Go To The Geico Website To Read The Total Rewards Pro 955506

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

Go to the Geico Website to read the “Total Rewards Program” at . Write a five to seven (5-7) 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 five (5) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as academic resources.

Paper For Above instruction

Introduction

The total rewards program is a comprehensive strategy utilized by organizations to attract, motivate, and retain employees by offering a blend of tangible and intangible benefits. Geico, as a leading insurance company, has developed a Total Rewards Program aimed at enhancing employee satisfaction and organizational performance. This paper analyzes the facets of Geico’s Total Rewards Program in relation to the five top advantages of total rewards as outlined in academic literature, creates a strategic approach to ensure all advantages are addressed, evaluates the effectiveness of their communication strategies, and suggests improvements based on employee satisfaction considerations.

Aligning Geico’s Rewards with the Top Advantages

According to Chapter 2 of the textbook, the five top advantages of a total rewards program include attracting top talent, boosting employee engagement, supporting organizational culture, ensuring compliance and fairness, and promoting work-life balance. Geico’s Rewards Program encapsulates these advantages through various benefits and policies.

Firstly, Geico’s competitive compensation and benefits package directly align with attracting top talent. Their comprehensive health and wellness benefits, including medical, dental, and vision coverage, serve as tangible incentives that appeal to high-caliber candidates. Furthermore, their employee development programs, such as training and career growth opportunities, enhance attraction by demonstrating investment in employees’ long-term success.

Secondly, regarding employee engagement, Geico emphasizes recognition programs and performance incentives that motivate employees. The inclusion of bonuses, rewards for tenure, and peer recognition initiatives serve to foster a sense of belonging and commitment, which are essential for high engagement levels. This aligns with the advantage of creating a motivated workforce that feels valued.

Thirdly, supporting organizational culture is evident through Geico’s emphasis on diversity, inclusion, and collaborative work environments. Policies promoting respect, ethical behavior, and open communication are integral parts of their rewards strategy. These facets support a culture where employees are aligned with organizational values, thereby enhancing overall engagement and cohesion.

Furthermore, Geico’s compliance with legal and ethical standards in their reward policies ensures fairness across different employee groups, addressing the advantage of compliance and fairness. Transparent communication about benefits and equitable treatment also reinforce this aspect.

Lastly, the Work-Life Balance advantage is addressed through flexible work arrangements, paid time off, and employee assistance programs. These benefits demonstrate Geico’s recognition of employees’ needs outside of work, contributing to overall job satisfaction and retention.

Strategic Approach to Address All Advantages

To ensure that Geico’s total rewards plan comprehensively addresses all top advantages, a strategic framework should be implemented. This includes regular needs assessments through employee surveys to align benefits with evolving expectations, integrating innovative rewards such as recognition platforms and flexible work policies, and fostering clear communication channels for benefit updates.

Implementing targeted initiatives, such as tailored wellness programs and advanced professional development pathways, can further reinforce each advantage. Additionally, leadership training emphasizing the importance of recognizing employee contributions and promoting organizational culture may improve the alignment of rewards with corporate values.

Evaluation of Communication Effectiveness

The effectiveness of Geico’s communication about its total rewards program can be assessed based on the clarity, accessibility, and engagement of the provided information. According to the website, benefits are described in detail; however, the clarity and ease of understanding vary for different employee segments. While many descriptions are comprehensive, some employees report not fully understanding the scope or usage of certain benefits such as retirement plans and work-life initiatives.

Moreover, the communication channels predominantly include onboarding sessions, intranet resources, and periodic emails. While these methods are standard, they may lack interactivity or personalization, leading to possible gaps in awareness or understanding among employees.

Recommendations for Improvement

Two areas for improvement include implementing a more interactive and personalized communication platform, such as a mobile app or online portal with tailored content based on employee preferences and roles. This could improve awareness and engagement. Additionally, conducting regular training sessions or workshops can ensure employees understand how to maximize their benefits, aligning their perceptions with the intent of the rewards program.

Employee Satisfaction and Suggested Improvements

If employee satisfaction is low, two suggested improvements are enhancing transparency around benefit eligibility and utilization, and increasing the perceived value of rewards through personalized recognition. Greater transparency can reduce confusion and foster trust, while personalized recognition programs can improve morale and motivation, thereby aligning perceptions with organizational goals.

Conclusion

In conclusion, Geico’s Total Rewards Program addresses many of the core advantages outlined in scholarly frameworks, but continuous refinement is essential. By strategically aligning communication and benefits with employee needs and organizational objectives, Geico can further enhance its rewards system. Involving employees in feedback processes and leveraging innovative communication channels can also bridge gaps in understanding and satisfaction, ultimately leading to a more committed and motivated workforce.

References

  • Bohlander, G., & Snell, S. (2019). Principles of Human Resource Management. Cengage Learning.
  • Milkovich, G. T., Newman, J. M., & Gerhart, B. (2019). Compensation. McGraw-Hill Education.
  • Armstrong, M. (2020). Armstrong's Handbook of Human Resource Management Practice. Kogan Page Publishers.
  • Becker, B. E., & Huselid, M. A. (2006). Strategic human resources management: Where do we go from here? Journal of Management, 32(6), 898-925.
  • Pfeffer, J. (1998). The Human Equation: Building Profits by Putting People First. Harvard Business School Press.
  • Shields, J., et al. (2015). Managing Employee Performance & Reward: Concepts, Practices, Strategies. Cambridge University Press.
  • Kaufman, B. E. (2015). The Evolution of Strategic HRM as Seen Through Two Founding Books: A Historical Perspective. Human Resource Management, 54(3), 389-407.
  • Lawler, E. E. (2000). Rewarding Excellence: Pay Strategies for the New Economy. Jossey-Bass.
  • Snape, E., Redman, T., & Bamber, G. J. (2016). Managing Human Resources. Pearson Education.
  • Stone, R. J., & Hughes, R. L. (2019). Human Resource Management. Wiley-Blackwell.

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