Saturday, March 9, 2019
Ridoran Manufactoring
Riordan Manufacturing Compensation be after Team B- Diana Barris, Nicole Bell, Jacqueline Chaney, Shawnda Davis, Hadeel Raouf, Kelly Tyler HRM/324 Annette Clark-Davis February 11, 2013 Riordan Manufacturing Compensation Plan Riordan Manufacturing is a worldwide plastics manufacturer that is headquartered in San Jose, California. Their nerve has over 500 employees and prides themselves on providing their customers with high quality merchandise to satisfy their plastics needs.They hold an ISO 9000 certification which is an fundamental law that establishes and measures quality control. In order to pit or exceed the level of quality required under ISO standards, Riordan Manufacturing give need to have tumefy-read and skilled employees within their organization. To attract premier candidates for their confederacy, the allowance visualize that is intentional allow for need to be comme il faut, rewarding, and competitive.This paper go away outline the compensation political platform for Riordan Manufacturing and include an evaluation of genuine trends and predict future trends, indispensable and external equity, a wage solicitude process and retirement plan, financial influence on the plans options, and discuss the methods in which the plan will be communicated to members of the organization. Key Objectives According to Martocchio (2009), Compensation professionals invoke impelling compensation systems by meeting three important goals internal consistency, merchandise competitiveness, and recognition of individual contri howeverions (Martocchio, 2009, p. 9). It is essential that these objectives are met to retain employees and have got them smelling valued and appreciated all while functioning within the organisational budget. As Riordan Manufacturing considers themselves to be a leader within their industry, they understand that sense of hearing to the voice of their employees and be flexible regarding the compensation benefits offered wor th together in alignment with their comp any mission. As compensation systems are changing (Martocchio, 2009, p. 23), Riordan Manufacturing will do well o consider plans offered by their competitors so that they will remain an industry leader. Trends and Issues An evaluation of current trends and issues in the guilds total compensation shows the company meeting goals in certain areas, only needs to improve in other areas. Riordan Manufacturing wants and will maintain an modernistic and team oriented working environment. By assuring that our employees are well informed and properly supported, we will provide a climate centre on the long-term viability of our company.Our Future must be foc apply in achieving and maintaining reasonable profitability to assure that the financial and human capital is lendable for sustained festering (University of Phoenix,2013, p. 1). The companys current trends such as the flexible benefits program, remuneration tribunal program, and the CRM sys tem is holdd to help meet the organizations vision and goals, and notice the employees interested and motivated. However, technology changes each day and in todays business world it is important to keep the companys IT system updated to meet the demands of the customers, and the day-to-day operations. Riordan has a system to route historical sales. In the past, most sales data was recorded utilise paper and pencil. In the last few years, the firm has managed the cultivation electronically (University of Phoenix,2013, p. 1). In the future it is best the company does an update to improve the conversation between the different sites, employees, monitor inventory, customer demands, and sales. The company should prepare to make some changes in its current infrastructure to sustain profitability and growth within the company. Internal and External equityInternal equity is ground on the employees determine and fairness, the values, and fairness of the remunerate relationships with in the organization. The ante up relationship within the organization has an affect on three compensation objectives. They affect the employees decisions to impediment with the organization, to become more flexible by investing in extra training, or to seek largeer responsibility (Milkovich, 2008, p. 64). The external equity is ground on how the employee sees the companys pay structure and compensation system. What the employer pays, relative to what other employers will pay for the same type of work.The Riordan Manufacturing Company plant toward a fair base system, attracting, and maintaining good workers when considering internal and external equity. Implementing job analysis, employee evaluations, work structure, pay ranges, and pay grades are ways the company endorse internal equity. marketing surveys, supplying a competitive pay system, and salary surveys are used to accomplish external equity. This will allow the company to manage and implement a compensation structure that will add value and cover up to make the organization successful. Wage Management and RationaleRiordan Manufacturings salary administration program was created to achieve consistent pay practices, comply with federal and deposit laws, mirror our commitment to Equal Employment Opportunity, and offer competitive salaries within our labor market (University of Phoenix,2004,p. 11). Employee compensation is based on several factors including but not limited to job analysis, evaluations, the duties and responsibilities of the job, and salary survey data on pay practices of other organizations in the same labor market to moderate Riordans compensation plan remains competitive (University of Phoenix,2004).Merit-based pay adjustments whitethorn be offered for excellent employee performance. Riordan manufacturings salary administration program is recap periodically and reconstructed when necessary (University of Phoenix,2004). A retirement plan and how date will be driftn Riordan M anufacturing wants to make sure their employees participate in the companys retirement plan. We will offer 401(k), Pension Plan and Profit Sharing plan. We feel that the futures of our employees are important.The way the Riordan will drive participation is by communicating clearing, emphasizing the benefits of plan participation, and to be creative. intercourse is very important, using poorly or confusing materials do runty to encourage plan participation. Some points to remember when communicating the plan information is to use examples that employees can relate to, keep communication brief and, use graphics like charts. Also making sure that we highlight rudimentary points will drive participation. Being creative is always a great way to encourage employees.An example would be to hold contest to abet participation. How will it be communicated? Want to promote retirement plan participation, so we want to make sure that the plan is communicated the best way possible. Since every one works at different shits there will be different generation that are available for the employees to sign up for. The discussion of the retirement plan will be in a classroom setting with a representative to explain the retirement plans that Riordan Manufacturing will offer.In these classes there will be handouts with information explaining the plan in detail and also a shorter discrepancy that will highlight the key points of the plan. In this setting this will promote participation because someone will be there to help with any questions that the employees may have and also help with the initial sign-up of the plans offered. Conclusion Riordan Manufacturings goal is to maintain an innovative and team oriented working environment. By assuring that all employees are well informed and properly supported.Riordan Manufacturing considers themselves to be a leader within their industry, they understand that listening to the voice of their employees and remaining flexible regarding t he compensation benefits offered worth together in alignment with their company mission. The company meets goals in certain areas, but needs to improve in other areas, and the current trends of the company such as the flexible benefits program, salary administration program, and the CRM system is used to help meet the organizations vision and goals, and keep the employees interested and motivated.However the company should prepare to make some changes in its current infrastructure to sustain profitability and growth. In Riordan Manufacturing the Employees compensation is based on several factors including but not limited to job analysis, evaluations, the duties and responsibilities of the job, as well as the salary survey data on pay practices of other organizations in the same labor market, to ensure Riordans compensation plan remains competitive. References Martocchio, J. J. (2009).Strategic compensation A human resource management approach (5th ed. ). Upper Saddle River, NJ Pears on Education Milkovich, G. T. , & revolutionaryman, J. M. (2008). Compensation (9th ed. ). New York, NY McGraw-Hill. University of Phoenix. (2004). Riordan Manufacturing Employee Handbook. Retrieved. from University of Phoenix, HRM324 Total Compensation website. University of Phoenix. (2013). Week Five overview. Retrieved from University of Phoenix, HRM324 Total Compensation website. York, NY McGraw
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