Think about the internal strengths and weaknesses of the company. How, if at all, did the firm respond to these factors from a total rewards perspective?
Aflac presents with a lot of strengths, including its wide range of products, a strong financial position, and its large skilled workforce, among others ( Bryne, 2018) . From a total rewards point of view, the main strengths include an excellent employer-employee relationship, a great organizational culture whereby employees are recognized and awarded for volunteering in the community, a competent workforce, and generally, a remarkable total rewards program. The organization has done well to maximize and benefit from its strengths by basically focusing on its employees. After all, it is the employees who carry out most of the operations of any organization. Employees are involved in both production and distribution and are the ones who deal with the customers. The organization keeps a good relationship with employees through its total rewards programs, which assesses employee needs, measure them through outcomes, and presents employees with precisely what they need ( White, 2019) . The company also helps within the community by allowing employees to carry out volunteer programs, after which they receive awards. Through dedication to treating its employees with dignity and fairness, the organization has done well to ensure its keeps and attracts more competent employees.
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The weaknesses, from a total rewards point of view, include the decision-making structure and employee turnover. The organization decides from the top and expects all its employees and subsidiaries to operate according to its directives. Also, it may take a long time for the company to come up with decisions and implement them. Employees may become restless as they wait to hear from the top management. In its commitment to develop and elevate employees to various levels, the organization puts pressure on its resources and revenue as it also has to employ new employees. When employees who expected promotions cannot receive them due to a low budget of hiring, some may want to look for better options elsewhere. Luckily, the firm has managed to develop great strategic plans which allow it to retain its competent workforce while also steadily increasing its workforce by expanding its operations. While the firm has been fully committed to its objective of developing and elevating its employees, its employee turnover has been kept extremely low. It is almost impossible to lose employees if they get what they treated with dignity and are given what they need or deserve in their benefits.
Consider the external opportunities and threats of the company. How, if at all, did the firm respond to these factors from a total rewards perspective?
Despite its long history as it was founded in the mid-twentieth century, the organization has only managed to acquire markets in the United States and Japan ( Peak, 1994) . The organization thus has a lot of room for expansion. Other opportunities, from a total rewards perspective, include e-commerce and social media and globalization. In the rapidly developing and increasingly competitive world, organizations scramble to get hold of and keep the best talents to stay afloat in their businesses. As noted above, Aflac has the opportunity to expand and enter new markets. The approach will also open room for elevating and appointing existing employees to new positions such as regional managers. E-commerce and social media are excellent tools for the marketing of the brand and for attracting new market segments or customers, as well as talented employees around the world. If there is a need to hire people in a new market or region, competent individuals will be able to present themselves to the organization much more easily. Advanced globalization makes business much easier in the modern-day as multi-national corporations can supervise and manage their operations throughout the world from a focal point.
Aflac has made efforts towards making use of its opportunities by preparing their employees through educational programs and courses. Through such programs, employees gain managerial knowledge and expertise on how to handle work at higher levels, among other things. If the company expands and acquires new markets, there will certainly be regional managers, among other personnel, available to take up those positions.
Aflac is facing threats such as competition from other firms in the health and life insurance industry, a rise in inflation, and a shortage of skilled workers in the sector ( Bryne, 2018) . Numerous insurance companies are in the United States, Japan, and everywhere else in the world in modern times. The insurance industry is one that has a meager rate of unemployment, which means that there are very few unemployed workers in the sector. The number of unemployed competent workers is even lower. Organizations, thus, scramble to hire skilled workers while at the same, struggle to keep competed works they already have. The rise in inflation, has it happened during the 2007 economic recession, increases production costs, and significantly affects profitability. During such times, a company such as Aflac operations consider keeping the employees happy and managing their revenues. Aflac, through its excellent total rewards programs and its focus on the employee, has helped mitigate the threats of competition and the shortage of skilled labor in the industry. The strong financial position of the company has also helped avert the threat of inflation.
Given the corporate values of the organization, what revisions would you make to its benefits program in order to better align it with the accomplishment of the company’s organizational goals and values?
Aflac has been dedicated to treating its employees with the utmost care, dignity, and fairness, which are its primary principles. Its mission has been centered on innovation, quality, and affordability. Combining all these and ensuring that employees work in a conducive and enriching workplace can be quite difficult. Focusing on employees means trusting employees to deliver quality services to customers. In its benefits program, the organization works to ensure employees get what they need. This can be extremely difficult, especially in an increasingly diverse workplace. In addition, the company offers its products to employees ate lowered or no charges at all. It also volunteers in helping communities in various ways through its employees, and the outstanding ones get to be awarded. Also, the company offers courses and developmental programs to its employees in a bid to prepare them for higher positions and opportunities ( Nohria et al., 2008) . While all these measures work to motivate and keep its competent workforce, the company may need to make some changes in order to grow and maintain its market share as well as its employees in the current and future times.
The company can up with a new benefits structure, which will ensure that competent employees stay at the company for a long time while also motivating innovation and production capabilities. This will nor do away with the company’s objective of providing employees with what they need in their benefits. In the new benefits structure, the company will start offering benefits to employees after a period of time of working at the organization. The level of benefits will also vary depending on the period an employee has been with the company. For instance, the benefits of an employee who has worked for ten years at the company will be double that of an employee who has worked for five years. Once an employee has worked for a required period of time, they will participate in designing their benefits package. Those with recognizable contributions in the company will be awarded added benefits of their choice. Those who have worked for longer periods of time at the company can be eligible for other benefits such as retirement benefits. Such a strategy will motivate everyone working at the organization to improve their productivity rates and come up with innovative inputs while staying committed to the company.
Other benefits and programs that the company is offering its employees, such as lowered prices on company products and developmental courses, are all excellent and work to keep employees motivated ( Nohria et al., 2008) . However, the company can do more to motivate existing employees and also attract more talented, competent, and innovative individuals. The insurance industry is quite a competitive one, and an organization needs to keep hold of their skilled employees while also looking out for talents elsewhere as a competitive strategy to get above the competitors. Occasional company vocations or tours are exceptionally good for keeping employee morale at high levels ( Tillman, 2013) . During such tours, employees from different departments or groups get to share their ideas. Managers utilize such as opportunities to get closer to their employees, which appeals to and shows employees just how much they are valued. Managers also utilize such opportunities to share their plans and put across messages of policies and new ways of operations.
References
Bryne, J. (2018). Aflac SWOT Analysis. https://www.case48.com/swot-analysis/12742-Aflac
Nohria, N., Groysberg, B., & Lee, L. (2008). Employee motivation: A powerful new model. Harvard business review , 86 (7/8), 78.
Peak, M. H. (1994). How to be number one in Japan. Management Review , 83 (11), 6.
Tillman, A. (2013). Improving Worker Satisfaction Yields Improved Worker ‐ Retention Rates. Employment Relations Today , 39 (4), 27-31.
White, T. (2019). Aflac: the importance of communication and innovation when transforming employee operations. Strategic HR Review .
