Total Rewards Program Geico Case Study Example | Topics and Well Written Essays - 1250 words - 1

Total Rewards Program Geico - Case Study Example Total Rewards Program includes seven categories such as workplace flexibility, paid and unpaid time off, health & wellness support, community involvement, caring for dependents, culture change initiative and financial support in order to support work-life effectiveness. This section covers three verticals such as learning opportunities, coaching/mentoring and Advancement Opportunities of Total Rewards Program. Integration can be done among career development process and Human Performance Improvement or HPI in order to share knowledge of among new recruits (Rothwell, Sanders, & Soper, 1999, p. 6-7). Companies need to remix existing reward system with cost-effective techniques without increasing financial investment. Reallocating rewards in a cost-effective not only increases the value of the program but increases profitability also. Finance & Retirement plan of Geico includes traditional plans (associate can select investment pattern and can also manage their account through Vanguard Website), Profit Sharing Plan, Insurance plan (life and accident insurance) and assistance program for associates. These huge collections of benefits give the flexibility to associate to select remuneration package in accordance with their requirement. Education & Training program designed by Geico includes promoting internal employees to new job responsibility instead of hiring external candidates. Geico also focuses on giving sufficient training & development and virtual mentoring in order to increase employee retention rate. Promote from within adopted by Geico helps the employee to get motivated to perform well because they know that performing well can help them to get promotion hence turnover rate decreases. This strategy also helps the company to reduce costs (giving advertisement through various channels of media, paying contract fees to external recruiting agents, paying additional salary to employees who have resigned and other miscellaneous expenses)  related to recruiting new associates.   Ã‚  Ã‚