Riordian
Riordan Manufacturing
Riordan Manufacturing is a global plastics producer employing 550 people with projected annual earning of $46 million. Declining sales and uneven profits over the past two years not only forced the company to change its sales processes, but also prompted them to adopt a customer-relationship management (CRM) system (University of Phoenix, 2006).
Riordan has had to deal with significant changes such as employee motivation, job satisfaction as well as staff retention. When organizational modifications are made within Riordan, it can become the leader in the manufacturing industry. Reward systems are much more than just bonus plans and stock options. Reward system should include award/certificate, recognition, promotions, reassignment, non-monetary bonuses (e.g., vacations), or a simple thank-you. In order for Riordan Manufacturing to remain profitable and competitive, management must redefine the issues of the reward system. The redesigned reward system should be in alignment with its business strategy. An opportunity exists for Riordan Manufacturing and all stakeholder perspectives are necessary in developing and implementing a new reward system, which is critical to the company’s success.
Benchmarking
Rewards and Compensation - Texas Instrument and Marshall Industries (Jenni)
What is the perfect employee incentive program for an organization? For years researcher have been trying to understand the theory that rewards and bonuses motivate employees to do their job better. In fact, no one out there knows if incentive programs truly work and a number of people are convinced that he or she can cause significant harm (Hays, 1999).
Rob Rodin, Chief Executive Officer and President of Marshall Industries eliminated all individuals’ incentives for the 1800 employees. The first thought that pops in his mind is that he will cripple his entire workforce—take away the American Express certificate and...
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