Walgreens -- Compensation Analysis Pay System And Essay

Length: 4 pages Sources: 5 Subject: Business Type: Essay Paper: #42910200 Related Topics: Ebay, August Wilson, Pharmacy, Health And Wellness
Excerpt from Essay :

Walgreens -- Compensation Analysis

Pay System and Benefits Package Overview

Walgreens has seen many changes in its industry and specific niche over the last decade. The rise of prescriptions by mail, ecommerce giants such as Amazon and EBay, the passage of the Affordable Care Act (ACA), and one of the worst economies since the Great Depression to name a few (Wagner & Orvis, 2013). With this backdrop the company had an ambitious goal of reaching seven thousand stores in 2010 from just over four thousand stores in 2003; Walgreens was opening a store every seventeen hours at one point (Wagner & Orvis, 2013). The company's strategy was primarily based on location however the changes in the industry forced them to reinvent themselves and create a new strategy to remain competitive.

At the center of this strategy was using human resources to create a better customer experience. Walgreens looked at other businesses that were leaders in driving customer experience and realized that people developed an emotional connection to a cup of coffee. Yet, Walgreens customers did not perceive the business any differently than other drug retail chains. Thus they had to create a better experience and creating a compensation package to support the types of behaviors they desired from their employees was a cornerstone of this strategy.

The company developed a true pay-for-performance system that is based off of three different performance metrics: financial results, team member engagement, and

...

Managers were also positioned to be closer to the customer and make local decisions. Many of the previous duties of the local manager, such as deciding merchandising, was transitioned to a corporate responsibility to free up their time so they could focus more on creating a better customer experience.

Mission and Vision

Mission Statement

"To be the most trusted, convenient multichannel provider and advisor of innovative pharmacy, health and wellness solutions, and consumer goods and services in communities across America. A destination where health and happiness come together to help people get well, stay well and live well." (Farfan, N.d.)

Vision

To be America's most loved pharmacy-led health, well-being and beauty enterprise (Walgreens, N.d.)

Walgreens Benefits Packages

Walgreens benefit packages are offered based on part-time or full-time employment, how long the employee has been with the company, and the position of the employee. The benefits packages include (Walgreens, 2014):

Health Care

Medical/Dental/Vision Coverage

Prescription Coverage

Well Informed Wellness Program

Healthcare and Dependent Care Flexible Spending Accounts (FSAs)

LGBT focused benefits

Company Paid Life Insurance

Voluntary Accident Insurance

Paid Disability Leave

Military Leave

Personal Leave

Retirement Planning/Saving

Profit-Sharing

Employee Stock Purchase Program

Work/Life Balance

Paid Time Off (PTO)

Sick Time

Holidays

Work & Life Resources

Employee Purchase Program

Employee Discount

Job Opportunity Board/Career Connections

Discussion

Walgreens has redesigned their compensation packages to better align with their mission and vision. The company has moved to a performance pay…

Sources Used in Documents:

Works Cited

Farfan, B. (N.d.). Company Mission Statements - Complete List of World's Largest Retail Missions. Retrieved from About Money: http://retailindustry.about.com/od/retailbestpractices/ig/Company-Mission-Statements/Walgreens-Drug-Store-Mission-Statement.htm

Tucker, G. (2014, May 1). Kathleen Wilson-Thompson Leads HR at Walgreens. Retrieved from SHRM: http://www.shrm.org/publications/hrmagazine/editorialcontent/2014/0514/pages/0514-wilson-thompson-walgreens.aspx

Wagner, M., & Orvis, W. (2013, August 27). Changing Structures and Behaviors at Walgreens. Retrieved from Strategy &: http://www.strategy-business.com/article/00195?pg=all

Walgreens. (2014). Benefits at Walgreens. Retrieved from Life at Walgreens: http://careers.walgreens.com/life-at-walgreens/benefits/#.VOXdLvnF8fY
Walgreens. (N.d.). Vision. Retrieved from Newsroom: http://news.walgreens.com/fact-sheets/vision.htm


Cite this Document:

"Walgreens -- Compensation Analysis Pay System And" (2015, February 19) Retrieved January 22, 2022, from
https://www.paperdue.com/essay/walgreens-compensation-analysis-pay-system-2148776

"Walgreens -- Compensation Analysis Pay System And" 19 February 2015. Web.22 January. 2022. <
https://www.paperdue.com/essay/walgreens-compensation-analysis-pay-system-2148776>

"Walgreens -- Compensation Analysis Pay System And", 19 February 2015, Accessed.22 January. 2022,
https://www.paperdue.com/essay/walgreens-compensation-analysis-pay-system-2148776

Related Documents
Pay for Performance
Words: 971 Length: 3 Pages Topic: Teaching Paper #: 44721761

Pay for performance is becoming commonplace in the business world. Pay raises and bonuses are often based on how well one performs on the job or on achieving specific results. However, this is not the case in education. Pay levels are typically based on years of experience and levels of education rather than on teacher effectiveness. As concerns about the quality of the nation's educational systems frequently appear in the

Pay for Performance, or Alternately
Words: 2275 Length: 7 Pages Topic: Teaching Paper #: 91543885

Plus most teachers saw the pay for performance system as inevitable, and therefore wanted to be involved from the start of the plan (Gratz, 2005). The pilot faced many challenges. Not the least, the district was faced with the logistical challenge of linking the students in various databases to the teachers. The internal systems for tracking student progress by teacher simply didn't exist. In addition, non-academic staff members had to

Pay-For-Performance: Literature Review Only Journal
Words: 3558 Length: 12 Pages Topic: Careers Paper #: 43651230

The system must measure true performance in a way that minimizes random variation, as well as undesired and unintended consequences. It must align performance with ultimate outcomes and monitor performance to discourage cheating" (p. 88). In fact, Lavy suggests that any initial incentive pay program implementation will likely be flawed in some ways, but gradual progress in achieving a viable program is possible if the foregoing considerations are taken

Pay for Performance
Words: 1322 Length: 4 Pages Topic: Human Resources Paper #: 43853794

A detailed description and origins of pay for performance Pay-for-performance initiatives are designed to improve the efficiency, quality and general value of health care. Other terms used to refer to pay-for-performance include pay-for-quality, alternative payment, valued-based payment, among others. No matter the nomenclature, the main objective of pay-for-performance is to improve efficiency for optimal outcomes. (Rosenthal et al., 2005) During the early 1990s, many consumers opted for managed care by paying some

Pay for Performance in K-12
Words: 3394 Length: 12 Pages Topic: Teaching Paper #: 62772517

, 2001). Prior to 1930, thought, little attention was given to pay-for-performance in the public sector in the United States except for the blue-collar, manufacturing functions that were being primarily performed for the military. During this period in American history, government was viewed (and perhaps still is by many) as a competitive threat to private enterprise; as a result, there was not much public support for developing a highly motivated and

Pay for Performance Plans in Education
Words: 419 Length: 1 Pages Topic: Education Paper #: 60927038

Pay for Performance Plan Designing a pay for performance plan for teachers is inherently challenging. The outputs for teachers are students, and their educational attainment. It is difficult to quantify educational attainment at the best of times, and because each student is different it can be difficult to specifically identify the role that an individual teacher has on aggregate student performance. The three elements of an effective pay-for-performance plan are efficiency,