organization costs. One of the organizations the article concentrates on is AFLAC Insurance otherwise called the American Family Life Insurance Company of Columbus. In the article, the reward system that is used inside AFLAC is discussed thoroughly. The article shares how the organization has consolidated a reward system that is centered on addressing representative needs while additionally staying inside the companies spending plan (Reed, 2009).
How Aflac uses its own products or services to enhance the total compensation for its employees
Associations execute work environment reward frameworks to retain representatives and enhance their satisfaction, build a higher morale and enhance overall service and profitability inside the organization
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(Scott, n.d.). The three ways that Aflac uses its products as a total reward system is to offer “paid life insurance, a company paid cancer policy, and company subsidized accident protection insurance” (Reed, p. 6, 2009). Aflac pays 100 percent of the premium for its groundbreaking cancer research. As shown by previous research studies, offering health insurance to employees is known as one of the largest benefiting impact of employee satisfaction (Chamberlain & Tian, 2016). Researched showed that 60 percent of employees with access to a health insurance plan offered by their company feel roused by their organization society to settle on healthier lifestyle choices versus unhealthy ones.
When employees were not offered health insurance at their jobs, employees were four times less inclined to be inspired by their organization society to settle on sound and healthy decisions, and just 44 percent were engaged (Benz, 2015). These statistics show that offering health insurance can actually help improve the overall health of employees subconsciously.
The internal and external strengths and weaknesses of Aflac and how Aflac responded to these factors from a total rewards
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perspective A basic variable for maintained accomplishment inside any industry is having the capacity to accurately recognize both internal and external strengths and weaknesses of an organization, as well as an arrangement of center capabilities, or the attributes connected with successful performance (Gomez-Mejia, Balkin, & Cardy, 2016). The strengths of Aflac insurance company is being able to offer their amazing insurance to their employees. Another strength of the company is that the marketing, made famous by the Aflac duck, makes the company easily recognizable. An employee will be proud to say they work for a company that is as distinguished and recognizable as Aflac is. Aflac is an employee-centered organization. This trademark and quality is an establishing rule of the organization. The organization is exceptionally strong in achieving and holding the best representatives since it comprehends worker significance. Aflac brings to the table an aggressive complete benefits package and reward system. Aflac's methodology truly has no weaknesses with regards to the workers and the reward system programs advertised. Aflac representatives are given great health insurance, to a great extent to the detriment of the organization. Maybe a standout amongst the most essential ranges in which Aflac centers is the acknowledgment of representatives who are philanthropic and charitable. Aflac also offers childcare services and career development. Through all these many strengths of Aflac, its employees show 90 percent loyalty to their company (Reed, 2009). Examples of traditional and non-traditional rewards and how they are used to meet organizational objectives Some traditional rewards Aflac offers are its health, cancer, and accident protection insurance. Aflac also offers competitive salaries while maintaining a positive work environment. Some untraditional rewards Aflac offers is its philanthropic acknowledgment in which Aflac awards employees who spend a lot of their time volunteering at charities. Aflac also offers on of the larges childcare services in the U.S. Aflac also sponsors on-site gyms and service discounts (Reed, p.5, 2009). Aflac has a long list of employee benefits that also All these rewards help meet Aflac’s organizational objectives by standing by one of Aflac’s guideline which is to “provide an enriching and rewarding workplace” for its employees (Reed, p.5, 2009). Aflac helps show their employees how appreciated they are and how much Aflac cares about the work they do. Aflac also offers extensive training and leadership programs. Aflac understands that offering these programs will help strengthen the employee bond to the company and will increase employee performance, employee satisfaction, and employee consistency (Frost, n.d.). How Aflac aligns its benefits with its corporate values One of Aflac's corporate qualities incorporates administering to and accommodating the groups in which they live and where they direct business.
