Aflac Compensation Division Case Study
1. PURPOSE The purpose of this case study is to clearly identify the roles and relationships within the compensation management division in human resources. While identifying the roles and relationships within the compensation division the following are to be considered; traditional bases for pay, incentive pay, and employee’s performance appraisals in correlation to compensation/benefits. Additionally, evaluating the compensation/benefits division there are certain required and discretionary benefit laws that govern employer-sponsored retirement and health insurance plans which require review for employee satisfaction. Furthermore, to analyse the entire compensation/benefits program and the total rewards offered by Aflac.
Throughout this
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Aflac stands for American Family Life Assurance Company of Columbus (Aflac), which operates in the United States (Aflac U.S.) and has a branch in Japan (Aflac Japan) (SHRM, 2008). Aflac Incorporated is known for its supplemental health and life insurance. Aflac’s insurance business consists of two segments: Aflac Japan and Aflac U.S. Aflac Japan sells cancer plans, care plans, general medical indemnity plans, medical/sickness riders, living benefit life plans, ordinary life insurance plans and annuities. Aflac U.S. sells cancer plans and various types of health insurance, including accident/disability, fixed-benefit dental, sickness and hospital indemnity, vision care, hospital intensive care, long-term care, ordinary life and short-term disability plans (SHRM, …show more content…
Aflac survived their employees and encouraged consistent communication. In turn, Aflac responded to the employee satisfaction survey with an increase in program related benefits and low or little out of pocket expenses as it pertains to healthcare.
Two external opportunities Aflac can potentially implement are; enlisting contractors to complete the work for lower salaries as well as having the contractors pay higher healthcare premiums to offset profits/losses and or to increase the monetary amount customers pay for services. While the threats of Aflac consist of competitors offering the same products/services for less and overtime because Aflac offers low cost health premiums the cost to the employer could be too rich to continue to pay once the organization keeps growing.
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