• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21

Rewards Assessment

Extracts from this document...


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.


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.


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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Marketing & Research section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Marketing & Research essays


    Magazine - a magazine is a type of communication that involves the public. It's a magazine that shows information about how the business is running and articles that some people are concerned about. Coca Cola Enterprises have their own magazine called "The Right Way".

  2. For this assignment I have been asked to produce a new marketing strategy for ...

    Market penetration aims to achieve four main objectives, these are: ? Maintain or increase the market share of current products '' this can be achieved by a combination of competitive pricing strategies, advertising, sales promotion and perhaps more resources dedicated to personal selling. ? Secure dominance of growth markets. ?

  1. Business Studies Company Profile

    As you can see there is a 46,153 increase each year. This means there is as 70% change overall. 2002 2003 2004 2005 2006 % change BMW 930,221 944,072 1,059,978 1,122,308 1,179,317 5.1 BMW's current sales trend of BMW, taken directly from the BMW education website.

  2. Opening a sandwich shop in huddersfield

    I then picked several and put them in a comparison table. For this I had to then analyse the different competitors. To find the information about competitors is not always so easy. As I had several local business' then they didn't have websites like subway who is also one of my competitors.

  1. Unit 2 Investigating business

    Who will my competitors be? The competitors of our business will be other small catering businesses, also other businesses which offer a home cooking service, I have been looking on the internet and I can't find any which offer a similar service as what we wish to offer.

  2. unit 2 recruitment in the work place

    to get paid (this is a key point that will attract candidates) - Contact Details: How candidates can contact the organisation - How they can Apply (e.g. by sending Letter of Application, Application from, CV, Qualifications) And lastly: - Closing date of Application and starting date of work After creating

  1. This is a report on the international dimension of Costa Coffee and Coffee Aroma.

    Sectors include accommodation, food and beverage, meeting and events, gaming, entertainment and recreation, tourism services, and visitor information. 1. Business Sector: Costa is of food and beverage sector. Costa is a tertiary sector business. The tertiary sector of the economy (also known as the service sector or the service industry)

  2. Research into Business Plans

    Having other investors who put money into your business is a key idea which all new businesses need to consider. A business plan helps the owner identify the vital needs of having as many positive stakeholders for the business, before and after it is set up.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work