The organization adjusts its advantages to this corporate quality by remunerating representatives who invest energy volunteering at their preferred charities. As mentioned above, one of the organization's nontraditional rewards is that they give nearby childcare services and on location fitness centers for their representatives. These rewards align with the corporate benefit of giving an improving and compensating work environment for their representatives. Aflac benefits also shows employees that they are valued and aligns with one its founding principles, which is to treat their employees with care, dignity and fairness (Reed, p. 4, 2009). By giving that advantage and the majority of alternate advantages that Aflac gives its representatives, they are certainly giving their workers an enriching and rewarding working environment which are demonstrated by the employee survey statistics (Reed,
2009). Recommendations regarding an expansion of the benefits programs offered at the company that would further align HR with the accomplishment of organizational goals and values. A few recommendations Aflac could use to expand their benefit programs that would help them accomplish more organizational goals and values would be to involve employee’s in the development and revision of their rewards. Asking employees what benefits they would want added to the organization will help employee’s feel like they input is valued. Also, rewards should be given out for employee performances. Aflac could offer cash rewards like bonuses or non cash rewards to employee’s that achieve specific results. Allowing employees to select their own reward would also be a benefit in showing the employee they are valued. Offering financial planning and/ or financial education to employee and their families could also help align HR with accomplishing organizational values as well. Flexible spending accounts and paid vacation time is also programs that Aflac could add if their budget allows. Conclusion Key results and total rewards help lead to company’s accomplishments. Pay and favorable circumstances gives laborers a positive approach to total rewards. This methodology offers employees a reason to strive to work harder and be better to. Aflac’s reward systems have helped to show employees they are appreciated, which in turn, increased employee satisfaction and productivity. Conducting surveys to see what employee's valued helped align with overall employee enjoyment and rewards which is one of Aflac’s key principles. Aflac not only offers professional advancement but also offers personal advancement my motivating their employees with rewards and work/life equality. God discusses in the Bible the importance of giving. Being generous to others is a favorable act in the eyes of God. Luke 6:38 states “Give, and it will be given to you. A good measure, pressed down, shaken together and running over, will be poured into your lap. For with the measure you use, it will be measured to you” (Luke 6:38, NIV). With the emphasis that Aflac places on its employees while also offering quality products and services, they should remain blessed by the efforts.
Montgomery Ward is the name of two generally unique American retail ventures. It can allude either to the outdated mail request and retail chain retailer which worked between 1872 and 2000 or to the first name of the online retailer presently known as Wards. Industry specialists said Montgomery Ward, the 128-year-old retailer that as of late published its end, was the cause all its own problems and was unable to rival other immediate advertising monsters. After the organization affirmed the end of 250 stores and 10 conveyance focuses on Dec. 28, immediate advertising specialists and experts said they were not astounded when the end came. Montgomery Ward, which started list shopping, was described as having neglected to stay aware of the evolving times. It couldn't create a procedure to contend with new confronted organizations, for example, Target Corp, Wal-Mart Stores Inc. what's more other mid-range claim to fame stores that cut into its business.
Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization.
The SWOT analysis: The study of the firm's Strengths, Weaknesses, Opportunities and Threats called SWOT analysis, a key step in flushing out known performance issues that are important to the growth of the organization addressed in the corporation strategic plan. The issues identified in the SWOT analysis help leadership to come up with a plan and strategy to achieve the overall mission of the company (Strategic Planning, n, d). Target Corporation is one of the largest public retailing company in the US having more than 1700 stores serving guests nationwide. Target group and its brand position are evaluated in the market using SWOT analysis.--
Access to healthcare provides financial stability by assuring people that they will not be financially destroyed by injury or illness. Additionally, when people can afford regular medical care they tend to avoid chronic problems and financial stress. In a study provided by the American Medical Students Association, researchers reviewed the costs and benefits of universal health care. They came to the conclusion, after reviewing other articles and statistics from multiple sources, that, “The annual cost of diminished health and shorter life spans of Americans without insurance is $65-$130 billion.” (Chua 5) This comes from people not having adequate health care and then losing their jobs because they...
