...* Financial Rewards at MetLife Alico * Presented by : * * Outline I. Introduction Overview of the Insurance Industry Company Profile I. Motivation General Overview Financial Rewards II. Financial Rewards at MetLife Alico III. Analysis of findings IV. Conclusions and Recommendations V. Appendix I- Introduction * Introduction The Insurance Industry in Lebanon * Open & liberal market * 60 insurance companies * Top 10 companies account for 60% of total premiums * Gross premiums per operating company have improved between 1997 and 2002 * Introduction * Life insurance sector is very developed relative to other Arab countries * Top 5 insurance companies: 1. - Arope Insurance 2. - Mednet Liban 3. - Libano- Suisse 4. - MedGulf 5. - MetLife Alico * Introduction Alico’s Profile: * American Life Insurance Company (Alico) is one of the largest leading insurance companies in the world * 1921: Established in Shanghai – China * 1960’s: Moved to Wilmmengtion- Delaware * 1980`s: Operating in Latin America , Middle East and Europe * Aim: “for market leadership and profitable growth, employing local talent and empowering individuals to perform at very high levels.” * Introduction Alico in Lebanon : * Leading life insurance company since 1953 * Main office...
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...Motivation in the workplace: using the right financial reward system in Indonesian public sector INTRODUCTION Indonesia is one the most populous nation in the world, which happen to sit in one the most dynamic region between Australia and Asian industrial countries like Japan, China and South Korea. With Asia and Australia nearby, Indonesia is trying to leverage its strategic position by building its economic capacity. As commonly seen in developing country, Indonesia’s public sector is seen as inadequately equipped to bolster development in Indonesia. As a way to increase its economic development, Indonesian government decided to initiate bureaucratic reform for its public employee. This bureaucratic reform is intended to improve public service, which is plagued by corruption (Wihantoro et al. 2015). It is expected that the improvement of public sector could lead to better service and good governance which in turn would improve people’s satisfaction. Despite the effort by the government of Indonesia, public service in Indonesian remains mediocre at best and there are still a lot of room for improvement in Indonesian public sector. Traditionally the pay structure for civil servant in Indonesia is using membership-based and seniority based rewards, which does not lend itself well into motivating high performing employee. The bureaucratic reform then introduced the concept of job status-based rewards combined with seniority-based rewards in which civil servant still received regular...
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...2 Background 2 2.0 Motivation 2 2.1 Definition of Motivation 2 2.2 Theories of Motivation 3 3.0 Reward System in Organizations 3 4.0 Types of pay Scheme’s 4 4.1 Payment by Result 4 4.2 Skills-based pay 4 4.3 Profit sharing 4 4.4 Performance-related pay 5 5.0 Discussion 5 6.0 Empirical Study 6 6.1 Volvo Current Reward System 6 6.2 Employee and Mangers View of Reward system in Volvo 7 7.0 Empirical Study 2 7 8.0 Conclusion 7 9.0 References 8 10.0 Appendix Page 9 1.0 Introduction 1.1 Research question Today an organizations result is highly dependent on the employees work motivation. It therefore becomes important for a company to find out what motivates its employees so that it can plan a suitable reward system and gain better results. The right and adequate combination of immaterial and material rewards can boost up an employees work motivation and enhance their commitment to the company. The aim of this documentation is to investigate and analyze how well a reward system helps generate employee motivation. More specifically it aims, to conclude that a financial reward is not an effective implementation to increasing employee motivation 1.2 Background A well designed and functional reward system is an efficient way to increase employee work motivation. The appropriate type of reward is developed in accordance to the company’s reward philosophy, strategies and policy, however, it might be challenging to find the right way to combine the...
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...portfolio will be much more than just product improvements, and will include better business models, customer service improvements, as well as continuous process improvements. In my dream company management team will consider needs and interests in all conected with organization,not only those who have directly financial relations with company profit. Namely: employees, suppliers, customers, competitors, government agencies, clams, public entities and others. In my ideal company, all decisions made by owners are reasonable business decision. This decisions work for the good of everyone in the company and respond positively to those following: they are the only ones alternatively, are fair to all concerned, will create goodwill in the organization. Ideal company is one which gives its employees the opportunity to develop creative approaches in order to increase the profitability of the business while working towards the prosperity of society. Not only does an employee expect monetary rewards from an organization but also recognition for their hard work. Also, I dream to work in such an organization where the organization takes into consideration their work and reward them for it. My ideal company has to have a very comprehensive compensation package. I believe that those individuals that produce extra – ordinary results and are terrific ambassadors of company culture should be rewarded accordingly. These individuals are the most valuable assets of the...
