Case Study: Geico
Assignment 1: Case Study GEICO
April 28, 2013
Dr. Jean Gordon
Case Study : Geico 1
1. Determine which facets of the Geico total rewards program align with the five (5) top advantages of a total rewards program outlined in Chapter 2 of the textbook and discuss your reasoning.
Geico offers a variety of benefits programs just to name a few would be: medical, dental and vision coverage. This program also includes work/life balance programs and physical fitness program (http://careers.geico.com).
Geico believes in benefiting their employees’ life long learning and encouraging their employees to continue to educate themselves and grow. Employees are eligible for tuition reimbursement pertaining to obtaining their undergraduate education at an accredited community college (http://careers.geico.com).
*The Importance of Total Reward for the Employees
The reason why total reward is extremely important is because of the demands of the labor force. Competition among other companies is always taking place which is why it is vital to have talent employees (Wiley & Sons, 2007, pg. 17). The organization of today must continue to strive and enhance career opportunities for their employees and promote their wellbeing. Companies can create a excellent total reward package which
Case Study : Geico 2
which would be able to attract, retain and can create an excellent total reward package which would be able to attract, retain and motivate talented employees and reduce turnover in the organization Wiley & Sons, 2007, pg. 17). Total rewards can enhance personal and professional growth and enrich a healthy work environment in the organization which will increase business (Wiley & Sons, 2007, pg. 17).
A total rewards approach which combines transactional and relational awards – offers tremendous flexibility because it allows award to be mixed and remixed to meet the different emotional and motivational needs of employees (Wiley & Sons, 2007, pg. 17).
What companies need to realize is that by remixing their rewards in a move cost – effective way, they can strengthen their programs and improve employees’ perception value without necessarily increasing their overall investment. It’s largely a matter of relocating dollars rather than finding more dollars (Wiley & Sons, 2007, pg. 17). HR professionals are saddled with high benefit costs and changes in health care coverage and medical procedures. Employees want a new deal at the same time – the companies are struggling to deliver their financial targets – are readily cutting programs to cut costs (Wiley & Sons, 2007, pg. 17).
Case Study: Geico 3
2. Create a strategy for ensuring that the Geico plan addresses all of the advantages. I would have HR department set up a job fair for the employees. *A wellness fair for the employees will be created where all of the benefits are com- municated and discuss with each employee.
*This job fair will provide healthy foods, water and activities for the employees. *Medical assistance will be provided at the fair. Blood pressure would be taken, cholesterol would be checked, and employees would be given massages. * Regular seminars and surveys will be given to employees to keep them abreast of things.
3. Evaluate the effectiveness of the communication of Geico’s total...
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