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Geico - Case Study Example

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Name Class Professor Date I. 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.  Rewarding employees is one of the most critical functions of a company not only as an act of remunerating its employees for its work but also as an expression of how it value its most important asset - its people…
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Download file to see previous pages Such, each company must strive not only to attract talent, but also to retain them as well through a total rewards program. Traditionally, rewarding employees has been equated with pay. Today, it is no longer applicable and “the definition of rewards encompasses the overall value proposition that the employer offers to the employee. It’s a total package that includes compensation (comprising of base pay, short-term incentives and long-term incentives), benefits (including health, retirement and work/life benefits, which account for an increasing portion of the rewards package) and careers (including training and development, lateral moves,stretch assignments and career incentives)” (Morris, nd, pg 6). In the case of Geico (2012), it employed a six facet item as part of its Total Rewards program which include Health and Well-being, Building and Securing Your Financial Future, Time Off and Leave Programs, Family and Life Programs, Education and Development and Amenities and Perks. Many aspect of Geico’s total rewards are consistent or aligned with the lectures in the Chapter 2 of our textbook which are as follows; 1. Increased Flexibility Geico’s reward program is not only tied up with pay. ...
This provides Geico greater latitude to address the needs of its employees that would not keep them but also to make them highly motivated to perform. 2. Improved?recruitment and?retention The range of Geiko’s total reward program is indicative that the company really intends to retain its employees. More especially is the emphasis on family and life programs which very few companies offer as part of its compensation package. This component of Geiko’s total reward program would also be very attractive if not hard to resist among prospective employees who values work-life balance (Guld, 2007). It would also serve as a retention tool among its employees who have families to attend. For Geiko’s part, it would retain its best talent and attract the best talent in the market because of its attractive total rewards program. 3. Reduced Labor Costs/Cost of Turnover Having a flexible reward system designed to retain its employees will have an effect on Geiko’s bottom line in terms of minimal attrition rate, reduced labor cost and low or no cost for turnovers. Opportunity costs associated with labor turnover such as the low learning curve of a new recruit, higher inefficiency and disrupted work will also be avoided. 4. Heightened Visibility in a Tight Labor market One of the big advantages of having a responsive reward program is that employees would not only stay longer in the company but are also motivated to perform. Highly motivated employees performance would resonate to the labor market that a particular company, such as Geiko is a good place to work thus becoming Geiko as a preferred place of work among the best talents in the labor market. 5. Enhanced Profitability All of the ...Download file to see next pagesRead More
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