Aflac Inc.: Rewards and Performance Practices

Topics: Motivation, Reward system, Incentive Pages: 5 (1454 words) Published: December 16, 2013


Aflac Inc. – Reward and Performance Practices

Abstract
Through rewards and recognition programs, organizations seek to find ways to motivate their employees with hopes of receiving better job performance, better job satisfaction, and lower job turnover. Aflac has developed a corporate culture that has been devoted to keeping its employees well cared for on an ongoing basis. With more than 4500 employees in the US, Aflac have consistently been recognized as one of the best and most ethical companies to work for in corporate America. Aflac’s reward structure is considered a performance base structure that focuses on recognizing and rewarding their employees. Rewards are given based off of individual performances, team performances, and organizational performances. The incentives that AFLAC offers are both monetary rewards as well as non-monetary rewards each with a list of opportunities for employees to take advantage of. AFLAC believes in always motivating its employees to achieve their goals on a daily, weekly, and monthly basis.

Aflac Inc. – Reward and Performance Practices
Every organization in some form or fashion attempts to show their appreciation to their employees. Whether it’s the famous annual Christmas party or a bonus check based off the overall performance of the company, most organizations recognize the importance of giving back to the employees. Through rewards and recognition programs, organizations seek to find ways to motivate their employees with hopes of receiving better job performance, better job satisfaction, and lower job turnover. Earlier research shows that when employees feel supported and cherished by their company, they are more likely to actively pursue the company’s goal, have lesser rates of turnover, and show a more productive attitude in behavior and job involvement . Nearing its 60th year in existence, Aflac has developed a corporate culture that has been devoted to keeping its employees well cared for on an ongoing basis . With more than 4500 employees in the US, Aflac have consistently been recognized as one of the best and most ethical companies to work for in corporate America. Aflac has appeared in FORTUNE magazine’s 100 Best Companies to Work For list for 15 consecutive years, FORTUNE’s America’s Most Admired Companies list for 12 consecutive years ,as well as Working Mother, Black Enterprise, Hispanic, Hispanic Trends, and Latina Style magazines lists of best companies in terms of diversity. Are these acknowledgement well deserved? Is Aflac really all its quacked up to be? Judging from the research, it appears to very will be.

Current Reward Structure
Type of structure
“Since its beginning, AFLAC has believed that the best way to succeed in our business is to value people. Treating employee with care, dignity, fairness are founding principles.” The company shows their appreciation by way of events, bonuses and added services throughout the year. Dan Amos, AFLAC chairman and CEO was quoted saying,” Give your employees everything they need to succeed and they will give everything they can to help the business succeed .” This ties in well with the company’s philosophy. In this aspect AFLAC holds true to its word. Aflac’s reward structure is considered a performance base structure that focuses on recognizing and rewarding their employees. Rewards are given based off of individual performances, team performances, and organizational performances. Various sales goals are set and targeted to various levels and departments of the company, each with its own reward on completion. AFLAC also has certain rewards that allows for multiple or combination reward systems. For example, a sales representative may be placed on a salary increase system which rewards them for their individual performance, while at the same time his or her division or plant can also receive a bonus based on divisional performance . The incentives that AFLAC offers are both...
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