Essay Sample on Reward Employees for Genuine Efforts: A Necessity for Org Functionality

Introduction

The employees of an organization indisputably occupy and play a very much gravitas role in the general operatory and functionality knack of an organization. As a result, granting employees appreciative and decorous treatment for their genuine effort is not a choice but a prerequisite. This is more so based on the incontestable verity that employees are the engine of an organization. Primarily, provision of total reward is the main way in which employees' efforts, dedication and commitment to their work is expressed and granted. An accurate and precise definition of total reward is lacking since several individuals have attempted to define the term basing on their organizational or occupational background perception. However, all these definitions jointly denote total reward as compensation benefits and careers which are inclusive of training and development (Van Dijk & Sladky, 2006).

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In the labor industry, there is a propensity of some individuals opting to join organizations purposely due to the available career opportunities. On the contrary, there are those people who may opt to cease working for a company due to the inadequacy or unavailability of career opportunities. Therefore, these two evidential notions rubberstamp the fundamentality of a total reward system in an organization. This is because the focal point of most employees if not all is balancing compensation benefits with career progress and growth (Shortland, 2018). Consequently, total reward is divisible into two factions. One of the divisions is the purest section that is made of the entirety of the benefits package, for example the quality of the working life, bonuses, pay, opportunities, finance, employee recognition, cars as well as several forms of non-financial elements. The other division chiefly revolves around communication. Thus, from a communication perspective, employees' communication provisions have no influence on their overall value since the magnitude of the value is determined by the perception of the value. Therefore, in this case, employees' returns solely depend on the recognition by the employee.

Facets of the Geico Total Rewards Program that Align with the Five Top Advantages of a Total Rewards Program

Primarily, relatively all the four facets of the Geico Total Rewards Program align with the Five Top Advantages of a total reward. Geico's Education and Training facet for instance is directly aligned to the improved recruitment and retention advantage of a total rewards program. The Education and training facet by Geico principally revolve around the attainment of lifelong learning by employees as well as the provision of several varieties of career development programs to employees. The career development programs are inclusive of tuition reimbursement, industry-toping training, family scholarship and mentoring programs ("Education & Training," n.d.). Convergently, all these crucial aspects are in line with the improved recruitment and retention advantage of a total reward program.

Moreover, this is because the improved recruitment and retention advantage of a total reward program is mainly aimed at creating a unique work experience that is equipped with the ability to satisfy the needs of employees. The improved recruitment and retention advantage is also focused on encouraging employees to provide additional effort developing needs. Therefore, demonstrating that the objective is precisely intended to aptly solve a wide scope of challenges as well as spending rewards hence proving their practicality and handiness in solving employees' shifting values. Therefore, Geico's Education and Training facet and the improved recruitment and retention advantage of a tool reward program are aligned to provide a lasting remedy to main shortages of best performing workers for instance hot skilled IT workers and worker for both unskilled and entry level jobs (Dufour & Genadot, 2018).

Additionally, Geico's two facets of family and leave and the facet of finance and retirement are directly inclined to the increased flexibility advantage of a total reward program. The family and leave facet by Geico chiefly entail the company seemly understating employees and their family needs and thus putting into consideration the provision of support both to the respective employee and his or her family. The support is for instance provided in the form of several programs aimed at improving and sustaining a healthy life and work balance among employees. As for the finance and retirement facet by Geico, its focus is to provide the company's associates with several methods of securing and safeguarding their future for example through flexible spending accounts, profit sharing plans and performance based promotions (Bountourelis, 2011).

Therefore, the two facets are aligned to the increased flexibility advantage of a total reward program based on the verity that the advantage directs employers towards the creation of several reward package blends that are designed for varying workforce sections. Fundamentally therefore, the increased flexibility advantage aligns the two Geico facets through workforce diversity. The workforce diversity plays a pivotal role of merging relational and transactional awards therefore, providing adequate room for the mixing and remixing of awards necessary for satisfying varying employee motivational and emotional needs. The other Geico facet of health and wellbeing is also aligned to fewer voluntary quits advantage of a total reward program. Collectively therefore, all the facets of the Geico total rewards program are aligned to the five top advantages of a total reward program.

Strategy for Ensuring That the Geico Plan Addresses All of the Advantages

Before developing the strategy, it is imperative to once again identify the advantages that the Geico strategy plans to address. Hence the advantages include reduced cost of turnover /labor cost, improved recruitment and retention, increased flexibility, fewer voluntary quits and increased employee engagement. An apropos strategy to ensure that the Geico plan addresses all of the advantages will mostly revolve around the application of pertinent and innovative technological procedures and processes. This is because the modern epoch is characterized by an immeasurable pace of technological growth. As a result, the creation of new solutions for solving prevalent challenges within organizations such as in Geico, are relatively guaranteed more efficiency and positive outcomes by embracing new technologies. In other words, Geico has to embrace technological solutions to develop a seemly strategy that will equip the strategy with the knack to address all of the advantages. This is because maintaining traditionality in its strategy is a catalyst towards a catastrophic strategy move by Geico.

Nonetheless, approved research affirms that roughly 40% of employees' full compensation is in non-salary terms. Unfortunately, most employees have inadequate information and understating about true compensation. Hence, the focal point of this strategy is to develop a system that will enable Geico to address all of the advantages by retaining its best associates. The strategy is principally cloud-based and interactive for retaining more associates thus providing both an accurate and full picture of Geico's associates full compensation. The strategy will also be designed to provide apposite and timely updates characterized with every vital component of Geico's associates financial package.

The strategy will therefore embrace a configurable and role-based approach with the knack of meeting specific compensatory offerings. Consequently, the strategy will ensure that Geico's associates are able to seek several variables that are able to satisfy their compensatory needs as well as enabling them to predict their compensation expectations over a given period of time. In so doing therefore, the strategy will ensure that Geico is able to aptly address all of the advantages.

References

Baral, S. (2014). Attracting and Retaining Talent - Total Reward Strategy. SSRN Electronic Journal. doi:10.2139/ssrn.3375286

Bountourelis, T. (2011). Total Expected Discounted Reward MDPs: Value Iteration Algorithm. Wiley Encyclopedia of Operations Research and Management Science. doi:10.1002/9780470400531.eorms0908

Dufour, F., & Genadot, A. (2018). On the Expected Total Reward with Unbounded Returns for Markov Decision Processes. Applied Mathematics & Optimization. doi:10.1007/s00245-018-9533-6

Education & Training. (n.d.). Retrieved from https://www.geico.com/careers/about-geico/total-rewards-program/education-and-training/

Shortland, S. (2018). International assignment reward policies. The Routledge Companion to Reward Management, 309-318. doi:10.4324/9781315231709-32

Van Dijk, N. M., & Sladky, K. (2006). On the total reward variance for continuous-time Markov reward chains. Journal of Applied Probability, 43(04), 1044-1052. doi:10.1017/s0021900200002412