The Award of Best Commercial Goes to... Essay

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,

When coupled with gainsharing, the motivation comes originally to learn a new skill, then to turn those skills into improved performance.

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

A well-articulated compensation philosophy drives organizational success by aligning pay and other rewards with business strategy. It provides the foundation for plan design and administration and anchors current and future plans to the company's culture and values (Kaplan, 2006, p.32). Recognizing and rewarding achievement is the cornerstone of the company A’s compensation philosophy. The mission of the company is to attract, select, place and promote all individuals based on their qualifications. The company believes that performance-based compensation helps attract, develop and retain talented professionals. In addition to base pay which based upon local market conditions and targeted to be above market, the company provides the following types of potential compensation to reward performance:

Cicerone et al (2007) suggests that “Rewarding employees for their job performance that meets or exceeds customer expectations is important because:

The key components to developing effective Reward Strategy is to ensure that there are clearly defined goals to meet business objectives, that the reward programme meets the needs of both the organisation and its employees, and to ensure that this is then supported by effective HR policies. In order to ensure these criteria are met there are a number of factors which influence how reward strategy is developed which include both internal factors within the organisation itself, as well as external factors outside the organisation.

The performance-pay compensation plan that was proposed implemented a number of aspects of the Expectancy Theory to encourage intrinsic and extrinsic motivation in order to make positive gains for both the MGOA and the MGH. There were four main aspects of the plan that had changes implemented: Physician Base Salary, Development Fund Tax, Bonus, and

Pivotal in that philosophy development is how and to what extent pay will be tied to specific types of performance.  This issue will not be treated the same in every organization.  However, every business should be able to identify certain performance objectives it wants its workforce to fulfill and the financial outcome that will be achieved if that result is attained.  Such a projection can be translated into an increased shareholder value figure.  (The VisionLink Advisory Group)

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.

By achieving to provide these reward programs for its company employees it stay in line with two of its guiding principles which is to supply quality service for their agents and provide an enriching and rewarding workplace for their employees. These rewards are also used to attract better qualified employees and to push employees to have a greater impact on their community. The needs of the company’s employees are a driving factor behind Aflac’s total rewards programs. Aflac’s total rewards statements which was originally a one page document is now an in-depth review of the value of the employment compensation and benefits. These are examples of non-traditional rewards that are used by Aflac. Traditional rewards that Aflac uses is that the company has an “Volunteer of the Month” where one of their employees goes and volunteers for a charity of their choice and they get rewarded by the company they also offer bonus, wages, internal promotion, voluntary benefits and paid leave.

Recognizing and rewarding high-performance is a key recommendation for any approach when managing any merit pay program (HRIS 2012). Merit pay is a compensation system where base pay increases and is determined by an individual’s performance. Using a merit pay plan is a good way for an organization to reward high performance is one benefit when using merit pay programs. The first step in implementing or improving a merit pay program is to have a solid performance management program, and this is another way a merit pay program is beneficial. Merit pay is a way to be successful and effectively implement merit pay with a uplift in salaries, and this is a third way using a merit pay program is beneficial to an organization. There are some drawbacks when using merit pay programs, such as paying some employees more than others. If you pay high-performing workers more than low- performing employees, the high- performers may stay, causing the low- performers to complain or leave the organization. A second drawback in using merit pay program is that employees become less motivated if not paid to their satisfaction. For example, if employees feel they should be making more money for their performance, this causes them to have low self esteem, and want to find employment at other organization. The last drawback associated with

Reward and recognition programs must connect the needs and expectations of the workforce with the company’s overall goals and strategies. A program that reinforces important company values and goals will encourage employees to act in line with such goals and emphasize the importance of achieving these goals. Alternatively, rewards which do not connect with organizational goals may convey a misleading message and encourage employees to act in a manner that does not facilitate the

Although research generally confirms that pay-for-performance plans can influence greater outcomes, it is unclear how effective different pay plans are relative to each other (Park, 2012). Like most things in business, compensation is something that requires evaluation, study, assessment, strategy, modeling and integration.  Achieving a pay for performance culture does not happen without paying attention to the behaviors, activities, rewards and motivations that have to be linked and reinforced through a well engineered and successfully executed process.  Actually if that process does not tie rewards to shareholder financial objectives, employ the proper mix of compensation elements, result in meaningful dollars, embrace performance that employees can impact and are effectively communicated and reinforced, then the results it produces will likely fall short (Vision Link Advisory Group, 2013).

Today, competition between the businesses is extremely high thus companies need to find ways to be competitive. Organizations prepare the best market strategy to increase the company performance and the ways to keep their employee motivation on the highest level to perform well within the competition. At that time, several incentive pay programs play an important role for every organization to perform well within the competition.

Being rewarded and recognised for their work or contribution is what keeps an employee motivated to work towards achieving the organisational as well as personal goals. When the employees is motivated by rewards, they will have job satisfaction consequently increasing the productivity of the organisation. It necessitates the need of managers to pay more attention in understanding their employees and come up with suitable types of reward systems for the organisation so that the employees are intrinsically and extrinsically motivated all the time. The hypotheses that I put forward here is to support this statement that effective reward management is critical to