...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 Lakeya Lyle HRM 533 Dr. Lorna Thomas August 9, 2015 Create a brief overview of the company requirements for a total rewards system. The Allstate Corporation is the largest publicly held personal lines property and casualty insurer in America. Allstate was founded in 1931 and became a publicly traded company in 1993. They are listed on the New York Stock Exchange under the trading symbol ALL. Allstate is widely known through the "You're In Good Hands With Allstate" slogan. As of year-end 2014, Allstate had $108.5 billion in total assets. In 2014, Allstate was number 92 on the Fortune 500 list of largest companies in America. The Allstate Corporation encompasses more than 75,000 professionals made up of employees, agency owners and staff. Among Allstate's employees, 56 percent are women, and 33 percent are minorities. More than 42 percent of officers and managers are women and 22 percent are minorities. As a company with a diverse population of employees, agents and customers, Allstate embraces diversity in everything they do, not only the customers they serve and the communities in which they invest, but also the people they hire and the businesses they use as suppliers. It's a testament to the company's corporate citizenship and a sound business strategy. Allstate is reinventing protection and retirement to help approximately 16 million households insure what they have today and better prepare for tomorrow. There high performance work environment...
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...Performance Management System and Total Rewards Plan for WeaverTech Southern New Hampshire University OL 600 Strategic Human Resource Management INTRODUCTION Due to the acquisition of WeaverTech formally known as Johnson-Ware an apparel company by CVX Partners, a private equity firm, there arose a need for the company to change its line of business to high-end segment of the apparel industry (Beer & Swier, 2015). Before the acquisition of the company by the new owners, WeaverTech was a closely owned family entity that had been formed in 1905. Before the proposal to change the company customer base, the company exclusively relied on the military (70%) and security (30%) as the only customers for the company products. The need to change the company customer base from military and security to high-end performance clothing market apparently arose from the allure of the later market segment and the dwindling growth of the military and security market (Beer & Swier, 2015). In fact, at the end of the 2012 WeaverTech fiscal year, the company had dropped 12 places among the top 30 privately owned American entities. In addition, the departure of Jack Davidson a retired US Navy rear admiral, WeaverTech CEO from 1983 to 2012 as well as the end of the Afghanistan and Iraq wars meant that the traditional, market was no longer going to be reliable. Consequently, there was need to redesign the company customer base and take advantage of the high-end market...
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...Recruiting, Selection and Training Victoria Maddox Dr. Victor Villarreal Employee and Labor Relations HRM 534 August 10, 2014 About Costco Costco, a warehouse club, begin under the name Price Club in 1976 in California. The first warehouse club that opened up under the Costco name was in Seattle in 1983. Price Club was originally intended to for businesses only but realized very quickly they could make more profit by opening up to non-business people. Price Club and Costco joined together in 1993 with a name of PriceCostco and had 206 locations with revenue of $16 billion (Costco.com, n.d.). PriceCostco believes in saving their members money while offering quality products. It was renamed Costco in 1997 and now has revenue in excess of $64 billion. If their customers are not satisfied with their membership they can get a refund on it. The same goes for their merchandise; if they are not satisfied they can return the item and get a refund (Costco.com, n.d.). Costco has several levels of membership; executive, business and gold star. Membership cards can be purchased in store or online for $110, $55 and $55 respectfully. The only way to get the executive membership is to upgrade for $55 from business and gold star membership. Their product brand for the last twenty years is “Kirkland Signature.” Costco believes that the Kirkland Signature products should just as good as the brand name products that cost more (Costco.com, n.d.). Recruiting Efforts Effectiveness and...
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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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...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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...Hrm 533 Total Rewards Strategy Proposal 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 intends to build its collective success around a relationship in which the needs of itself and...
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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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...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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...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 currently maintains information on over 19 million customers, information the company uses to analyze, predict, and maximize each customer's value. One major reason for the company's success is Harrah's implementation of a service-oriented strategy. Total Rewards allows Harrah's to give every customer the appropriate...
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...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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... 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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...Compensation and Benefits Strategies Recommendations Dave Tauala, David Cosme, Luana Pa'ahana, Rolly Alvarado, Sharon Losalio HRM/531 May 28, 2014 Arlis Liu Compensation and Benefits Strategies Recommendations A competitive and affordable total rewards system will not be effective if potential employees do not know what benefits are available. Communication of the package is just as important as the package itself. Employees tend to perceive the value of competitive benefits as excessive costs versus value (Cascio, 2013). The intent in the design of compensation programs is to incorporate salary and benefits into a package that will achieve Landslide Limousines' organizational goals. The team from Atwood and Allen Consulting put together recommendations for a total rewards package for 25 employees with projected revenue of $50,000 for the first year and a 5% revenue growth over the next two years. Limousine Market Landslide Limousines is a new business entering the marketplace. According to Austin Ground Transportation (n.d.), there are more than 70 limousine services. Landslide Limousines will need to market their service comparable to other limousine businesses. Austin is a tourist destination known for its diverse shops, bars, and restaurants. With today's unpredictable economy, limousine services are feeling the pinch as shuttle buses are gaining more business (Breslow, 2014). Entering the market as a new company, the ability to pay employees will be constrained...
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