Geico Case Study Example | Topics and Well Written Essays - 1250 words

Geico - Case Study ExampleSuch, each fraternity must strive not however to attract talent, but as well to book them as tumesce through a total give backs program. Traditionally, avengeing employees has been equated with pay. Today, it is no longer applicable and the definition of rewards encompasses the overall lever proposition that the employer offers to the employee. Its a total package that take ons compensation (comprising of base pay, short-term incentives and long-term incentives), benefits (including health, retreat and work/ spirit benefits, which account for an increasing portion of the rewards package) and careers (including training and development, lateral moves,stretch assignments and career incentives) (Morris, nd, pg 6). In the causal agency of Geico (2012), it employed a six facet item as part of its Total Rewards program which include Health and Well-being, Building and Securing Your Financial Future, Time Off and Leave Programs, Family and Life Programs, Education and Development and amenities and Perks. Many aspect of Geicos total rewards are consistent or aligned with the lectures in the Chapter 2 of our textbook which are as follows 1. Increased Flexibility Geicos reward program is not only tied up with pay. ... This provides Geico greater latitude to address the needs of its employees that would not keep them but also to make them highly motivated to perform. 2. Improved?recruitment and?retention The range of Geikos total reward program is indicative that the company really intends to have its employees. More especially is the emphasis on family and life programs which very few companies offer as part of its compensation package. This component of Geikos total reward program would also be very attractive if not hard to resist among prospective employees who determine work-life balance (Guld, 2007). It would also serve as a retention tool among its employees who have families to attend. For Geikos part, it would retain its best talent and attract the best talent in the market because of its attractive total rewards program. 3. cut moil Costs/Cost of Turnover Having a flexible reward system designed to retain its employees will have an effect on Geikos bottom line in terms of nominal attrition rate, reduced labor cost and low or no cost for turnovers. Opportunity be associated with labor turnover such as the low learning curve of a new recruit, higher(prenominal) inefficiency and disrupted work will also be avoided. 4. Heightened Visibility in a Tight Labor market One of the big advantages of having a responsive reward program is that employees would not only persevere longer in the company but are also motivated to perform. Highly motivated employees action would resonate to the labor market that a particular company, such as Geiko is a good speckle to work thus becoming Geiko as a preferred place of work among the best talents in the labor market. 5. Enhanced Profitability All of the