Human Resources: Total Reward System

Human Resources: Total Reward System
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Introduction
GEICO auto insurance company is considered as one of the most successful company which deals with insurance businesses. The business was started in the time of great depression in1936 with the intention of serving federal employees and also particular classes of enlisted military officers. Throughout the years, GEICO has grown tremendously and is now the largest auto insurer in Maryland, New York, Districts of Hawaii and Columbia as well as near top in several other states. The company has managed to reach very impressive heights such that it has acquired more than 30,000 associates within 14 major locations all over the country and offers insurance in all 50 states as well as in District of Columbia. In addition, by the year 2014, the company had more than 13 million policies in force (GEICO, 2015). This paper is aimed at discussing the facets of the GEICO total rewards program which aligns with the five top advantages of a total rewards program.
Leave and time off program can be matched up to enhanced profitability which has been discussed in chapter two. As discussed in this chapter employees also like being flexible enough to take care of their personal business and not worrying about the time off taken from duty. They also require some time out with their family and such provisions in form of rewards can make the employees’ productivity be high. The success of GEICO can be attributed to a large extent to the nature of the employment relationship established between the company and its employees. This has been made possible through investing on employees’ total rewards program. According to the total rewards framework, such strategies impacts through attracting, retaining and engaging employees while helping to deal with cost and volatility (Gazi & Lewis, 2015). GEICO motor insurance company has put in place several different measures that benefit its employees to a large extent. Some of the benefits enjoyed by GEICO’s employees include: health and wellbeing program, education and training program, finance and retirement program, time off and leave program as well as family and life program.
Across the region, the initiatives of increasing health and well-being reward has been ranked first. Organizations make attempts to reap benefits related to longer-term cost savings as a result of having a healthy population of employees. Employers hope that when the health of its associates is improved, productivity would go up, health care cost would go down and job satisfaction would be high (Gazi & Lewis, 2015). GEICO Company has put in place different measures to ensure that its associates are in good health. In health and wellbeing program, GEICO offers several benefit programs to its associates. Full time associates are given the option of selecting various medical plans such as HMO plan or PPO plan where available. These plans offers competitively valued co-pays for prescription drugs and office visits. There is also a dental plan which offers insurance benefits that are payable to any dentist countrywide. GEICO also offers a vision plan that gives a comprehensive eye exam...