What Is Geico's Total Rewards Program
Assignment 1
CJ
HRM 533
Date: April 22, 2012
Geico Employees Insurance Company has been in existence since in 1936 and was founded
by Leo and Lillian Goodwin. Geico was established to provide auto insurance for governmental
employees in the entire United States. Geico was based on the idea the governmental employees
were safer and more financially dependable then the general public. With this way of thinking
Geico was able to cut out the middle man and saving the company money. Therefore, they were
able to pass these savings onto the customers, employees, and advertising.
Geico total rewards program aligns with the basic total rewards program that is
Compensation, Benefits, work-life, Performance …show more content…
These benefits are available to employees directly
after the first pay roll. Employees also have available to them short term, and long term disability
coverage as well physical fitness gym memberships and a discount to promote wellness.
The third facet of the total rewards program is Work-life, a specific setoff organizational
practices, policies, and programs plus a philosophy that actively supports efforts to help
employees achieve success at both work and home (Ruddy, 2007) important to any employee
especially to the ones that have families and are planning to have families. At Geico they prepare
for any leave that an employee will need. Anything from the need to take a vacation to the days
you’re just under the weather. Also they prepare for the dreaded jury duty to the emotional
challenges from a death of a family member or the new edition of a family member. But through
it all Geico is ready for those changes an employee can rest a assure that they have the support of
their company.
The fourth facet of the total reward framework is the Development and Career …show more content…
At Geico they see the importance of a valued education
as well as the constant need to develop and learn new ways to effectively do their job. So that’s
why Geico offers up to $5,200 dollars a year reimbursements to employees as well as for the
dependents for education. This $5,200 dollars will cover tuition, application fees, books and
other educational devices (N.A., 2012). Also Geico offers to its employees Geico University.
This is a training program that Geico set up to keep all the employees trained and ready for all
the changes in the industry while helping these employees grow personally.
The five facet of the total rewards program is Performance and Recognition. Performance a
component of organizational success, performance is assessed in order to understand what was
accomplished, and how it was accomplished. Recognition Acknowledges or gives special
attention to employees actions, efforts, behavior, or performance (Ruddy, 2007) Geico awards
their employees for a job well done keeping the moral up within the company. These awards
CJ
HRM 533
Date: April 22, 2012
Geico Employees Insurance Company has been in existence since in 1936 and was founded
by Leo and Lillian Goodwin. Geico was established to provide auto insurance for governmental
employees in the entire United States. Geico was based on the idea the governmental employees
were safer and more financially dependable then the general public. With this way of thinking
Geico was able to cut out the middle man and saving the company money. Therefore, they were
able to pass these savings onto the customers, employees, and advertising.
Geico total rewards program aligns with the basic total rewards program that is
Compensation, Benefits, work-life, Performance …show more content…
These benefits are available to employees directly
after the first pay roll. Employees also have available to them short term, and long term disability
coverage as well physical fitness gym memberships and a discount to promote wellness.
The third facet of the total rewards program is Work-life, a specific setoff organizational
practices, policies, and programs plus a philosophy that actively supports efforts to help
employees achieve success at both work and home (Ruddy, 2007) important to any employee
especially to the ones that have families and are planning to have families. At Geico they prepare
for any leave that an employee will need. Anything from the need to take a vacation to the days
you’re just under the weather. Also they prepare for the dreaded jury duty to the emotional
challenges from a death of a family member or the new edition of a family member. But through
it all Geico is ready for those changes an employee can rest a assure that they have the support of
their company.
The fourth facet of the total reward framework is the Development and Career …show more content…
At Geico they see the importance of a valued education
as well as the constant need to develop and learn new ways to effectively do their job. So that’s
why Geico offers up to $5,200 dollars a year reimbursements to employees as well as for the
dependents for education. This $5,200 dollars will cover tuition, application fees, books and
other educational devices (N.A., 2012). Also Geico offers to its employees Geico University.
This is a training program that Geico set up to keep all the employees trained and ready for all
the changes in the industry while helping these employees grow personally.
The five facet of the total rewards program is Performance and Recognition. Performance a
component of organizational success, performance is assessed in order to understand what was
accomplished, and how it was accomplished. Recognition Acknowledges or gives special
attention to employees actions, efforts, behavior, or performance (Ruddy, 2007) Geico awards
their employees for a job well done keeping the moral up within the company. These awards