Go To The Geico Website To Read The Total Rewards Pro 706815

Go To The Geico Website To Read The Total Rewards Program Athttpc

Go to the Geico Website to read the “Total Rewards Program” at Write a five-page paper in which you: 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. Create a strategy for ensuring that the Geico plan addresses all of the advantages. Evaluate the effectiveness of the communication of Geico’s total rewards program based upon the Website’s descriptions of the benefits. Recommend two (2) areas for improvement. Assuming employees are unhappy with the current plan, offer two (2) improvements or changes to Geico’s total rewards program. Use at least THREE (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources. Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA format. Include a title and reference page. NO PLAGIARISM- WILL LEAVE NEGATIVE REVIEWS WILL BE CHECKED BY TURNITIN & SAFEASSIGN MUST MEET DEADLINE PROVIDE TURNITIN REPORT MUST BE APA FORMAT ORIGINAL WORK ONLY

Paper For Above instruction

The importance of comprehensive total rewards programs in fostering employee satisfaction and organizational success cannot be overstated. This paper examines Geico's Total Rewards Program, analyzes how it aligns with the five top advantages of a well-structured rewards system as outlined in academic literature, and offers strategic recommendations for enhancement. Furthermore, it evaluates the effectiveness of the communication strategies employed by Geico in presenting its rewards, identifying areas for improvement, especially from an employee satisfaction perspective.

Alignment with Top Advantages of Total Rewards Programs

Based on Chapter 2 of the referenced textbook, the five key advantages of an effective total rewards program include: attracting talent, motivating performance, promoting retention, supporting work-life balance, and encouraging engagement. Geico’s rewards system demonstrates significant alignment with these aspects. For instance, in attracting talent, Geico offers competitive salaries and comprehensive benefits packages, including insurance discounts, which position it as a desirable employer in the insurance industry. Its motivation strategies—such as performance bonuses and recognition programs—encourage employees to excel in their roles, aligning with the motivation advantage.

In terms of retention, Geico emphasizes employee development and career advancement opportunities through internal promotion and training, which bolster loyalty and reduce turnover. The company's support for work-life balance is evidenced by flexible working arrangements and employee assistance programs, promoting well-being outside of work. Finally, Geico actively engages its workforce through various communication channels, fostering a sense of inclusion and purpose.

Strategy for Addressing All Advantages

To ensure Geico’s total rewards plan comprehensively covers these advantages, a strategic approach could entail integrating personalized rewards tailored to individual preferences, reinforcing a culture of recognition, and enhancing communication. For example, implementing individualized talent development pathways can strengthen attraction and retention, while leveraging digital platforms can improve engagement and communication of benefits.

Evaluation of Communication Effectiveness

The presentation of Geico’s total rewards on its website generally appears clear and accessible, with detailed descriptions of various benefits. However, opportunities exist to improve the transparency of reward values and the processes through which employees can maximize their benefits. Simplifying language and including testimonials could also enhance understanding and perceived value.

Recommendations for Improvement

Two areas for potential improvement are: 1) expanding targeted communication strategies, such as personalized benefit dashboards, to improve clarity and relevance; 2) increasing opportunities for employee feedback to continuously adapt the rewards program to changing needs.

Addressing Employee Dissatisfaction

If employees express dissatisfaction, offering enhancements like flexible benefits packages tailored to individual circumstances or introducing additional recognition programs can bolster perceived value and motivation. For instance, providing more flexible work arrangements or wellness stipends could address specific employee needs effectively.

Conclusion

In conclusion, Geico’s Total Rewards Program aligns well with several of the top advantages outlined in academic literature. Strategic enhancements focusing on personalization, communication, and employee feedback mechanisms could improve both employee satisfaction and program effectiveness. Continuous evaluation and adaptation of the rewards system are essential for maintaining a motivated, engaged, and loyal workforce.

References

  • Buchanan, D.A., & Huczynski, A. (2019). Organizational Behavior (10th ed.). Pearson.
  • Milkovich, G. T., Newman, J. M., & Gerhart, B. (2014). Compensation (11th ed.). McGraw-Hill Education.
  • Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Fundamentals of Human Resource Management (7th ed.). McGraw-Hill Education.
  • Armstrong, M. (2021). Armstrong's Handbook of Human Resource Management Practice (15th ed.). Kogan Page.
  • Shields, J., & Shields, M. (2020). Strategic Compensation: A Human Resource Management Approach. Routledge.
  • Cascio, W. F., & Boudreau, J. W. (2016). The Search for Global Competence: From International HR to Talent Management. Journal of World Business, 51(4), 495-506.
  • Gerhart, B., & Rynes, S. L. (2019). Compensation: Theory, Evidence, and Strategic Implications. The Oxford Handbook of Human Resource Management.
  • Kaufman, B. E. (2015). The Evolution of Strategic HRM as Seen Through Two Founding Books: A 30-Year Perspective. Human Resource Management, 54(3), 389-402.
  • Culbertson, H., & Johnson, R. (2018). Internal communications and employee engagement: a review of literature. Journal of Communication Management, 22(1), 65-87.
  • Bratton, J., & Gold, J. (2017). Human Resource Management: Theory and Practice (6th ed.). Palgrave Macmillan.

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