Aflac Case Analysis

For example, AFLAC would award its employees who present themselves within the community or volunteer for many charities, with the Volunteer of the Month award. This award can build the morale of the employee and keep them engaged. In the end not only are employees being recognized for their philanthropic work, but also it allows AFLAC to gain rapport due to its continuous efforts in the community. Secondly, AFLAC utilizes sound performance and incentive as an enhancement tool in order to promote and develop employees for the next level within the organization and keep pace with the company’s overall goals and strategies. “Approximately 90 percent of employees were attracted to and remain at Aflac because of company reputation. Employees are happy with the profit-sharing bonus, with 81 percent of employees saying they believe it is better than that of other companies” (p.7). This strategy is a marketing tool that allows AFLACs employees to see endless opportunity, which has allowed AFLAC to retain over 91 percent of it,

Aflac is a company that its main business is into health and life insurance that cover special conditions, particularly cancer.

As mentioned, a key L.L. Bean response to their strengths and weaknesses was to provide a mixture of traditional and non-traditional rewards to the employees. In conjunction with base compensation, the organization provided performance-based bonuses, profit sharing, and healthcare benefits as forms of traditional rewards. These traditional awards are closely aligned to monetary awards since these benefits are commonly used and expected in today’s business environment. Although the effectiveness of monetary rewards is questionable, at minimum these rewards provide a direct reciprocity to the employee for their

Aflac is an insurance company that provides management and support to its subsidiaries throughout the United States and Japan. The company provides insurance in multiple categories including cancer plans, life insurance, medical insurance and dental insurance. Its philosophy is based on its principles to treat its employees right with care, fairness and dignity. The company aligns with a fairly standard mission of strategic marketing, competitive pricing, quality products and quality service while keeping its shareholders satisfied.

This report examines 3 different compensation systems that our company can develop and enforce within our company for our employees. Compensation is the most important and rewarding factor for employees, so a thorough and thoughtful approach should be taken as we think about changing the way in which this company rewards it's employees for the work they do for us each and every day.

With the stride to grow and expand worldwide, Aflac has expressed the importance to recruit and retain the top talent they receive. With a bold idea such as this, Human Resource Departments have a difficult job to hire top talent employees and ensure turnover is low. Business Week rated Aflac 21st in best places to work in 2009, calling on their promoted educational benefits, unlimited tuition reimbursement and their willingness to provide entry level positions to newly graduated individuals (“Aflac Supplemental Insurance”, 2009). It is benefits such as these that keep talented individuals applying

This paper is provided to create, organize, and manage a total rewards program for an insurance company. First, it indicates the requirement of a total rewards system for the company. Then, it formulates a competitive strategy and explains it. Since the communication of a strategy is as important as the strategy itself, the paper includes a communication plan of the strategy. And last but not least it studies devising a competitive pay structure.

The company is a strong advocate of personal development and advancement of all employees. There are opportunities to gain qualifications as part of employee development.

There are several advantages to using a total rewards approach to compensating the workforce. The top five are described in the text (pp. 15—17). The following paragraphs discuss the facets of the Geico total rewards program that align with these advantages:

Over the last 77 years, Morgan Stanley has been at the forefront of the financial industry. This is from the firm focusing on creating customizable investment products that are sold to retail and institutional clients. ("Company History," 2012) However, a problem is that many competitors are entering a period of flat growth that is at the top of S Curve. This is when a company will grow so big that it becomes difficult to continue increasing profit margins. (Nunes, 2011, pp. 1 5) In the case of Morgan Stanley, the recent financial crisis has made it more difficult for the firm to improve earnings. As a result, a new strategy must be developed that will motivate the sales force to do more. To determine the most effective approach requires examining six features of a total rewards program, the specific behaviors that will be targeted, assessing the value proposition and how to attract registered representatives.

advantages of a total rewards program outlined in Chapter 2 of the textbook and discuss

Reward Management (RM) has been defined as the distribution of monetary and non-monetary rewards to employees in an effort to align the interests of the employees, the organisation, and its shareholders (O’Neil, 1998). In addition O’Neil (1998) also suggests that a RM system can serve the purpose of attracting prospective job applicants, retaining valuable employees, motivating employees, ensuring legal requirements relating to direct and indirect rewards are not violated, assisting the company in achieving human resource and business objectives, and ultimately assisting the organisation in obtaining a competitive advantage.

Extrinsic rewards could be a bonus, a raise in pay, gift certificate, free merchandise from fellow organizations.

Rewards programs and benefit packages are always a large decision that ways on a person’s mind when applying for a job. It also helps them decide to accept or stay at a position. These benefit packages must appeal to the person applying. They must be appropriate

To motivate employees to work towards reaching organizational goals, managers frequently depend on some form of enticement. Beyond monetary compensation, awards and additional types of acknowledgment can be given, and the ability to choose a work schedule is a possibility. A reasonable pay system, which would be an incentive for individuals and groups to achieve organizational goals, is a hardship manager’s face (Jones & George, 2011). Within the company that I work for, every quarter awards are presented to Customer Service Agents who have maintained a 95 percent or above quality score. Monetary awards are given out as well as time off coupons.