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Problem Solution: Riordan Manufacturing. Table of Contents PROBLEM SOLUTION:
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Submitted by PumpkinL on March 8, 2008
Category: Business
Words: 3374 | Pages: 14
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Popularity Rank: 16,014
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Running head: PROBLEM SOLUTION: RIORDAN MANUFACTURING
Problem Solution: Riordan Manufacturing
Laura D. Nunes
University of Phoenix
Human Capital Development/MBA 530
February 27, 2008
Problem Solution: Riordan Manufacturing
Riordan is facing economic pressure in the manufacturing industry. The organization is looking to increase employee retention and profits. In order to increase employee retention, surveys must be taken seriously and action must be put into place. A strategy must be formed to ensure success. The plan consist of the following tasks: Riordan will focus on implementing a new pay structure that is competitive and based on job importance according to the company. Second, evaluations will be conducted every three months to increase productivity. Lastly, the Executive team will achieve alignment and become a team that concentrates on the future of the company.
Issue and Opportunity Identification Issue
Riordan is promoting on seniority and forgetting about performance. The company needs to take into account reviews that will validate promotion and raises. Riordan is having loyalty issues because employees feel that they have little room for promotion and are underpaid. People that produce and prove themselves have to be rewarded. Employees are going to find it difficult to produce if there are not any rewards for their efforts.
Riordan can install a new reward system that promotes productivity and an increased pay structure based on job evaluations “A key aspect of compensation is deciding how to reward employees for their individual contributions in a way that best fits the unique circumstances of the firm. A variety of individual and group-based pay-for-performance strategies may be used to stimulate increase employee motivation and productivity. A new emphasis on identifying and paying employees for enhancing their knowledge,...
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