Riordan Manufacturing Generic Benchmarking
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Running head: RIORDAN MANUFACTURING BENCHMARKING
Riordan Manufacturing Benchmarking
University of Phoenix
Human Capital Development - MBA/530
Riordan Manufacturing Benchmarking
Introduction
People join organizations for specific reasons and usually with a particular purpose in mind. Organizations hire people to obtain important employees’ contributions such as time, effort, experience, skill sets, and knowledge. Managers must know how to align its company’s reward and compensation system with its business strategy and put the plan into action.
Riordan Manufacturing is a global plastics producer employing 550 people with projected annual earnings of $46 million. Over the past two years, Riordan Manufacture has been suffering from lower job satisfaction and increased turnover. In particular, Riordan manufacturing has issues with compensation and benefits. The IT department reviewed salary surveys in which portrayed a 15 percent lower pay. This, the IT department believes is the reason for losing key employees. While suffering from lower job satisfaction and increased turnover, Riordan’s managers want something done about the current system.
Riordan Manufacturing management team can use the practice of generic benchmarking to find companies with similar problems, exam their solutions and employ the practices that made those companies successful. With the results of the independent surveys, this should allow Riordan Manufacturing to narrow their research for best practices to the areas of most concern. Riordan manufacturing will be able to compare their current situations with companies who have faced similar problems and develop solutions to become industry leaders. The following pages will contain information on a variety of companies that pertain to changing the shape of an organization, organizational motivation, training, career progression and overall compensation, reward systems, and improvements in employee morale. While these companies...
Riordan Manufacturing Benchmarking
University of Phoenix
Human Capital Development - MBA/530
Riordan Manufacturing Benchmarking
Introduction
People join organizations for specific reasons and usually with a particular purpose in mind. Organizations hire people to obtain important employees’ contributions such as time, effort, experience, skill sets, and knowledge. Managers must know how to align its company’s reward and compensation system with its business strategy and put the plan into action.
Riordan Manufacturing is a global plastics producer employing 550 people with projected annual earnings of $46 million. Over the past two years, Riordan Manufacture has been suffering from lower job satisfaction and increased turnover. In particular, Riordan manufacturing has issues with compensation and benefits. The IT department reviewed salary surveys in which portrayed a 15 percent lower pay. This, the IT department believes is the reason for losing key employees. While suffering from lower job satisfaction and increased turnover, Riordan’s managers want something done about the current system.
Riordan Manufacturing management team can use the practice of generic benchmarking to find companies with similar problems, exam their solutions and employ the practices that made those companies successful. With the results of the independent surveys, this should allow Riordan Manufacturing to narrow their research for best practices to the areas of most concern. Riordan manufacturing will be able to compare their current situations with companies who have faced similar problems and develop solutions to become industry leaders. The following pages will contain information on a variety of companies that pertain to changing the shape of an organization, organizational motivation, training, career progression and overall compensation, reward systems, and improvements in employee morale. While these companies...