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...portfolio will be much more than just product improvements, and will include better business models, customer service improvements, as well as continuous process improvements. In my dream company management team will consider needs and interests in all conected with organization,not only those who have directly financial relations with company profit. Namely: employees, suppliers, customers, competitors, government agencies, clams, public entities and others. In my ideal company, all decisions made by owners are reasonable business decision. This decisions work for the good of everyone in the company and respond positively to those following: they are the only ones alternatively, are fair to all concerned, will create goodwill in the organization. Ideal company is one which gives its employees the opportunity to develop creative approaches in order to increase the profitability of the business while working towards the prosperity of society. Not only does an employee expect monetary rewards from an organization but also recognition for their hard work. Also, I dream to work in such an organization where the organization takes into consideration their work and reward them for it. My ideal company has to have a very comprehensive compensation package. I believe that those individuals that produce extra – ordinary results and are terrific ambassadors of company culture should be rewarded accordingly. These individuals are the most valuable assets of the...
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...Resources Management Prof. X February 19, 2012 Xcel Energy Pays for Employees Who Excel In an effort to generate high performance, Xcel Energy implemented a reward program that paid employees who submitted useful suggestions. Unfortunately, no one thought to evaluate and measure the benefits these useful ideas had to the overall mission and vision of the company. Xcel decided that merit pay can support the company’s strategy better than paying for suggestions. Have they arrived at the best conclusion? What can Xcel do to incite favorable submissions that are parallel with the company’s strategy and have a positive response from employees? It may be in Xcel’s best interest to hire a consultant to make suggestions that would ensure merit pay is an effective incentive program. Merit Pay vs. Payment for Suggestions A merit pay system would be a better option for Xcel as oppose to paying employees for ideas. The merit pay system gives the highest pay to the best performer which is still in line with the company’s goal to link rewards to performance. Additionally, it doesn’t limit employees to developing favorable concepts for the company. Employees that excel above their job description are rewarded and their excellent performance serves an example to other employees that the company rewards their top performers. Paying for suggestions was not a bad idea it’s the lack of evaluating the idea and how compatible it is to the company’s strategy is where is went...
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...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. The Facets of the Geico total rewards program that aligns with the five top advantages of a total rewards program that is outlined in chapter 2 of the textbook is time off and leave, Geico’s total rewards program’s package, associate assistance program (AAP), family and life benefits, and health and wellbeing program. Chapter 2 in the WorldatWork Handbook of Compensation, Benefits & Total Rewards has increased flexibility listed as one of the top five advantages of a total rewards approach. Geico’s time off and leave, and family and life programs are aligned with the increased flexibility approach in that they allow their employees paid vacation and holidays, sick and leave time, dependent care FSA, adoption assistance, long-term care insurance plan, and associate assistance program (AAP), which includes three phone and/or in-person counseling sessions at no cost. The family and life benefits include: work-life balance programs, "baby welcome" program; day care and elder care referrals, counseling for stress, anxiety and depression, and financial counseling, aid during crisis situations and legal consultation. Geico realizes that their employees need time off and programs to help make their work-life experience a little easier as in having a balance between the two (WorldatWork, 2007). Geico’s total rewards program...
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...are cut. This can be achieved by conducting a survey. By asking what's most important to each person, and analyzing the information gathered, the decision process becomes somewhat easier for management. By giving the employees a choice of which perks stays, and which perks are cut, the employees have a chance to analyze which are more beneficial to their overall morale, and which are of little significance to them. To benefit the overall financial standing of the company, in an already damaged economy, I would cut free lunch, massages, beach house access, and the $1,000 bonus. Massages could be budgeted as “special bonus” or reward to individuals with the highest productivity or accuracy percentages, on a quarterly or semi-quarterly basis. Other rewards or incentives, such as gift cards, thank you cards, or an occasional a free lunch to individuals whom show improvement in their levels, are less expensive and could be budgeted accordingly. An effective manager would want to develop a comprehensive program to reward and recognize employees whom deliver and possess the following attributes: self-leading, exceptional customer service, driving a high performance culture, and demonstrating teamwork while always having a positive attitude. I would...