Control systems – Costco has an Enterprise Facility Information management system, each Costco is connected to corporate, the EFIM provides real-time information, management of control systems (like energy), and an inventory management system that allows suppliers to monitor their own stock levels at any Costco. The EFIM reduces costs related to energy consumption, maintenance, and contracted services
Then came the question, should the employer be the one responsible for providing health insurance. While everyone on the panel could agree that our health care system in 2008 was broken, most seemed opposed to the alternative solution of universal healthcare. There is an incentive to the company to offer health insurance to a human being that may receive the opportunity to receive health insurance from another company. However, taking health insurance responsibility away from the employer and making it the government’s responsibility would increase availability and possibly eliminate freedom of
Many of Harrah’s employees deemed the goals set by Winn’s current incentive program to be unrealistic; on the other hand, others felt a sense of entitlement for bonuses. Therefore, Winn’s job is to provide a recommendation to Gary Loveman, on how to motivate and get employees energized. In order to motivate the employees, Winn had implemented an incentive pay plan to rewards Harrah’s employees in all of its properties for improving customer service. The company’s purpose for incentive program was to implant a competitive mindset in its employees as well as to show the employees that they are core of the...
The steady rise of healthcare costs and the ever increasing cost of health insurance premiums are making it harder and harder for employers to pay healthcare premiums for their employees. In the past, it was almost a given that employers picked up the tab for health insurance coverage. The health coverage was usually exceptional with little or no money paid out of pocket by the individual for the insurance premiums. Those appear to be the “good old days”, with fewer and fewer employers shelling out money for health insurance premiums and demanding a larger percentage to be paid by the employee. Other employers are simply unable to financially provide healthcare coverage for their employees and have stopped all together.
Determine the Compensation Level: Although Susan’s plan to “just do what her competitors are doing” (Nelson Education, 2013) may not have been the best approach to follow, it is in The Fit Stop’s best interest to match their compensation policy to those business’s similar to them. There is no need for The Fit Stop to lead with the best compensation options around, but lagging with the compensation could repel employees and could push them towards working for a competitor. Evaluate the Proposed Strategy: Affordability of these theoretical applications is not obtainable within the first couple of years of business.
Patricia K. Zingheim, Jay R. Schuster, and Marvin G. Dertien(2009) Compensation, Reward and Retention Practices in Fast-Growth Companies, Article published in WorldatWork Journal, Volume 18 No.2, pages 22-39
Incentive reward engagement offers a win-win situation for the employees and the company. Kelleher believes that incentive is a form of recognition and builds engagement through company’s and employee’s obligations towards a common goal (2014). The company has a “Growth Incentive Scheme” for the production workers. Special monetary incentives are provided should the workers achieve the monthly output target. Through the rewards, employees feel motivated towards their work and thus, contribute towards the company’s
Reward system policy often view from the organization’s perspective where the economic needs of the firms take precedence over the individual. Under this outline, costly reward system and limited reward system will be wasted or misapplied because they are not valued by employees. Organization will see that what is important is not whether a reward system program look great on the paper or considered a state of the art reward program, but is going to be measure by or not the employees wanted the reward and they are willing to work toward a desired result to receive it. Reward system with in organization begin with the understanding of the individual needs, values, and expectations. Within Organization that doing business
Remuneration management is defined as the sum received for an employment or service delivered, this includes the money received on a monthly basis as well as benefits given as rewards (investopedia,para.1 ). Individualism need to be taken into account when implementing these remuneration structures or reward schemes, equal pay plays a role in balancing earnings among the diverse workforce (Shen, Chanda, D’Neetto and Monga,2009,p.241). The Woolworth’s Holdings uphold remuneration policies which have the purpose of making sure to attract and hold on to the best talent, that they are congruent with the strategies of the company and are the determinants of performance during the short and long phases. The policy considers the board members and the employees. This policy manages employees of the company by giving...
Johnson, Sam T. "Plan your organization’s reward strategy through pay for performance dynamics: Compensation & Benefits Review 30, Number 3: (May/June 1998): 67-72
The total pay package has a direct impact on the successful recruitment, selection and the retention of staff within any organization. This pay package is critical for any business to remain competitive in today’s business world. Competitive compensation packages are vital to both large and small organizations as they encourage the retention of talented staff.