Determine which facets of the Geico total rewards program align with the five top advantages of a total rewards program outlined in Chapter 2 of the textbook and discuss your reasoning. Geico offers a variety of benefits programs just to name a few would be: medical, dental and vision coverage. This program also includes work/life balance programs and physical fitness program.
Geico believes in benefiting their employees’ life long learning and encouraging their employees to continue to educate themselves and grow. Employees are eligible for tuition reimbursement pertaining to obtaining their undergraduate education at an accredited community college. The reason why total reward is extremely important is because of the demands of the labor force. Competition among other companies is always taking place which is why it is vital to have talent employees (Wiley & Sons, 2007, pg. 17). The organization of today must continue to strive and enhance career opportunities for their employees and promote their wellbeing.
Which would be able to attract, retain and can create an excellent total reward package which would be able to attract, retain and motivate talented employees and reduce turnover in the organization Wiley & Sons, 2007, pg. 7). Total rewards can enhance personal and professional growth and enrich a healthy work environment in the organization which will increase business (Wiley & Sons, 2007, pg. 17).
A total rewards approach which combines transactional and relational awards – offers tremendous flexibility because it allows award to be mixed and remixed to meet the different emotional and motivational needs of employees (Wiley & Sons, 2007, pg. 17).
What companies need to realize is that by remixing their rewards in a move cost – effective way, they can strengthen their programs and improve employees’ perception value without necessarily increasing their overall investment. It’s largely a matter of relocating dollars rather than finding more dollars (Wiley & Sons, 2007, pg. 17).
HR professionals are saddled with high benefit costs and changes in health care coverage and medical procedures. Employees want a new deal at the same time – the companies are struggling to deliver their financial targets – are readily cutting programs to cut costs (Wiley & Sons, 2007, pg. 17).
Create a strategy for ensuring that the Geico plan addresses all of the advantages. I would have HR department set up a job fair for the employees. A wellness fair for the employees will be created where all of the benefits are com- municated and discuss with each employee. This job fair will provide healthy foods, water and activities for the employees. Medical assistance will be provided at the fair. Blood pressure would be taken, cholesterol would be checked, and employees would be given massages. Regular seminars and surveys will be given to employees to keep them abreast of things.
Assuming employees are unhappy with the current plan, offer two improvements or or changes to Geico’s total rewards program. Geico need to continue to enhance its total reward packages by having effective training, more seminars, regular meeting with employees pertaining to the existing total reward package. Geico should continue to improve their total reward packages to meet everyone needs in order to keep the employees happy. Geico must improve and continue to strive for new total reward packages or upgrade the total reward packages they have.
Total rewards can be something that is rewarding about work for a employer or everything that employees get as a result of their employment (Wiley & Sons, 2007, pg. 2). The total rewards component would consist of compensation, benefits, work-life, performance and recognition, and development and career opportunities (Wiley & Sons, 2007, pg. 7).
If a company has the best benefit package in the world, it won’t get a return on its Investment if the employees is not fully aware of what the benefits have to offer and how the benefits can help them and their families (HR Magazine, March 2011, pg. 9). It is not just enough to communicate what benefits the company offers, HR professionals need to show how those benefits will meet the employees and help them reach their personal goals (HR Magazine, March 2011, pg. 29).
Proper communication of total rewards changes is needed for success. Determining the right amount of information, when to deliver the information and the right format to use for delivery is essential (Wiley & Sons, 2007, pg. 19). Effective communication must be given regarding total rewards in order to be success- ful.
Even though technology is expanding tremendously and can solve many problems, it has been noted that rewards- related communication should not depend soley on technology for it can error . We must keep in mind the main goal of communication is to comprehend the same information between the sender and the receiver (Wiley & Sons, 2007, pg. 57). Achieving work-life balance is considered a give and take decision-making process where Case Study: Geico 6 the employee and the organization work together, in which both parties get what they need.
To view work and life balance, managers need to involve individuals and, to recognize and manage the trade-offs necessary to be both engaged at work and effective in one’s personal life. Rather than focusing on work-life balance as an employee benefit, organizations must view it as a engagement issue. This is vital pertaining to a diverse workforce, which requires customized engagement initiates to meet individual needs (Diversity, 2011, pg. 25). Cultural competence can be a critical part of diversity and inclusion platform because employees, suppliers and markets are becoming more global than ever before.
Cultural competence can aid employees from different cultures see many aspects from multiple perspectives and ask for the right questions. These rewards increase productivity, innovation and sales. Culturally diverse workforce and marketplace is the new reality and global businesses and organizations need culturally and competent members and an environment in which it can promote mutual respect and create collaboration in order to get the most from their talent ( Diversity, 2012, pg. 18).
It is vital to build cultural competence into employees professional development goals for cultural awareness of self and others can develop, ways to promote effective working re- lationships, the impact of virtual communications on intercultural understanding and action planning session can take place with clear timeliness and meeting to implement new practice based on a competent platform (Diversity, 2012, pg. 19).
To build a trusting working relationship, a leader must demonstrate integrity, good intent and clear expectations that can be viewed as doing the right thing. It is important for the leader to be able advise, teach and coach employees. Leaders with strong skills will strengthen credibility, enhance communication will develop loyalty with their employees.
Leaders need to be able to build and encourage employees in order develop good work habits and create a healthy work environment. For an organization is always looking to attract and develop global leaders and fundamental skills required to build an globally integrated organization that drives innovation and growth (HR Magazine, 2011, pg. 9).
Reference
- World at Work (2007). The WorldatWork handbook of compensation, benefits, & total rewards. Hoboken: John Wiley & Sons.
