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

Total Rewards Program Geico - geek Study ExampleTotal Rewards Program includes seven categories such as workplace flexibility, paid and due time off, health & wellness expect, 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 feeler Opportunities of Total Rewards Program. Integration can be done among career learning process and Human cognitive process Improvement or HPI in order to share knowledge of among unused recruits (Rothwell, Sanders, & Soper, 1999, p. 6-7).Companies need to remix existing riposte system with cost-effective techniques without increasing financial investing. Reallocating rewards in a cost-effective not only increases the honor 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 done Vanguard Website), Profit Sharing Plan, indemnification plan (life and accident insurance) and assistance program for associates. These huge collections of benefits give the flexibility to associate to select wage 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 plump motivated to perform well because they know that performing well can help them to get forward motion 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 resign ed and new(prenominal) miscellaneous expenses)related to recruiting new associates.