My Company, Part 1 BUS322 April 29, 2012 My Company Taking the helm of an established company with 10,000 + employees is a great responsibility; but with an established company like Geico, it is an honor and a great opportunity to be responsible for a company that serves customers in the community as well as around the country. This is now my company and I want to make a difference by improving this organization’s behaviors; which will create a positive impact on overall operations. Description
Geico is an insurance company that was established in 1936 and was built on ingenuity, perseverence, innovation, resilience and hard, honest work. Geico provides a wide range of insurance coverages such as vehicle, property, life, umbrella, indentity theft protection and much more. Compared to all the different insurance companies around the country, Geico is able to provide more reasonable and affordable coverages with much lower rates to it’s customers. Because of these lower rates, quality service and coverages, Geico has grown to provide insurance to a wide range of customers.
Geico has at least 11 million auto policy holders and insures more than 17 million vehicles and still growing. Geico now employees more than 26,000 associates, maintains 12 major offices around the country and provides 24-hour service, 7 days a week, 365 days a year. There are Geico offices and call centers all around the country and their turnover rate is very low. Management Characteristics As the new Chairman and CEO of insurance operations at Geico, there are characteristics that I expect to see amongst the key players in my company.
My keys players consist of me; the CEO ( Chief Executive Officer), a COO (Chief Operations Officer) and a CFO (Chief Finance Officer). As CEO, I am the highest ranking officer and in charge of the total management of the organization. The COO is one of the highest-ranking executives in the organization who is responsible for the daily operation of the company and routinely reports to me. The CFO is a coporate officer primarily responsible for managing the financial risks of the corporation.
The CFO is also responsible for financial planning and record-keeping, as well as financial reporting to higher management. All all these keys players should be honest, trustworthy, consistant, and committed to the company. I expect all of us to remain professional at all times and remain on the same page amongst our management staff and employees. Our characteristics should also consist of having high self-esteem, an internal locus of control, high general self-efficacy, being self-monitors and always focusing on the positive.
Having high self-esteem allows you to have a positive feeling about yourself and you tend to be more stable and less defensive. People with high self-esteem are also more honest with themselves. Being an internal person or having an internal locus of control means that you usually have a high job satisfaction and performance because you are very involved and committed to your job. Having a high general self-efficacy shows that we view ourselves as being able to perform effectively in a wide variety of situations.
This is very important. This characteristic indicates that no matter what goes on around us, we still perform our jobs effectively. I also expect us to be high self-monitors; which are people who are able to pay attention to what is appropriate in different situations and to the behavior of people. We would be able to adjust ourselves to behave accordingly. Also, having this characteristic causes us to be very observant, able to read our employees and knowing how to interact with them. Lastly, I want us to always focus on the positive.
We should always remain focused on the positive aspects of ourselves and other people. Having these characteristics are very valuable assets to any organization. Usually when the key players of an organization have these characteristics, you usually see the same amongst the managers, supervisors, lead associates and other employees. You can lead by example and have like followers. Motivation Management is getting work done through others efficiently and effectively. Leading involves inspiring and motivating workers to work hard to achieve organizational goals.
I feels that if you’re going to be a successful and long-term organization, you need to have a plan in place to keep your employees motivated and happy on their jobs. Motivations are the reasons or purposes which determine and drive actions of an individual or a group. Motivation causes people to remain more dedicated and commited to their jobs. When the employees are appreciated and being treated fairly they tend to remain with that employer for a long time and be more productive. This will cause the organization to increase productivity, a reduction in the number of errors and reduce the employee turnover rate.
To motivate my employees, I would implement a clear and fair reward system, meet with employees to discuss career goals, give clear instructions and explanations, create a positive work environment and make sure employees are recognized for their hard work. What it takes to motivate a person can depends upon that person’s internal needs, self-interest, having the need for achievement, power or affiliation. So no matter motivation method is used, everyone can respond differently. Rewards Programs There are several programs that I would have in place for my employees.
The first program is to reward representatives monthly for their amount of new policies that they have issued. If they open at least 40 policies a month, they will get a monetary incentive on their checks in addition to their normal pay. The goal would be to sale at least 2 policies a day; which is way above the minimum requirement for the month. The incentive amount would increase upon every additional 5 policies opened. This will motivate employees who love monetary rewards to really try and persuade customers to buy and really explain the benefits of having Geico.
Also, I would have yearly appreciation ceremonies to reward employees for their years of service with the company. I will also have attendance and productivity awards throughout the year to keep employees motivated. An employee of the month program is also a good idea. This would show a photo of an employee posted in well view for all to see and list his/her achievements. All rewards will not be the same though. The rewards could consist of monetary incentives, gas cards, gift certificates to department stores or restaurants, day/days off with pay, paid trips and much more.
I am a firm believer that rewarding your employees shows them how much you appreciate their hard work. A company will keep excellent employees if they are treated well. It is important for all organizations to have some type of reward program in place to motivate their employees. References Nelson/Quick (2010). Organizational Behavior: 2010 Custom Edition. Cengage Learning http://www. harvestweb. net http://www. ehow. com http://www. loyaltyworks. com http://www. recognitionrewards. com