Aflac Inc.: Rewards and Performance Practices
Are these acknowledgement well deserved? Is Aflac really all its quacked up to be? Judging from the research, it appears to very will be. Current Reward Structure Type of structure “Since its beginning, AFLAC has believed that the best way to succeed in our business is to value people. Treating employee with care, dignity, fairness are founding principles. ” The company shows their appreciation by way of events, bonuses and added services throughout the year.
Dan Amos, AFLAC chairman and CEO was quoted saying,” Give your employees everything they need to succeed and they will give everything they can to help the business succeed . This ties in well with the company’s philosophy. In this aspect AFLAC holds true to its word. Aflac’s reward performances, team performances, and organizational performances. Various sales goals are set and targeted to various levels and departments of the company, each with its own reward on completion. AFLAC also has certain rewards that allows for multiple or combination reward systems.
For example, a sales representative may be placed on a salary increase system which rewards them for their individual performance, while at the same time his or her division or plant can also receive a onus based on divisional performance . The incentives that AFLAC offers are both monetary rewards as well as non-monetary rewards each with a list of opportunities for employees to take advantage of. AFLAC believes in always motivating its employees to achieve their goals on a daily, weekly, and monthly basis. Pat Patterson, manager of employee communication for AFLAC, states that,” It’s continuing and ongoing.
Employees have to know that daily, not Just once a year that we think theyre significant. It wouldn’t be worth anything if once a year were the only time . ” Monetary Rewards Research shows that monetary reward programs play a big part in attracting and retaining top-performing employees . Items such as base salary, short and long-term incentives, health, welfare, and retirement benefits are all items that AFLAC offers its employees. In addition to these, there are also several incentive awards and contest available to AFLAC employees that offer monetary rewards based off of performance.
However, AFLAC also offers monetary rewards based off of service. For example, AFLAC Way Honors is a recognition program that is tied to the company’s 15 basics of customer service . This is a program where colleagues are encouraged to nominate other colleagues based off of that colleagues use and understanding of the 15 basics redeemed for merchandise. Another program known as, The Spot Award, allows managers the opportunity to reward employees who they see extending him or herself beyond the normal concerning helping a customer or colleague.
The Spot Award along with a pair of idea suggestion programs offers a variety of rewards ranging from stock options to days off to up to $1 ,500 cash Oakobson). There are also straight incentive programs that consist of thousands of contests at the state, district, nd regional levels. These programs uses merchandise awards to incentivize district sales coordinators to hit a variety of weekly goals revolving around high recruiting, retention and production rates . Non-monetary Non-monetary rewards are typically rewards that have non-cash recognition.
These rewards can come in the form of training and development, having a flexible work environment, flexible working schedule, or a casual dress code. Being recognized and awarded perks such the employee of the month awards, special parking, or boss for a day, are all non-monetary rewards that many companies offer. Non-monetary rewards are good for creating informal and good-natured workplace environment is vital to motivating employees. Some of AFLAC’s most noted forms of non-monetary incentives begin with the benefits that are offered to its employees.
Excluding the federally mandated, AFLAC offers excellent health care benefits such as dental insurance, short/long term disability, life insurance, cancer insurance, hospital intensive care, accident insurance, and 401 (k) plan. The company also has an education assistance program, one of the largest onsite daycare facilities in Georgia, mployee stock purchase plan, and flexible spending accounts. AFLAC is also well known for its annual employee appreciation week.
This is considered the biggest and most visible component of AFLAC’s incentive programs for its corporate employees . This week consist of a week filled with daily prizes and drawings, family outings, free eats, festivities, and peer recognition. This week is also when the company acknowledges workers who have been with the company for long stents of time. Known as the length of service award program, employees who qualify or an award are given either a diamond necklace, rings, and other merchandise for those who has been with the company for five years, ten years, and longer .