Total Rewards Assignment

Total Rewards Assignment

Aflac Case Study

Company overview

The company Aflac was initially formed in the year 1955 and is now ranked as a Fortune 500 company. With over 4,500 employees, the company has operations spread out in the United States and Japan (Reed, 2009). It is not generally known to the public that the company's purpose is not just to act as a business holding company and provide services of a management company, but also to controls the processes of its subsidiaries by implementing management services and allowing the availability of capital. The main business of Aflac is to provide supplemental life and health insurance, which is marketed through its subsidiary named American Family Life Assurance Company of Columbus (Aflac).

Usage of the company's products and services to enhance total rewards for its employees

Aflac aims to provide its employees with the benefits that they require in order to retain them and at the same time, balance the company's cost, in order to ensure rapid growth. The company has many measure following this strategy, such as providing the products of Aflac to the employees at minimal or almost no cost, for example offering company-paid policy for cancer and life insurance paid by the company, as well as insurance for accident protection (Daigle, 2005). Not only that, the company uses ranks to promote the employees and has developed a leadership program in which courses are taught to employees. This helps employees manage their career and succeed further (Heneman, 2007).

Linking rewards to performance and strategy

Aflac links its reward programs to the performance of employees. If the employee performace is up to the mark then Aflac rewards them in various ways such as by: providing a supportive organizational culture and work environment that has an open-door philosophy of management, competitive salaries, recommedable benefits, recognized development classes, ample advancement opportunities, and recognition of productive employees throguh an annual Employee Appreciation Week (Aflac, 2012).

The strengths and weaknesses of the company and how it responds to these factors from a the perspective of total rewards

Strengths of the company

It is strength of the company that it values its employees to an extent that it has devised extensive programs for the purpose of their betterment and growth. Programs such as the “Volunteer of the Month” and “Employee Appreciation Week” allow employees to get recognition for their work well done (Daigle, 2005).

Weakness of the company

It is, however a weakness of the company that it recognizes social work but not the work done at workplace (Aflac, 2008). A “Contributor/Performer of the Month” program should be designed to recognize employees' efforts at the company.

The external opportunities and threats of the company and how it responds to these factors from a the perspective of total rewards

Oppurtunities

Aflac seeks opportunity in providing benefits in a manner that is cost-effective, which can ensure provision of proper employee service. It pays 100% of the employee premium for its remarkable cancer insurance, which also conforms to the company's commitments of philanthropy, and positions it as a ...