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Case Study: Geico

1454 words - 6 pages

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.

As communities continue to grow so does the diversity within those communities. With so many different people from all different walks of life enter the workforce, companies are seeing a huge increase in the diversity of their employees. It’s no longer just one particular group of people who are the driving force in companies but there are many different types of people to include single mothers, different races, religions and others with a wide array of backgrounds and personal situations. Having a ...view middle of the document...

These benefits are able to bend and flex with the employee and their own personal wants and situations. The factor of improved recruitment and retention is shown in how Geico not only offers career incentives but also makes sure to give employees plenty of personal time away from work. Employees become unhappy when their work life balance is off and often begin to look for employment elsewhere. Geico addresses this quite nicely. Keeping employees happy with their job and feeling appreciated benefits both parties. Employees stay happy and focused and helps to reduce the labor cost and keep the cost of turnovers low. In order to create heightened visibility in a tight labor market, Geico really listens to their employees’ input into what they value most in an employer and their benefits that are offered. This helps build loyalty and helps to spread the word that they are a great place to work. Finally, when it comes to enhanced profitability, Geico has realized that with a more diverse total rewards program, they aren’t just throwing money at useless benefits but are actually increasing their profitability because this type of program is great for everyone. They’re aren’t losing money because their total rewards program is able to benefit everyone in different ways.

Create a strategy for ensuring that the Geico plan addresses all of the advantages.

The first step in my strategy for ensuring that the Geico plan addresses all of the advantages would be to take inventory of all of the benefits and incentives that are already in place for employees. This would mean inventory on everything has is in currently in the company’s wheel house, even those perks that are not currently active. Once I have a clear inventory, ranking all of these perks and benefits is essential. Everything needs to be ranked as to its success and by what employees are showing that they value the most in their total rewards program. This helps to give a clear idea of which benefits are most useful and which are a waste of time. According to (Mrkvicka, 2014, p. 2), “organizations continue to review and evaluate the total rewards programs they have in place to understand the return on investment for this area of significant cost. Going forward, the best companies will continuously evaluate whether specific rewards programs are good fits for their employees, gauging the value the employees place on the benefits”. Finally, linking the benefits to the business strategy of the company. Are the benefits being offered not only a great benefit for employees in their personal lives but do they also help to further the mission and goals of the company? An example of this would be does the education benefits offered not only help the employee but also the business? Are employees offered more incentive to participate in educational classes and degrees that will help further their careers while also benefiting the company? These are important factors to look at when...

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