Incentive Plan – Nationwide Insurance and Financial Services
Incentive Plan
Nationwide Insurance and Financial Services is a great place to work. Nationwide employs more than 36,000 people across the country with its home office located in Columbus, Ohio. Nationwide is a diversified corporation with more than $135 billion in statutory assets (Nationwide, 2010.) Nationwide has eight major divisions for auto, property, life, health, investments & retirements, mortgage, bank, and commercial insurance. Nationwide uses many rewards and incentives to compensate employees for exceptional performance. This contributes to the company’s goal of retaining talented associates.
Nationwide uses merit increases that are tied directly to each employee’s performance objectives. The company uses yearly performance evaluations to determine merit increases. Employees are measured on three categories including individual objectives, company objectives, and behaviors associated with the company values. The individual objectives are clearly defined using specific numbers to measure whether the employee did not meet their objective, achieved the objective, or exceeded the expectations of the objective. Individual objectives include such areas as productivity, quality evaluations, and time service. Nationwide also evaluates each employee based off departmental objectives such as growth or asset retention. Each employee is also assessed on how their behavior displays the company’s performance and core values. The merit increase is based off the overall evaluation. The exceeds performer would attain a higher merit increase than the achieves perforer. A does not meet performer would not receive a merit increase.
In addition to merit increases, Nationwide also participates in a gainsharing program, similar to a profit sharing program. If the company performs well, a gainsharing payment may be available to employees. Gainsharing payout percentages paid are based on the individual performance evaluation, as well as, the company objectives. The gainsharing payment offers an additional incentive to exceed on the individual performance