Case Study 3 Total Rewards Aflac Insurance

1300 words - 6 pages

Case Study 3: Total Rewards
Aflac Insurance

Maria Lawrence-Jenkins

Dr. Amy Puderbaugh
BUSI 642
Contemporary Issues in Human Resource Management

Liberty University
Fall 2014 – Session D

In today’s competitive global market, companies must have the ability to maximize employee satisfaction by an effective balance of compensation and benefits. “Studies demonstrate that there is a positive relationship between the resources available to employees, fairness of the compensation, the amount of information exchanged between employees and managers, and workers’ level of stress and burnout on the job” (Mujtaba & Shuaib, 2010, p. 111). Most organizations use a pay-for-performance ...view middle of the document...

In 2008, the unemployment rate was 3.3 percent. Aflac’s philosophy is to value people – both employees and customers. According to the study, “Since its beginning, Aflac has believed that the best way to succeed in our business is to value people. Treating employees with care, dignity and fairness are founding principles of Aflac” (Reed, 2009, p. 2).
Aflac’s focus to provide value-add programs to improve employee satisfaction. The way in which Aflac incorporates its own products to enhance the total compensation package for its employees is strategic. “The changing workforce requires new and flexible reward practices that can enhance and produce positive situations in the work environment” (Mujtaba & Shuaib, 2010, p. 115). Aflac provides their products for little to no cost for its employees for example “offering employer-paid life insurance, a company-paid cancer policy and company-subsidized accident protection insurance,” (Reed, 2009, p. 4).
Focus groups and employee satisfaction surveys were conducted in 2007. One of the main focuses of the survey was to help recruit talent and improve retention. The case study does not go into details regarding the responses; however, it does express that the results varied and Aflac wanted to respond consistently. Aflac has 4,500 employees. A main strength for Aflac is their focus to deliver quality service to every one of their employees. Other strengths of Aflac were identified as quality communication and seeking feedback from employees for continuous improvement.
A couple of external weaknesses exist such as the low unemployment rate, mentioned previously, within the insurance industry. Increased employer health insurance premiums increased by 6.1 percent, which is another weakness. In an effort to improve those weaknesses Aflac responded by offering one of the largest on-site child care facilities in the country. Such a facility is a value-add for talent that may be looking for a better work-life balance. Aflac also offered “competitive salaries, it includes designing benefits packages that reflect the needs of multi-generational workforce” (Reed, 2009, p. 4).
Recent employee surveys and a decrease in employee turnover prove that Aflac’s efforts are creating a positive work environment which translates into increased productivity. According to the case study, survey results include:
• Approximately 90 percent of employees were attracted to and remain at Aflac because of company reputation.
• Employees are happy with the profit-sharing bonus, with 81 percent of employees saying they believe it is better than that of other companies.
• Eight-nine percent of employees consider Aflac’s total rewards statement an effective communication tool.
An example of a traditional reward would include the compensation system. “The compensation system that an organization offers to its employees plays an important role in determining the commitment levels of employees and their...

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