An Effective Total Rewards Program For Increase Profitability

Organizations that use a salesforce to help promote its business for increase profitability are challenged to develop a compensation plan that aligns the company’s overall goals. A sales compensation plan is more than a tactical focus, but it is a strategic focus for an organization to that enables the company to remain competitive in the business industry (Thoreson, 2014). State Farm was founded in 1922 by G.J. Merchele, as an auto insurance company. Today, it is one of the leading providers of insurance and financial services with more than 18,000 agents that serve almost 82 million policies and accounts all over the United States (Statefarm.com, 2015). State farm offers several employee incentive programs that allow small business owners to give back to its employees (Statefarm.com, 2015). In this paper, the author will describe the six features of an effective total rewards program that can contribute to motivating a sale force to produce a high number of clients. The auth or will describe the behaviors of the sales force that are targeted with the compensation plan. This paper will assess how a value proposition is achieved for current and future employees in the outlined plan. Lastly, the author will indicate how future salespeople may be attracted to this plan. Six features of an effective total rewards program The sales organization within a company may require the involvement of the HR department to ensure that the organization’s compensation plan is aligned withShow MoreRelatedTotal Rewards1512 Words   |  7 Pagesï » ¿Assignment 1 Geico Total Rewards Program Case Study 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 â€Å"Health and Well-Being†. Geico offers a variety of medical plans to their employees such as PPO’s, HMO’s, dentalRead MoreCase Study: Geico1428 Words   |  6 PagesDetermine 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. As communities continue to grow so does the diversity within those communities. With so many different people from all different walks of life enter the workforce, companies are seeing a huge increase in the diversity of their employees. It’s no longer just one particular group of people who are the drivingRead MoreEssay Geico Case Study1498 Words   |  6 PagesStudy : Geico 1 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. 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Even though the program is optional, members enjoy additional benefits that non-members doRead MoreTotal Rewards1191 Words   |  5 PagesRunning head: TOTAL REWARDS Total Rewards: Strategically Achieving Business Results Strayer University Abstract Total Rewards reflects what employees’ value from its employer. It focuses on five elements that attract, motivate, and retain the talent to achieve business goals. These elements are: Compensation, Benefits, Work- Life, Performance and Recognition and Development and Career Opportunities (WorldatWork, 2007, p. 4). This paper describes the five advantages of a total rewards approachRead MoreGeico1427 Words   |  6 PagesAssignment 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 optionRead MoreCompensation Program for Walt Disney Company1890 Words   |  7 PagesCompensation Program for Walt Disney Company: Walt Disney Company is an expanded global company with operations in four major business segments i.e. Studio Entertainment, Media Networks, Consumer Products and Parks and Resorts. The company has a workforce of more than 15,000 employees in more than 40 countries across the globe. In addition to having a huge workforce, the firm is largely renowned for its success and profitability in all its business segments on an annual basis. One of the most importantRead MoreCompensation And Benefits Of Employees921 Words   |  4 PagesInternet sales. Your company is steadily growing in revenue and profitability. 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The project scope of Title IV of theRead MoreBsa 310 Kudler Frequent Shopper Program1557 Words   |  7 Pages Kudler also desires to increase the consumer purchase cycle which they hope will result in an increase of both profitability as well as loyalty. Kudler s latest idea to increase its revenue is to implement a customer rewards program that will record customer purchases that will and allow them to monitor trends in purch asing that will allow to customize their purchasing to allow them to satisfy the customers better. Prior to implementing the customer rewards program, Kudler s will be forced