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...I am very excited to choose the Social Power theory of Raven to be the subject for my thought paper. In the following, I will focus on the Legitimacy of reciprocity and discuss it from my personal experience. The law of reciprocity is defined as- the norm that we should repay those who help us. In other words, it implies that- I did that for you, so you should feel obligated to do this for me(Gouldner,1960). In Taiwan, one of our most successful entrepreneurs, Samuel Yin, is indeed a master of the reciprocity law. Being the chairman of Ruentex Financial Group, Samuel is ranked #500 in Forbes 2014. I always remember his motto:“The more goodwill we carry, the more karmic reward we will have”. At this time, most Taiwanese businessman in china invests plenty amount of money to circulate the governors for their business. However, Samuel’s attitude toward cultivating network in china led him to a much higher altitude and even more rewards. Back in 1989, realizing China’s insufficiency in higher education, Samuel donated 10 million USD to establish the best business school in China, Guanghua School of Management of Peking University. Moreover, there are more than 100,000 outstanding students in China’s top universities have received his scholarship before. Nowadays, most of them play an important role in the government or local business in China, and they still remember the sponsor from Samuel when they were poor and in need. According to the common wealth magazine: “RT-Mart in China...
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...perform well in their studies, financial incentives has been given to students who perform well. From a different perspective, some people said that giving financial incentives to students is a bribes, as stated by (Quinonez.N, n.d) giving money to the students they might think of it as the bribes and they can go morally wrong. However, there are more benefits by giving financial incentives to students such as financial rewards to boost performance, encourage students to work harder and a self-reward. Normality human like to receive rewards because as stated by (Harms.W, 2012) it can help them to boost their performance and also increase their effort to score in education. The prospect by giving rewards to students who perform well can created a stronger desire to be constant in their education plus their possibility to receive a reward nor trophies. A students score in his first semester in college and then he was rewarded with a financial incentives, because of the reward the student will keep up with his good performance in his studies. Thus, financial incentives can work as a booster to the students to keep their good progress in education. In addition, giving financial incentives also can help students who perform well in education to encourage the students to get good grades. As stated by (Cameron, 2011) financial incentives can help the students to increase their initiative to achieve well in their education or examination in collage. Financial incentives it can also be used...
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...Reward and Recognition Blue Group Liz Crane Mark Glover Annice Lappin Tim Rowler Adele Vesty The Strategic Human Resource Management strategy that we will be focussing on for this presentation is ‘Reward and Recognition’. The award winning organisation that we have researched is Schweppes Australia, winner of the 2014 Australian HR award for the Best Reward and Recognition strategy, sponsored by Solterbeck. The format of our presentation will be to: 1. define the key terms, 2. present the research and literature focussing on both corporate and not for profit organisations 3. outline the award, 4. compare and contrast the award with the research of best practice of reward and recognition. 5. conclude with the benefits and limitations and alternatives of this Strategic Human Resource Management practice. Definition For the purposes of this presentation we have used the MIT Human Resources Division definition being, “The purpose of an employee recognition program is to recognize and reward work and behaviors that support/further the mission, goals, values and initiatives (of the organisation).” While Liz Prudden of San Diego State University separates this into two main categories, “The two types of reward and recognition are easily distinguishable: Monetary, receiving dollar incentives for performance and Non Monetary (NMR), various forms of "soft" recognition. Formal and Spontaneous are additional distinctions of Reward and Recognition” ...
