An Assessment of their Benefits Program
DeVry University – Keller School of Management
Professor Michael Ross
September 5, 2010
This paper explores Best Buy Corporation, INC., Employee Benefits program for their employees. I chose this company because I enjoy shopping at Best Buy stores as a consumer and I find that the employees always exemplify excellent customer service. From an outsider looking in I think the company must have an excellent working environment, great culture, diversity in the work place, and excellent benefits package. My experience as a consumer I find Best Buy employees are always friendly, smiling, willing to help, and very informative about products. I am sure this is from the excellent training they receive, as well as the employee benefits programs. As part of the Total Rewards strategy at Best Buy, employees are rewarded for their efforts with more than a paycheck (About Best Buy CO., INC.). The “total reward” of working at Best Buy is a combination of four different categories, which include pay, benefits, work environment, and learning and development opportunities. These four reward categories work together to drive innovation and performance and to inspire employee contributions (About Best Buy CO., INC.).
Keywords: employee benefits, benefits options
History of Best Buy Corporation
Best Buy is a multinational retailer of technology and entertainment products and services with a commitment to growth and innovation. Best Buy operates in the following countries the United States, Canada, Europe, China, and Mexico. The Best Buy family of Brands and partnerships collectively generates more than $45 million in annual revenue and they have approximately 155,000 employees apply their talents to help bring the benefits of their brands to life for customers through retail locations, multiple call centers, and Web-sites, in-home solutions, product delivery, and activities in our communities (About Best Buy CO., INC.).
Since their inception in 1966, Best Buy Co., Inc. has grown steadily and enhanced its business through inspired innovations. They are continually transforming into a dynamic, customer-driven, talent-powered company that focuses on enhancing their customers' enjoyment of technology. Today, Best Buy operates a global portfolio of brands with a commitment to growth and innovation. Their employees strive to provide customers around the world with superior experiences by responding to their unique needs and aspirations. This commitment to growth and customers has driven strong, consistent earnings growth. To meet the unique product and service needs of their customers, their stores and operating models are being transformed to shift their focus from product-centric to customer-centric — a move that poises Best Buy to truly offer the entertainment and technology solutions that meet our customers' needs, end-to- end. (About Best Buy CO., INC.)
Best Buy acknowledges that multiculturalism and diversity plays a big role in today’s work force. Recognizing this fact is crucial for any companies’ success. Of the 155,000 employees whom contribute their unique skills, talents and attributes they are the driving force behind the transformation of Best Buy customer-driven organization. Multiculturalism improves creativity, provides fresh perspectives, and generates new ideas for better serving Best Buy customers’ rapidly evolving needs. With that, said Best Buy’s commitment to multiculturalism provides our employees with a great place to work, great employee benefits, and their customers with a great place to shop. (Best Buy Diversity)
The benefit programs at Best Buy are designed to meet the employee’s unique needs and provide them with opportunities to build a solid financial future. Best Buy benefits coverage is...