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Rewards Assessment

Extracts from this document...

Introduction

Abstract Riord?n is ? global manufacturer of plastic parts. Th? company has recently become ISO 9000 certified, implemented six sigma, ? new CRM system, ?nd ? team approach to sales. Profits are unsteady ?nd sales are in ? two-year decline. Employee dissatisfaction is growing at ?n alarming rate. Citing dissonance between th? rewards ?nd performance requirements, employees are uncertain ?nd th? turnover rate has increased. Riord?n Manufacturing Corporation is under pressure to revamp HR practices to boost employee morale ?nd retain employees. This paper applies th? technique of th? nine-step model to benchmark solutions to problems existing in Riord?n Manufacturing Corporation. Research focuses on HR strategies on employee motivation ?nd reward. Each solution was substantiated by details ?nd took into account all stakeholder perspectives. Risks associated with solutions are also identified ?nd mitigation plan are proposed. Based on th? research conducted, it is recommended that human resources at Riord?n Manufacturing Corporation should take immediate actions to help organization ?nd improve organization effectiveness by building ? high performance workforce. Riord?n must identify th? underlying problems ?nd find solutions to motivate employees ?nd reverse th? decline. Compounding th? problem is th? fact that th? employees are from three different generations, with differing values ?nd motivations. Riord?n must develop incentives that will be perceived as fair ?nd equitable, ?nd encourage employee development Running Head: REWARDS ASSESSMENT Rewards Assessment [Name of th? writer] [Name of th? institution] Rewards Assessment Introduction Riord?n is ? plastics manufacturing company that has recently made several changes in th? way it manufactures ?nd distributes products. ...read more.

Middle

They value being true to oneself, feeling in control, making enough money to ensure comfort, maintaining health ?nd vitality, ?nd doing work that provides personal satisfaction. As ? "sandwich" generation, they juggle responsibilities for children, grandchildren, ?nd aging parents, as well as preparing for their own retirement (Becker, Hueselid & Ulrich, 2001). Implement ? cafeteria-style compensation ?nd benefits program Riord?n should not only focus on th? immediate needs of th? Sales ?nd R&D functions, which are clearly lagging in th? alignment of reward to performance, but in conjunction with developing ? multi-generational motivation strategy, consider th? compensation ?nd benefits of all Riord?n employees. Th? cafeteria-style compensation ?nd benefits programs will allow employees to select benefits most compatible with their lifestyle ?nd risk comfort levels (Gerhart & Hollenbeck, 2003). Employees in th? process of starting families appreciate maternity leave ?nd in-house day care programs, however not all employees are starting families. Other employees might appreciate assistance with retirement or with putting their children through college (Stan, 2005). Some employees prefer ? very stable income ?nd have little tolerance for risk. Other employees might be more comfortable with ? slightly smaller base salary ?nd th? opportunity to share in th? growth ?nd profitability of th? company in th? form of bonuses ?nd profit sharing. By providing ? variety of options, Riord?n can ensure that its benefits ?nd compensation programs are valued by employees(Milkovich & Newman, 2004). ? cafeteria-style compensation ?nd benefit program allows employees to select th? type of compensation they feel best suits their needs. Just like th? ...read more.

Conclusion

manufacturing processes ?nd procedures, ?nd changed th? way customers are approached by th? company. Th? human capital portion of th? equation has been ignored ?nd th? employee survey results bring this to light. Management must address th? people aspects of th? company to halt th? continuing decline in sales, profits ?nd employee morale (Milkovich & Newman, 2004). My organization Riord?n has many opportunities to improve employee morale. Compensation is out of alignment with performance requirements; employees feel out of touch with th? company ?nd its strategic vision. Th? company might benefit from ? 360-degree feedback system as younger workers typically prefer more feedback ?nd more often than older generations. "Research shows that 360 helps align behavior with ?n organization's core values, heightens awareness of other's expectations, and improves work behavior ?nd performance, ?nd fits well into th? emerging team-based workplace (Swain et al, 2003). As with most large companies, Riord?n has workers from three different generations each with different perspectives on motivation ?nd work ethics. Th? boomer generation of management must be able to provide motivational incentives to th? younger generations to encourage performance ?nd loyalty. People are th? most important asset for Riord?n, ?nd by addressing th? needs of its people Riord?n can hope to grow ?nd meet its financial goals. Several alternative solutions were identified ?nd assessed. Risks were identified that could arise as ? result of failing to meet needs of key stakeholders. Mitigation plans were provided for negative risks identified. During th? organizational transformation process, it is critical to execute effective HR practices to motive, retain ?nd reward employees. Because th? successful realization of th? end-state goals depends on employees' productivity. ...read more.

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