Comprehensive Evaluation of Wegmans Food Markets' Rewards Program

This report provides a comprehensive evaluation of Wegmans Food Markets' rewards program, examining its various components, including background information on the company, its history, mission statement, organizational philosophy, and corporate culture. The analysis delves into the specific perks and benefits offered, such as scholarship competitions, paid time off, dental coverage, retirement plans, and insurance options, classifying them into development, health, and insurance categories. The report assesses whether these benefits align with Wegmans' mission, values, and corporate social responsibility statements. Furthermore, it identifies the strengths and weaknesses of the reward system, highlighting its ability to address employee concerns, provide financial support, and ensure a good lifestyle for employees. Weaknesses, such as limited additional benefits for long-term employees and less competitive maternity programs, are also discussed. Ultimately, the report concludes with an assessment of the reward system's motivational impact on potential employees, and includes a properly formatted APA reference page.

COMPENSATIONS
AND
BENEFITS

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Background Information
1. Type of business: Wegmans Food Markets is a supermarket chains.
2. History: This Company was established in the year 1916 by John and Walter Wegman
with a name Rochester Fruit and Vegetable Company (Wegman., 2020).
3. Mission statement: They are committed to providing best experience to the customers
by helping people in their stores and helps with appealing food from their cooks and
the freshest elements. With the help of offering choice, value and quality in every area
they are hoping building the experience of shopping a delight for a company
(Comparably. 2019).
4. Organisational Philosophy: This Company’s philosophy is to put the employees at the
first position and customers at the second.
5. Company size: This Company has 101 stores till the end of 2019.
Corporate culture of Wegman
1. There is a positive work environment at the Wegman stores as they keep their
employees as their first priority. They are providing better compensation and
exceptional benefits that helps in improving the motivational level of employees
which has a role in the making a good environment within the company (EQ Applied.,
2018).
2. Their values include:
 This Company care about the success and well-being of every individual.
 Higher standards are understood as a life-style and hence Wegman maintain this
in everything.
 A variance is created in all the community that they provide service..
 The Company listen & respect their stakeholders.
 Wegman empower their stakeholders to construct decisions which enhance their
work quality and hence it benefits their customer and the firm itself.
3. Perks and benefits that are provided:
 Scholarship Competition
 Paid Time Off
 Dental Coverage
 Wegmans Retirement Plan

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 401 (K) Retirement Savings Plan
 Life Insurance
 Adoption Assistance
 Medical Spending and Dependent Care Reimbursement Accounts (Walters. 2011).
4. These perks and benefits are classified such as:
 Development scope: Scholarship competition
 Health benefits: Dental Coverage, Medical Spending and Dependent Care
Reimbursement Accounts
 Insurance: Life Insurance, Wegmans Retirement Plan, 401 (K) Retirement
Savings Plan
5. As their perks and benefits are supporting the customer’s and employee’s experience
and are creating a positive environment for them hence their benefits and perks
support their mission and CSR statement along with their values (Wegmans Careers,
2020).
Reward system of Wegman (Strength and Weakness)
Strengths
 It is able to address the concerns of the people.
 It helps them in giving them economical support.
 Its strength is that it not only ensures people get good lifestyle while they are at work
and after their retirement also.
 It is one of the best in the industry.
Weaknesses
 Their reward system lacks in the areas like giving additional benefits to the people
that are working for longer duration in the company.
 Maternity programs and monthly benefits are not very good when compared with
industry standards.
Overall their reward system will motivate people that are at the Wegman as their reward
system ensures that if an employee aims to join the company their current and future will be
secured when they retire from the organisation. It is able to motivate the people as their
health along with the performance is taken cared by the company.

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References
Comparably., (2019) Wegmans Mission, Vision & Values. Retrieved from:
https://www.comparably.com/companies/wegmans/mission
EQ Applied., (2018) How Wegman's Became One Of The Best Places To Work In America.
Retrieved from: https://www.eqapplied.com/bariso/how-wegmans-became-one-of-
the-best-places-to-work-in-america
Walters., C. (2011) Taking a closer look at benefits: the Wegmans way. Retrieved from:
https://www.hrworks-inc.com/article/taking-closer-look-benefits-wegmans-way
Wegman., (2020) About Us. Retrieved from: https://www.wegmans.com/about-us/company-
overview.html
Wegmans Careers., (2020) Love What you at Wegmans. Retrieved from:
https://jobs.wegmans.com/benefits