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...First off, we are creatures. We are animals. We're very sophisticated and good-looking and all that, but let's never forget that we're made of flesh and blood. In particular, our brains are incredibly complex evolved machines. Our brains govern basic processes such as breathing and food intake, and also enable us to appreciate the finer points of John Cleese's performances in Fawlty Towers. As creatures, we have needs. We need to eat, and so we eat. As rather intelligent and social creatures, we like to chat with one another, and so we do. We take turns and finish our conversations gracefully. And there are dozens and dozens more behaviors that are just as complicated, if not more so. How on Earth do we get all of this done? That's where habits come in. Habits help us through our day. When we are doing something that is habitual, we are not engaged in the task in the same way as when we are doing something that is not habitual. Just as an example, consider making breakfast in your own kitchen on any given weekday. Next time you do it, watch how effortlessly it happens. It's not exactly like an out-of-body experience, but it's close. Your movements through the kitchen are stereotyped. You grab the milk out of the fridge, turn toward the counter and give the door that little nudge you with your foot that you know it needs. If something is on your mind, you might not notice that you're sitting at the table and munching on your second piece of toast until you're halfway through it...
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...material to produce with a time period people can distinguish the original and pirated. Therefore, Dr.Martens should using this for sales promotional tools to promote their shoes, FIRST that other brands do not have this kind of service; SECOND easy to defeat those pirated products to imitate Dr.Martens design. 2. Lucky Draw Lucky draw is the simple way to attract people attention but the important part is the reward of the lucky draw. Dr.Martens can provide the 1st place a pair of special design shoes that the design is not selling at all. When the reward was attractive, Dr.Martens should set the condition of the lucky draw. The condition of lucky draw can be buy over RM1000 can get 2 name card for lucky draw. However, Dr.Martens normal price is between RM500-RM600, people may find friend to buy together or buy over RM1000 by himself because of the special design shoes of lucky draw. The name card will fill up the customer personally information. While the lucky draw result is out, Dr.Martens will contact or email to the ‘lucky guy’ to come over and take the reward. 3. Member Card - Birthday’s Present Register a member card of Dr.Martens it only cost RM10 and it got a lot of benefit to customer. To those who are consumer of Dr.Martens...
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...Jan. 28th, 2015 Sociology Tuskegee Syphilis Study Response It was not hard to find ethical violations in the Tuskegee Syphilis Study. The doctors of this study broke all four of the standard ethical rules. For example, by not curing the victim’s syphilis or even diagnosing it, they were broke rule number one. Do no harm, but this was only the first of many violations. Not only did they not tell the victims, they decided to do a case study on syphilis progression. They did this without informing their “patients”, but also without any voluntary participation. This counts as two violations because to do any study, the subject needs to be a volunteer and they also need to be fully informed of the risks involved and why it is being studied. This is known as voluntary participation and informed consent. In fact, these doctors committed two more violations by luring the test subjects to the clinic under false pretenses. Most subjects were convinced that they were participating in a public health demonstration. This violated the “informed consent” rule and the “do no harm rule”. By not informing the patients of the real goal of their participation, the subjects were brought to the clinic under false pretenses. They purposely manipulated their patients which is how they broke the “do no harm” rule. By allowing this to go on for so long, they infected several of the subject’s wives and many children were born with congenital syphilis. This is an ethical violation of protecting the...
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...Assignment 1 – Netflix Personalizes the Customer’s Experience 1) I believe that these types of deals can be beneficial to Netflix because it gives their customers more streaming content, which is ultimately what they want. Netflix saw an opportunity in the customer dissatisfaction from Blockbuster. So I believe more streaming content equals happy customers. The 28 day delay shouldn’t be a threat to Netflix because the gain is higher. As a customer myself, 28 days isn’t a long time. People are used to waiting months before a movie goes from theatres to DVD. More options can also lead to more subscriptions from different types of people. Although these types of deals appear to be risky, the reward is much greater. Companies should take risks to figure out what works best for them. 2) Netflix should charge for streaming content because of the convenience they offer. No late fees, no commercials, no commitment and a large variety. Netflix currently charges $7.99 a month and gives you the option of a one month free trial before creating an account. The price alone attracts people because at Blockbuster you have to worry about late fees. Not to mention, renting three movies there can equal a one month fee with Netflix. 3) Some potential problems Netflix could face in the future are that Blockbuster is trying to imitate how they operate. Not only that but they can easily come up with something new and better. Netflix can also face competition with cable and satellite companies...
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