GEICO Facts

GEICO Facts

1. Conclude the facts of the Geico total rewards program align with top five advantages, outlined in Chapter 2 of the textbook and discuss your reasoning.Geico total reward approach meets the evolving needs of today's employees. As the workforce continues to diversify, employee's expectations change. For example, there is a strong emphasis on job enrichment, flexible works schedule and the overall work environment. A total reward approach better address, many of these varying employees needs. Geico gave his five postulates, which, suits fully to, employee needs, and life.

Increased Flexibility

Each employee enjoys a sense of flexibility; it viewed as a pathway; for employees to determine their availability for work. Employees, who make choices about his or her own setting, connected to the workplace, because they have a feeling of ownership. Geico cares about their employees' time, now and in the future. Their total rewards approach offers several flexible plans for their employees. As a full-time GEICO associate, they are offering an aggressive and absolute Total Rewards Program. It includes a variety of options to preserve their health and well-being.

Improved Recruitment and Retention:

Today management is in search of, the best performer in short the key player, who can work like a team leader. Recruitment and retention plays a vital role in a total rewards approach "however" organizations are plague with shortages of top performing workers, and employers are using the right approach to staffing, the best candidates, and retaining those candidates. Today's workers are not just interested in their salary but also, other aspects of their company. Management needs to give their employees basic facilities and competitive packages more than market offer. Do it, before you are hiring and training cost will increase might be this will affect the performance of the organization. So management need to, recruit their core employees.

Reduce labor cost/ labor turnover

Geico is financial and retirement benefits that align with reduced labor costs and cost of turnover. Through competitive salaries, merit-based promotions, company profit-sharing awards, and other savings options, Geico's associates can build wealth and secure a promising financial future” (CALANDRO JR. 2011). High skilled labors can be yours competitive advantage. If you do not facilitate your labor, he will leave within a short period, and organization labor turnover cost will rise. Organization can reduce labor cost through the hiring process. Right person for the right job, and can control labor turnover ratio by increasing their wage rates. In Japan and China, employees and labors considered as partners of the company.

Heightened visibility in a tight labor market:

Shortage of creative people creates very serious problem in Business life. Every day, organizations, are facing with competition for talented workers. Employees bring his or her remarkable talent to the organization. According to Wiley (2007), an employee is important to an organization, and they are even more important when there is a need to fill the available job. Organizations are spending an abundance of time trying to enhance profitability to keep their employees from leaving the ...