Total Rewards

1512 WordsSep 7, 20147 Pages
Assignment 1 Geico Total Rewards Program Case Study Advantages to a Total Rewards Approach 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: The first facet is “Health and Well-Being”. Geico offers a variety of medical plans to their employees such as PPO’s, HMO’s, dental, and vision. Geico offers three free sessions from their employee assistance program and basic long-term disability insurance which is paid for after three years of employment. Premium long-term disability insurance is available at an…show more content…
Total Rewards Strategy Geico needs a strategy that addresses all of these advantages. (These are the top five advantages on pp. (15—17.) The company should follow the following strategy toward this end: “Increased Flexibility” consists of various benefits that meet the needs of a diverse organization. Flexible benefits are an important part of total rewards because they help improve the employee experience by providing them with more choices when it comes to perks (Wilkinson, 2007). Geico can capitalize on “Increased Flexibility” by communicating to existing employees and prospective candidates how each flexible reward is beneficial to them. Most employees may not appreciate total rewards an organization offers because they do not understand them. Geico can take advantage of “Improved Recruitment and Retention” by tailoring their total rewards package towards the demographics of the workplace. Demographics play a significant role in the type of total rewards an organization offers. A younger workforce’s should differ from the needs of an older workforce. Today’s employees value relational rewards such as career development and learning (Kaplan, 2005). Gender influences the type of total rewards package as well. A predominantly female population may value relational benefits such as flexibility versus a male dominated workforce (Kaplan, 2005). Geico
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