Geico Case Study
Geico Case Study
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.
After reviewing GEICO’s website the first facet that stood out to me was the fact with the economic problems in the US was they had not had a decline in their workforce, which shows this is a company that values its employees. GEICO’s total rewards program is based on a compensation and competitiveness and it relates to other companies that are in the same market, like All State and State Farm. GEICO pays its employees based off their experience and skill level. Every position from entry level to executive was compensated well, because of the value they place on their employees and competitor’s pay rate.
Work-life is the second facet of the total rewards program. This part of the total rewards program are made up of practices, programs, policies and a philosophy that supports efforts to help them accomplish success at work and home, which is important to those that have families (WorldatWork, 2007). GEICO supports its employees by being prepared to support their employees when they are not able to work. With employees knowing that GEICO is prepared for the absence of employees this shows the focus that GEICO has on the work –life balance of its employees.
Acknowledgement, recognition and giving attention to employees because of the work, actions, behavior or effort is the Performance and Recognition (WorldatWork, 2007). Performance and Recognition is the third facet of the total rewards program. GEICO keeps its moral in the work place up by rewarding or recognizing its employees for doing a great job. When GEICO gives its employees recognitions or awards they are open for everyone to see because they are place on the company’s website.
The fourth facet of the total rewards program for GEICO is benefits, which helps maintain quality of life for
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.
After reviewing GEICO’s website the first facet that stood out to me was the fact with the economic problems in the US was they had not had a decline in their workforce, which shows this is a company that values its employees. GEICO’s total rewards program is based on a compensation and competitiveness and it relates to other companies that are in the same market, like All State and State Farm. GEICO pays its employees based off their experience and skill level. Every position from entry level to executive was compensated well, because of the value they place on their employees and competitor’s pay rate.
Work-life is the second facet of the total rewards program. This part of the total rewards program are made up of practices, programs, policies and a philosophy that supports efforts to help them accomplish success at work and home, which is important to those that have families (WorldatWork, 2007). GEICO supports its employees by being prepared to support their employees when they are not able to work. With employees knowing that GEICO is prepared for the absence of employees this shows the focus that GEICO has on the work –life balance of its employees.
Acknowledgement, recognition and giving attention to employees because of the work, actions, behavior or effort is the Performance and Recognition (WorldatWork, 2007). Performance and Recognition is the third facet of the total rewards program. GEICO keeps its moral in the work place up by rewarding or recognizing its employees for doing a great job. When GEICO gives its employees recognitions or awards they are open for everyone to see because they are place on the company’s website.
The fourth facet of the total rewards program for GEICO is benefits, which helps maintain quality of life for