Generic Benchmarking: Riordan Manufacturing Essay

5508 words - 22 pages

Running Head: GENERIC BENCHMARKING: RIORDAN MANUFACTURINGGeneric Benchmarking: Riordan ManufacturingJuly 16, 2007IntroductionPeople join organizations for specific reasons and usually with some purpose in mind. Organizations hire people to obtain important employees' contributions such as time, effort, experiences, skills, 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 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 staffing procedures, payroll determination, organizational motivation, training, career progression and overall compensation and reward systems. While these companies only represent a small sample, it provides Riordan with the needed information to build a compensation system that supports the company's needs.Compare and ContrastRiordan Manufacturing might find flexible hour's works for some of the employee population. By allowing sales staff to work flexible hours, Riordan Manufacturing would be adding to the employees' quality of life and in return, the employees are motivated and less likely to leave the company. Sonic implemented games to increase performance and promote teamwork, employees looked at the training and fun they are getting as rewarding for their hard work. To be successful at retaining employees, Riordan can use this benchmark to reduce turnover. They can foster an environment for an employee that is fun to work in. Retaining employees does not always have to be about increasing their pay to get more productivity or motivation out of them. This is an example of non-financial returns in the workplace. "Non-financial returns from work have a substantial effect on employees' behavior"(Milkovich & Newman, 2004.)Executive training programs set some companies apart from those who do not have those similar programs. Riordan Manufacturing would benefit from having a high-quality training program for its employees, such as the program found at Southwest. Southwest has successfully launched Virtual University at Southwest Airlines' University of People. This program provides professional and personal development for its entire workforce. The University of People offers leadership classes, software training, and career development workshops, which would be a good idea for Riordan, since they are a global company too. Riordan is on the right track, however, when...

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