Aflac Strengths And Weaknesses

How the company uses its own products or services to enhance the total compensation for its employees.
Total compensation is a great incentive to achieve retention and job satisfaction for employees. Gomez-Mejia et al. (2016) describe total compensation as having three components; base compensation, pay incentives, and indirect compensation or benefits. Aflac achieves total compensation by offering the products and services they offer their customer to their employees at little to no cost. This includes “offering employer-paid life insurance, a company-paid cancer policy and company-subsidized accident protection insurance” (Reed, 2009). Aflac has proved to be a leader in the insurance industry so providing their products to their employees at a very low cost has awarded them with a higher rate of job satisfaction on the employee level.
The internal and external strengths and weaknesses identified and how the company responded to these factors from a total rewards perspective.

The strengths Aflac found revolved around they we able to quickly and effectively apply the total rewards perspective for their employees. By sending out surveys the company was able to pinpoint exactly where the employees felt needed a little extra in terms of their benefits. Luckily, Aflac is no stranger to competition (Reed, 2009). According to Stanley (2015) being competitive with benefits can positively affect the retention and acquisition of existing employees and new talent. This directly helps Aflac with several of its internal issues before the total compensation plan. With the experience Aflac has with competition in the insurance industry, they have molded their products to be the best of the best, so when these are provided for employees it leads to a happy