Aflac Started as a family owned business sixty-one years ago in Columbus, GA, Aflac is the leader in supplemental insurance companies in the United States today (Fortune.com, 2016). To add to this acclaim, the company has also been listed on FORTUNE magazine’s top 100 Best Places to Work list for the last eighteen years, which is the longest run of any company in the insurance industry. Making the list at number 50 in 2016, there are numerous reasons why Aflac continues to earn this title, and be recognized as one of the top places to work. A review of how Aflac incorporates its total rewards package of compensation and benefits for its employees in order to achieve its corporate mission and support its company values is forthcoming. Recognizing
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At Aflac, the company mission statement encompasses providing its customers with the best insurance coverage at competitive values by using quality products and services (Reed, 2009). Coinciding with the company mission is the corporate philosophy to value its employees, which are their best assets to fulfill their corporate mission. After internal research within Aflac in 2007, as well as a nationally published job satisfaction report issued by the Society for Human Resource Management (SHRM) in 2008, evidence pointed to the fact that many US employees had a low satisfaction level with their company’s compensation and benefits packages. To continue to provide a rewarding workplace, and remain true to the concept of valuing employees, Aflac continuously monitors their rewards programs to make sure their employees’ needs are being met. By choosing a cost-effective but rich benefit strategy, Aflac aligns its benefits with its corporate philosophy and mission, which has kept them on the Top 100 Best Places to Work list for the last 18 …show more content…
In light of this, Aflac also uses its total rewards program to achieve its philanthropic goals. A “Volunteer of the Month” program is used to reward employees for time spent on charities while also dedicating resources to health, education, youth and the arts in support of Aflac’s philanthropic goals (Reed, 2009). Likewise, training and staff development is another way companies can add to their rewards package. Slightly less than half of CEOs and CFOs relayed that financial goals were missed because of the inadequacies of their staff, according to Smith (2013). This author also relayed that according to the Brookings Institute, intangible assets now determine 85% of a company’s market value, which includes their human talent. At Aflac, over 90 percent of their top management has risen through the ranks of the company (Reed, 2009). Extensive training and leadership classes offered through the company’s training department help prepare employees for career and personal initiatives. An established Career Success Center, reflecting the company’s values provides guidance to help employees take proactive roles in their employment careers according to Fortune magazine
At Aflac, the company mission statement encompasses providing its customers with the best insurance coverage at competitive values by using quality products and services (Reed, 2009). Coinciding with the company mission is the corporate philosophy to value its employees, which are their best assets to fulfill their corporate mission. After internal research within Aflac in 2007, as well as a nationally published job satisfaction report issued by the Society for Human Resource Management (SHRM) in 2008, evidence pointed to the fact that many US employees had a low satisfaction level with their company’s compensation and benefits packages. To continue to provide a rewarding workplace, and remain true to the concept of valuing employees, Aflac continuously monitors their rewards programs to make sure their employees’ needs are being met. By choosing a cost-effective but rich benefit strategy, Aflac aligns its benefits with its corporate philosophy and mission, which has kept them on the Top 100 Best Places to Work list for the last 18 …show more content…
In light of this, Aflac also uses its total rewards program to achieve its philanthropic goals. A “Volunteer of the Month” program is used to reward employees for time spent on charities while also dedicating resources to health, education, youth and the arts in support of Aflac’s philanthropic goals (Reed, 2009). Likewise, training and staff development is another way companies can add to their rewards package. Slightly less than half of CEOs and CFOs relayed that financial goals were missed because of the inadequacies of their staff, according to Smith (2013). This author also relayed that according to the Brookings Institute, intangible assets now determine 85% of a company’s market value, which includes their human talent. At Aflac, over 90 percent of their top management has risen through the ranks of the company (Reed, 2009). Extensive training and leadership classes offered through the company’s training department help prepare employees for career and personal initiatives. An established Career Success Center, reflecting the company’s values provides guidance to help employees take proactive roles in their employment careers according to Fortune magazine