The bases of the system are the length of time an employee has stayed in the company, seniority and position, and rises of cost of living. An organization is more effective when there is a greater fit between the compensation system and its structure.
Assessment of Compensation and Benefit System Challenge at Riordan Rewards and employee motivation are among the most effective strategies for retaining employees.
Among the key factors that motivate Baby Boomers is the opportunity to shine. Sara Edwards from Maybourne Hotel Group. Therefore this company had to amend its compensation system to fit the demographic needs of its workforce. The program will encourage and motivate employees to work hard so as to meet their set goals.
Consequently, this has resulted to a business environment that is of high energy. The company will achieve this by leveraging technology and innovation to maintain and achieve profitability. The company intends to achieve this mission with the aid of innovation and technology that would maintain and attain profitability.
As this external pressures continues to build, it is imperative that Riordan Manufacturing continues to stay ahead of the curve in regards to developing technology. Effective compensation and rewards system often comprise of both monetary and non-monetary motivators that people require in a work setting.
According to Six-Sigma, any manufacturing process cannot or should not product more than one defect per 3. The compensation and benefits program took into consideration diverse skills and expertise of the company workforce.
This recognition system is referred to as Going for Gold, which was formed after a survey that indicated the fact that employees required an immediate benefits and rewards system that employed non-monetary benefits.
Essentially, the object of Six-Sigma is to streamline operations and perfect processes. It also does not analyze different job positions in the company during determination of an appropriate compensation and benefits system.
Recommendations It is recommendable for the human resource management to align the compensation and benefits system with the business strategy of Riordan manufacturing company.
The basis of the current compensation and rewards system is individual sales quotas and individual sales performance. While monetary rewards would serve in motivating employees, non-monetary rewards can be used to increase their stay in the company.
When the current vice president of the company, Mary Borba arrived, the company was facing a major challenge in its compensation and benefits system.
Additionally, members of this generation have more curiosity concerning how they can grow with the company. Generally, re-designing the compensation and reward system of Riordan manufacturing company will result or improvement in employee work performance.
Riordan can easily change their compensation structure to compensate for competitive pay for similar skill sets by the use of both internal pay structures and external factors. Conclusion It is clear that challenges in compensation and benefits system is among the key issues facing Riordan manufacturing company.
Therefore, a strategy that Maybourne Hotel Group used to solve the issue of employee dissatisfaction based on their demographics is tailoring of diverse compensation and benefits package Donovan, Review of Organizations that faced similar situation Maybourne Hotel Group faced challenges with its compensation and benefits systems in the past.
This program requires a change in its past practices. It is possible for the company to build in a pay at risk variable that is based on improvement of systems by the teams as reflected in quality measures Angela, Mission The mission of Riordan Manufacturing is to ensure that it remains an industry leader in the plastic manufacturing business and provides solutions to the existing customer base while expanding.
They further hold that the issue of employee motivation can be solved via employee loyalty. The system should integrate both monetary and non-monetary rewards. The company will also be able to promote employee satisfaction in the major improvement areas. The ability of Maybourne to offer its workforce with diverse compensation and benefits package has continually led to employee motivation.
This can also result to an increment in customer base and improvement in customer service Angela, The compensation system does not take into consideration the diverse employee demographics, expertise, performance and skills. The system does not promote the utilization of newly created team members by the current sales force.
The re-designed compensation and benefits system of Riordan manufacturing company should include non-monetary compensation. Limited advancement opportunities can be compensated for by a higher compensation.
The company is experiencing a high turnover level in major areas including Engineering and Information Technology, which could be damaging to the organization.Riordan Manufacturing Service Request SR-RM Riordan Manufacturing Service Request SR-RM Riordan Manufacturing is a Fortune company and industry leader in producing polymer and plastic material that enables their customers to find solutions to their business challenges.
Riordan Manufacturing Strategic 2 This paper was structured by Team A and based on the strategic plan of Riordan Manufacturing.
Team A completed an environmental scan, strategy formulation, strategy implementation and also completed evaluation and controls. DRIVERS Of INNOVATION R&D incReases the likelihooD of intRoDucing new p26RoDucts oR pRocesses by % foR high-tech compa manufactuRing fiRms f9iRms that use ict aRe % moRe likely to intRoDuce new pRoDucts oR pRocesses 29 % of expoRteRs have intRoDuceD a new pRoDuct oR pRocess.
Riordan Manufacturing is a global plastics manufacturer that employs people. It is a wholly owned subsidiary of Riordan Manufacturing Industries which has earnings of more than $1 billion.
The company is headquartered in. Riordan Manufacturing is an international plastics manufacturer that produces plastic parts, beverage containers and fan parts. Its mission is to provide polymer product solutions to customers. Riordan's goals are to provide products that exceed ISO standards and to perform state-of-the-art.
Internal Drivers – Erica At Riordan Manufacturing, there are many internal drivers of innovation. Our customers are our main driver simply because if their needs are not met on a consistent level customer loyalty may lose.Download