Case Study: Geico Wanda Lassiter Strayer University HRM 533 July 24th, 2017 Assignment 1 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. The top five advantages of a total reward approach are identified as the following: Increased Flexibility is a (World of Work, p.16) total rewards to meet the needs that combine relational and transactional awards which offer flexibility to employees. It allows rewards to be mixed to meet emotional needs of the employees. Flexibility is an essential tools that reaches employers and employees. Flexibility offer employees a chance …show more content…
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. The two recommendations the I would offer up for improvement is Feedback and Disability insurance. It is advisable to know what (WorldofWork, p.44) employees are saying about the rewards program. Build credibility between employees and employers by having follow up meeting, answering questions, give negative or positive feedback immediately. The purpose of feedback (Internet) whether positive or negative is to improve. Always be timely in your response. The sooner the better. Feedback requires attention and should never be unexpected and surprising. Feedback is an opportunity to tell the employee exactly what needs to be improve. Criticism of the employee’s work will sometimes be taken out of content, that’s why it’s always good to talk one on one without interruptions. When administering feedback always start on the positive. Tell the employee where they are excelling and then go into the negative. Always document your conversation between you and your
Feedback is an excellent tool to provide employees with information and guidance. Feedback consists of two-way communication. Employee feedback provides managers with clues regarding how they are hindering or aiding their subordinates ' work performance. Supervisory feedback should inform, enlighten, and suggest improvements to employees regarding their performance. Feedback increases self-awareness. Proverbs 19:20 states “Hear counsel, receive instruction, and accept correction, that you may be wise in the time to come.” If presented correctly, feedback is not positive or negative. It is just data to make someone aware of the impact of his/her skills and behaviors on
The company Steel Co, which has been established for around 30 years, has been in a steady decline during the current recession and although a Divisional Director has been employed by the owner the fortunes of the company have not improved. The staff is unhappy, unproductive and unimpressed by the Human Resource system that currently exists in the company. The pay structure that currently exists within the organisation has been much debated among employees who feel it is unsatisfactory. The Business Adviser will research Performance and Reward management tools in order to help the company develop a more suitable Performance and Reward system to use. A variety of sources will be used in order to evaluate the system and tools against other organisational frameworks. The pay structure within the company will also be looked at in order to identify any possible changes that could be made.
Introduction This case study examines how L.L. Bean successfully restructured benefits and human resources’ business units by aligning organizational goals with compensation and total rewards. Internal, external strengths and weaknesses are examined, as well as recommendations for the expansion of the current benefit programs at L.L. Bean. Total Compensation at L.L. Bean Total compensation is a traditional term that refers “to the combination of base salary, annual incentives, long-term incentives (including equity awards), benefits and perquisites” (Kantor & Kao, 2004, p. 11).
First type is positive feedback. This type of feedback we all love but too much positive feedback can cause us to become complacent with our work. Receiving this type of feedback is definitely encouraging to a worker and it stands out the most due to the fact of how well it made us feel. The next type is negative feedback, which to us means failure. We do not like how receiving negative feedback feels so we usually do not accept unfavorable information. There is also a tendency for the recipient to try to place blame on another individual, constant explanations as well as only fixing the behavior to avoid it in the future. Doing so may change the individual’s actions but if they have no guidance with it he or she may still not perform at a desired behavior. The last type of feedback is no feedback at all. The article states, that no response feedback at all is detrimental to the employee’s performance in the workplace (Sadri and Seto, 2011). There has to be some type of encouragement or motivation for them. The authors have a good rule to follow with feedback, “Since the purpose of feedback is to motivate and inform, we suggest that the ratio of positive to negative information that an individual receives is very important. Three positives followed by one negative is a good ratio” (Sadri and Seto, 2011, p.
Wilson, T. B. (1999). Rewards that drive high performance. Retrieved online February 18, 2007, from: http://www.wilsongroup.com/ecr/case/SouthwestAirlines.pdf.
Johnson, Sam T. "Plan your organization’s reward strategy through pay for performance dynamics: Compensation & Benefits Review 30, Number 3: (May/June 1998): 67-72
What is the Value of Total Rewards Compensation? Compensation and benefits are sub-categories in human resource management that compensate employees for their organizational outputs. According to my research, “benefits is an important component of the employment relationship, providing employees with financial protection, access to health care and programs to support work/life balance” (Kwon, Hewitt, & Hein, 2013) Therefore, the overall purpose of an compensation program is to enable the organization to attract, motivate, reward, recognize and retain highly talented employees with the skill sets required to fulfill its mission and vision.
Atkinson and Meager’s model of ‘flexible firm’ identifies four types of flexibility that companies seek:
In any workplace or organisation, there is always something that you can find positive even on an unsuccessful project. Always start the feedback in a sincere and honest manner and by doing so, you will have made them feel wanted and valued which then opens the door for constructive criticism, and will be taken on board by the employees in a positive manner. It is important to both parties that the employees’ abilities are praised and identified which will again push the employee to do better. When giving praise, encouragement and feedback to the employee, make it relevant and specific to their work.
The organization is able to manage a high coverage of risks at relative low costs owing to the availability of highly skilled personnel in the company’s team of employees. This benefit also brings about another advantage of easing the financial burden of the organization (Johnson, 2016). Besides, effective employee benefit system offered by the organization could improve the general productivity. This benefit is attributed to the fact that employees tent to be more effective when they are given assurance of job security. In addition, workers become more productive when they and their families are given the desired security by the employer. The other benefit to the organization if it employs an effective compensation and benefits system entail benefits from premiums (Wayne, Shore, M., Bommer, & Tetrick, 2002). These premiums are typically tax deductibles as corporate expense. As such, a company that has an effective compensation and benefits system is likely save extra money for other
Formalized compensation goals serve as guidelines for managers to ensure that wage and benefit policies achieve their intended pur¬pose. The more common goals of compensation policy include to reward employees’ past performance, to remain competitive in the labor market, to maintain salary equity among employees, to motivate employees’ future performance, to maintain the budget, to attract new employees, and to reduce unnecessary turnover. It is important for the organ...
Feedback is a way to let people know how effective they are in what they are trying to accomplish, or how they affect you. It provides a way for people to learn how they affect the world around them, and it helps us to become more effective. If we know how other people see us, we can overcome problems in how we communicate and interact with them. Of course, there are two sides to it: giving feedback, and receiving it.
...ingly, by which the company will get the best outcome from the employees. There should be a two way communication between a manager and an employee as it will minimize the hesitation of a worker at workplace while doing his/her job.
According to University of Reading (2012), “Feedback can improve a student's confidence, self-awareness and enthusiasm for learning.” Feedback is important because it helps student understand their progress whilst achieving goals. Goal can be anything for instance to pass with good grades, to learn and understand the topic etc. Feedback helps to identify your strengths and weaknesses. For example, imagine yourself learning to play basketball, you have a coach who is guiding you and providing constant feedback on your progress versus you teaching yourself; big difference in terms of monitoring and feedback isn't it?
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay