...According to the Society for Human Resource Management, “The right total rewards system—a blend of monetary and nonmonetary rewards offered to employees—can generate valuable business results” (Heneman 1). This paper will explore how successful total rewards management systems and the correct implementation of it allowed two top companies achieve success. Total rewards management as we know it “encompasses not only compensation and benefits but also personal and professional growth opportunities and a motivating work environment” (Heneman 3). Hoovers.com states that internet search engine giant, Google, historically reports year-after-year revenue and net income growth. The total rewards management system is world renowned and the successful implementation of it is reflected in Google’s financial reports and consistent awards and recognition. The second company under the scope is US based retailer Costco which sells a variety of products from household appliances to bedding and groceries (Datamonitor.com). Costco Wholesale Corporation is often held up as a retailer that does it right, paying well and offering generous benefits according to Ann Zimmerman in her article Costco’s Dilemma: Is Treating Employees Well Unacceptable for a Public-Traded Corporation (Wall Street Journal). The conclusion will be drawn that both Google and Costco’s are leaders in both of their total reward management strategies and the implementation of it. But how? How did Google and Costco get to...
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... Advantages to a Total Rewards Approach There are several advantages to using a total rewards approach to compensating the workforce. The top five are described in the text (pp. 15—17). The following paragraphs discuss the facets of the Geico total rewards program that align with these advantages: The first facet is Increased Flexibility. A total rewards approach, which combines transactional and relational awards, offers tremendous flexibility because it allows awards to be mixed and remixed to meet the different emotional and motivational needs of employees. Flexibility is a two way street. Both employers and employees want more of it. As the importance of flexibility has become more understood, more companies are allowing employees to determine when they work, where they work, and how they work. Total rewards recognizes that employees want and in many instances demand, the ability to integrate their lifestyle and their work. (WorldatWork, (2007). Geico cares about their employees’ life, now and in the years to come. Their total rewards approach offers several flexible plans for their employees. As a full-time GEICO associate, they are offered a competitive and comprehensive Total Rewards Program. It includes a variety of options to preserve their health and well-being, build wealth, secure their financial future, and enjoy more out of life. The second facet is improved recruitment and retention. A total rewards strategy is critical to addressing...
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...Total Rewards Systems Proposal Your Name here Name of the University Instructor Name here HRM 533- Total Rewards Date Abstract This paper is provided to create, organize, and manage a total rewards program for an insurance company. First, it indicates the requirement of a total rewards system for the company. Then, it formulates a competitive strategy and explains it. Since the communication of a strategy is as important as the strategy itself, the paper includes a communication plan of the strategy. And last but not least it studies devising a competitive pay structure. 1. Create a brief overview of the company requirements for a total rewards system. Company A is a holding company that provides financial protection, insurance and asset management services that employs 20,000 employees in 17 different countries in Europe, North America and Asia Pacific (The Datamonitor Group, 2011). There are 2,000 management-level individuals who speak a variety of languages. The company employs diverse individuals who are governed by multiple regulatory environments. Company A’s business finds its primary source of strength in human competencies. The company believes in the power of talented and dedicated employees to make difference on the quality of the service delivered at the market. The company aims at gaining the preference of its customers and shareholders as well as its employees. Because the employees are at the core of purpose, the company...
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...Total Rewards System Proposal: Managing a total rewards program Create a brief overview of the company requirements for a total rewards system. Herizon is the largest telecommunications and broadband companies in the United States. We employ 20,000 employees in 17 different countries. We have a very diverse workforce with 2,000 management-level individuals who speak a variety of languages. We at Herizon believe having the right talent, at the right cost is what keeps our company striving. Our total rewards program delivers values that attract, retain and engage a mixture of talent across the globe while maintain a solid value for cost. As a leading telecommunications company we take pride in not only serving our customers but, our employees too. This is why we take great pride in our total rewards program. We want to make sure that we attract the best to work for our company, by offering the best. Our total rewards system is geared towards all of our employees. We have structured a program that will meet the needs of everyone, our total rewards program offers diversity. We have developed a plan that will offer great compensation, along with career development, retirement planning, profit sharing, and work life balance. We want our employees to know that we are a one stop shop. Our total rewards program is geared to keep our employees and to grow them within our organization. We care about your future and we take pride in knowing that our people are taken care...
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...I. Company requirements for a total rewards system A total rewards system development is part art and part science that begins with a purpose and objective that encompasses the business' values and strategies. This service-based company is spread out over different geographical regions and different employee levels and structure. Therefore, it is even more important that the company aligns the purpose of this total rewards system to what the company is aiming at accomplishing. The most basic elements of a total rewards system are the compensation, benefits, work-life balance, performance and recognition, and personal and career development (World at Work, 2007). The total rewards system/program needs to offer all of these components in order to be considered “total”. For a total rewards system in such a company environment, the system has to be flexible and take into account the diversity of the company. With so many employees in so many different countries, it is important to consider the needs of these diverse peoples and how they can change from region to region and ethnicity to ethnicity. The company will also have to analyze its strategy competiveness in many different markets, so it will be required to perform many types of job analyses and surveys in order to properly determine this. For a service-based company, it is important to create clearly defined benchmarks and goals, while tied to company goals, are easily understood so that all of the multinational...
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...Write a five to seven (5-7) page paper in which you: 1. Determine which facets of the 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. 2. Create a strategy for ensuring that the Geico plan addresses all of the advantages. 3. Evaluate the effectiveness of the communication of Geico’s total rewards program based upon the Website’s descriptions of the benefits. Recommend two (2) areas for improvement. 4. Assuming employees are unhappy with the current plan, offer two (2) improvements or changes to Geico’s total rewards program. 5. Use at least five (5) quality academic resources in this assignment. Note: Wikipedia and other Websites do not quality as academic resources. Your assignment must follow these formatting requirements: • Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. • Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length. Geico Case Study Assignment # 1 Your Name here University Name here Instructor Name here HRM533 Date Geico Employees Insurance Company has been in existence since in 1936...
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...Geico Ivy Cuttino Strayer University Dr. Judie Bucholz Hrm533- Total Rewards January 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 “agents” saving money the company money. So they were able to pass these saving onto the customers, employees, and advertising. Geico total rewards program aligns with the basic total rewards program that is Compensation, Benefits, Work-Life, Performance & Recognition, and Development & Career Opportunities. This set up was designed and implemented to mirror how the government was operating. The way Geico was structure it developed and promoted internally. They used this technique at Geico to develop well knowledgeable employees as well as maintaining a low employee turnover ratio. These principles help develop the company that people see today. Determine which facets of the Geico total rewards program align with the five (5) top advantages to a total rewards outlined in Chapter 2 of the textbook and discuss your reasoning. The first facet when reviewing Geico compensation scale and comparing it to its competitors. Geico salaries are competitive to...
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...Assignment 1 Name: Jolene Grof For Dr. Larry Byrd HRM533 Date: April 25, 2014 Geico Advantages to a Total Rewards Approach There are several advantages to using a total rewards approach to compensating the workforce. The top five are described in the text. The following paragraphs discuss the facets of the Geico total rewards program that align with these advantages: The first facet is increased flexibility. Gieco offers full-time employees the option to choose their medical plan from a variety of plans. The company also has a dental plan that will pay out benefits to any dentist in the country. This provides employees with great flexibility in choosing the right dentist for their needs. The company not only has fitness centers at many locations but sometimes will offer employees discounted gym memberships at local establishments. This helps an employee choose a place that is comfortable (which could influence how often the person goes to the gym). The second facet is improved recruitment and retention. In providing some great benefits Geico hopes to find the right workers and ones that will stay with the company for the long haul. Employees are looking for balance when it comes to their work and life. This is one of the benefits of working for Geico. The company offers programs that can help employees juggle work and their outside of work lives and if employees are looking for this it is a great way to attract and keep...
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...12/6/2011 Barcenas|Bathan|Erum|Joseco|Pragacha|Rara|Ricafrente|Rivera | BA 170 Group 2 | Harrah’s Entertainment: Hitting the crm Jackpot | BA 170 Group 2 | Harrah’s Entertainment: Hitting the crm Jackpot | Harrah’s Entertainment Inc: Come out and Play In 1931, the casino gaming was legalized in Nevada and has become a socially acceptable form of recreational entertainment, thus, proliferation of casinos followed. In the early period of the industry, religious settlers felt that gambling was immoral which gambling was unacceptable for churches. But over the last decades, the popularity of gaming/casino industry has risen to new heights as casinos were forced to continuously change, renew, and rejuvenate themselves in order to survive in the industry. According to research, the US gambling industry consists of about 500 casinos, about 400 Indian casinos and bingo halls, and lotteries in about 40 states with combined annual revenue of about $80 billion. Today, the major players of the industry include Harrah’s Entertainment, MGM Resorts, and Boyd Gaming. The Gaming Industry To help us assess and have an in-depth understanding of this particular industry, Porter’s Five Forces Analysis is utilized: The threat of entry poses low pressure on the industry due to high barriers to entry. Government regulations and the large amount of capital requirement create barriers to new firms. The presence of close substitute products or services brings...
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...White Paper: An Analysis of Harrah’s Total Rewards Players Rewards Program © 2006 Gaming Market Advisors December 2006 Prepared by Gaming Market Advisors 330 E. Warm Springs Rd Las Vegas, NV 89119 4340 E. Kentucky Ave. Suite 311 Denver, CO 8024 Table of Contents I. SUMMARY OF FINDINGS............................................................................................................................................1 II. PROJECT OVERVIEW..................................................................................................................................................4 Methodology ........................................................................................................................................................4 III. TOTAL REWARD PROGRAM OVERVIEW ..................................................................................................................5 Tiers and Tier Credits ............................................................................................................................................5 Reward Credits .....................................................................................................................................................7 IV. TOTAL REWARDS MARKETING STRATEGY .............................................................................................................11 V. TOTAL REWARDS TIER BENEFITS...................................................
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...The large investment made by Harrah's Entertainment Inc. in its information technology strategy has been tremendously successful. The results of Harrah's investment include: 10-percent annual increase in customer visits. 33-percent increase in gross market revenue. Yearly profits of over $239 million. Highest three-year ROI (return on investment) in the industry. A network that links over 42,000 gaming machines in 26 casinos across 12 states. Rated number six of the 100 best places to work in IT for 2003 by ComputerWorld magazine. Recipient of 2000 Leadership in Data Warehousing Award from the Data Warehousing Institute (TDWI), the premier association for data warehousing. The casino industry is highly competitive (rivalry among existing competitors is fierce). Bill Harrah was a man ahead of his time when he opened his first bingo parlor in 1937 with the commitment of getting to know each one of his customers. In 1984, Phil Satre, president and CEO of Harrah's, continued that commitment to customers. In search of its competitive advantage, Harrah's invested in an enterprisewide technology infrastructure to maintain Bill Harrah's original conviction: "Serve your customers well and they will be loyal." Harrah's Commitment to Customers Harrah's recently implemented its patented Total Hewards' program to help build strong relationships with its customers. The program rewards customers for their loyalty by tracking their gaming habits across its 26 properties and...
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...Total Rewards System Proposal Shawn Tillman Strayer University HRM533 Total Rewards Dr. Carla Henryhand February 19, 2012 Total Rewards System Proposal 2 Total Rewards System Proposal More and more companies are realizing they get better performance from engaged and connected employees. Many are rethinking their employee strategies. They are developing new ways to identify, engage and retain the right workforce to deliver the corporate growth agenda. The total rewards strategies these organizations are adopting reflect changes to the nature of work and employee expectations. Employers have recognized that employee engagement affects the bottom line. Where rewards programs needs to be changed, and employers are taking advantage of new technology to access better information to support HR decision making. Total rewards strategy is a plan for allocating reward resources in a manner that directs the business to the successful execution of the company objectives. There are three main factors involved in developing and managing a total rewards plan: 1. A thorough understanding of the total value of all of an organizations rewards elements. 2. Its stated market competitive objectives. 3. The strategic allocation and distribution of money, and the delivery of specific and deliberate expressions to employees about what a company values and their...
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...Harrah’s Entertainment Inc. February 7, 2011 The goal of introducing the Gainsharing program was to increase employee motivation so they provide outstanding customer service. The differentiating factor in regaining and keeping bigger market share was through customer satisfaction. The Gainsharing program was effective in increasing both customer satisfaction and employee loyalty. Turnover went down from 70% to 50% in one year. It also proved to be an effective motivator to the food and beverage department of Harrah’s Las Vegas. Another great feature of this program was that it wasn’t tied to the financial performance of the company and the payout would be paid regardless of operating income results. Despite its positive features, the program had some drawbacks. The objectives that needed to be achieved in order to receive the gainsharing program’s bonus were not properly fine tuned. This led to situations where teams at most properties had missed their payout just by a small margin, leading to a feeling of let down. Also, the profits were not where they should be and the economy was dragging. Most employees were thankful to have jobs let alone bonus pay outs. The feature of getting a pay out regardless of financial performance was proving to be disadvantageous to the company. The incentive plan had cost $16 million in the previous year, and that felt like an especially big number now that revenues were dropping off because of broader economic conditions. Lastly...
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...Abstract The purpose of this paper is to determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. Then, it explains how innovative benefits could be tied to specific jobs. After that, it critiques the effectiveness of equity-based rewards systems versus those with more creative approaches and discusses the key elements of integrating innovation into a traditional total rewards program. And last, it recommends a process that optimizes an employee-based suggestion program to continually refresh the total rewards of the organization. 1. Determine how innovations in employee benefits can improve the overall competitive compensation strategy of the organization. In this century, every dimension of life changes so fast. In unison, the way of companies doing business, personal lives of employees and employers, and working environments change, too. To stay in the business, companies need to comply with these changes. Employees have changeable needs and companies need to make employees keep working with their comprehensive benefits. They must find innovative ways of engaging employees that encourage and support their commitment and improve their performance. Otherwise they will be out of the race. Also, in this century, in workplaces the diversity of workforce increases. Companies must understand and address the diverse needs of their workforce to survive, thrive, and stay competitive. For example...
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...HRM533 Date: (Today’s date) (Title) Organization Overview This paper will discuss the total rewards program for (Name of the Company, real or otherwise). This company is (Complete this paragraph briefly describing the multinational company and its requirements/needs for a total rewards system. You should remember that this company is diverse and in multiple countries.) Total Rewards Strategy In order to meet the HR needs of this company, HR must accomplish the elements discussed in the succeeding paragraphs that address the fundamentals of this type of total rewards system while complying with the regulatory environments. (See pages 24—27 for strategy development. Check the index in the back of the book for Compensation regulatory programs to get an idea of the regulatory environments. A strategy is a roadmap, so in the following paragraphs layout the steps that HR should take to meet these requirements.) The first element is (Complete the paragraph stating the first thing HR needs to do.) The second element is (Complete the paragraph stating the next thing HR needs to do.) (Continue writing paragraphs with this beginning until you have fully explained the elements that must be accomplished by the compensation system.) System Advantages There are several advantages to this total rewards system as described above, and they are discussed in the succeeding paragraphs. The first advantage is (Complete...
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