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Financial Rewards At Metlife Alico Essay

835 words - 4 pages

* Financial Rewards at MetLife Alico
* Presented by :
*
* Outline
I. Introduction
Overview of the Insurance Industry
Company Profile
I. Motivation General Overview Financial Rewards
II. Financial Rewards at MetLife Alico
III. Analysis of findings
IV. Conclusions and Recommendations
V. Appendix

I- Introduction
* Introduction
The Insurance Industry in Lebanon
* Open & liberal market
* 60 insurance companies
* Top 10 companies account for 60% of total premiums
* Gross premiums per operating company have improved between 1997 and 2002

* Introduction
* Life ...view middle of the document...

* Part of Alico Measa Group
* Home office still in Delaware, USA
* Introduction
II- Motivation
* Motivation
* Motivation is the forces with in a person that affect his/her direction, intensity, and persistence of voluntary behavior.
* One of the 4 direct drivers of the MARS model.
* Motivation
Intrinsic Motivation: job itself
Extrinsic Motivation: outside forces
Incentive Theory of Motivation :
Employees are motivated by being awarded tangible and intangible rewards as a result of their performance.
* Motivation: Financial Rewards
* Companies use financial rewards to extrinsically motivate employees in order to achieve overall goal of the organization.
* Motivation: Financial Rewards
Types of Financial Rewards:
1. Membership/ Seniority Based Rewards
2. Job Status Based Rewards
3. Competency Based Rewards
4. Performance Based Rewards
a)Individual rewards: bonus/commission, piece rates
b)Team rewards: bonuses, gain sharing
c)Organizational rewards: profit sharing, share ownership, stock options, balanced scorecard
* Motivation: Financial Rewards
III- Financial Rewards at
MetLife Alico
* Financial Rewards at MetLife Alico
* 2 types of workers: employees vs. agents
* Incentive Theory of Motivation is highly followed
* Motivational techniques used:
* Financial motivation
* Threat of Punishment
* Praise recognition
* Contests with travel prizes & rewards
* Financial Rewards at MetLife Alico
Financial Reward Techniques used: (for employees)
* Employees receive 1 month bonus salary at a potential increase in rate of pay , yearly depending on their performance.
* Bonus is usually paid quarterly.
* Seniority awards in the form of money are given to employees every 5 years.
* Ease of loans at low interest rates
* Class A medical benefits & pension benefits
* Financial Rewards at MetLife Alico
Financial Reward Techniques used: (for agents)
* Sales agents get paid on commission basis, depending on number and types of policies sold/renewed, no fixed wage.
* Benefits are also attainable if they reach certain targets
* Financial Rewards at MetLife...

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