sharing At Circleworks Business

    The 2-2 Case Study is based on the CircleWorks business, nearly fifty years old, known for their custom bicycles. The Human Resource Director Sheila Gaines is considering incentives that will encourage personnel to encourage teamwork, employee involvement, and increased productivity. The organizational culture is dominant in the management practice of employees being motivated only by the satisfaction of getting the job done, while the company management is resistive to change. Taking consideration to the competitive market, and advanced technology, the HR Director feels there needs to be more incentive for employees to grow as an organization. Sheila has considered implementing incentive programs, such as, productivity bonus awards and/or a gain sharing plan (Gain Sharing at CircleWorks, n.d.).…

    • 1107 Words
    • 5 Pages
    Improved Essays
    Read More
  • Great Essays

    Conroy's Acura Case Study
    • 2631 Words
    • 11 Pages

    Conroy's Acura Case Study

    Conroy’s Acura purchased its inventory directly from Honda’s Canadian distributor and sold the cars at a markup. Conroy’s Acura also sold pre-owned automobiles, the majority of which were obtained through trade-ins from consumers. Page 2 9B08A001 THE MARKETPLACE PY Conroy’s Acura had a number of competitors in the marketplace, the most obvious were the dozen or so other Acura dealerships within a 30-kilometre radius. Conroy’s Acura competed directly with dealerships that sold cars comparable to Acura’s offerings, such as Saab, Volkswagen and, most notably, Honda.…

    • 2631 Words
    • 11 Pages
    Great Essays
    Read More
  • Great Essays

    Diagnostic Products Corporation Case Analysis
    • 1705 Words
    • 7 Pages

    Diagnostic Products Corporation Case Analysis

    Introduction In this case analysis, we will be discussing the Diagnostic Products Corporation (DMC) Performance Bonus Program. In examining this program, we will evaluate it as a whole and how it is currently being implemented. After doing this, we will offer any suggestions we feel will enhance this compensation method. Following this, we will look at alternatives to the bonus compensation option.…

    • 1705 Words
    • 7 Pages
    Great Essays
    Read More
  • Improved Essays

    Importance Of Organisational Behaviour
    • 721 Words
    • 3 Pages

    Importance Of Organisational Behaviour

    Martin and Fellenz (2010) state that organisational behaviour is how organisations recognise and deal with the variability of human behaviour, and how this can, if utilised properly, be an advantage to an organisation. Aswathappa (2010) also mentions that each employee will have a different skill, whether it be a physical related skill or administrative skill. These skills need to be identified to gain maximum efficiency from employees which will have a knock on effect in productivity and the overall success of the organisation. Louis Peaucelle (2000) mentions that scientific organisation of works increases productivity with no extra cash injection needed for this process to happen successfully, this then lowers costs, which in turn leads…

    • 721 Words
    • 3 Pages
    Improved Essays
    Read More

Related Topics

Ready To Get Started?
Discover
Company
Follow
©2024 Cram.com
Privacy Policy |  About Ads |  Site Map |  Advertise  | 
  • Cookie Settings