Gap Analysis: Riordan Manufacturing Jennifer Weaver University of Phoenix Gap Analysis: Riordan Manufacturing An industry leader in the field of plastic injection molding, Riordan Manufacturing, Inc., uses a state-of-the art design capabilities that has earned international acclaim and generated an annual earnings of $46 million. Attention to detail, extreme precision and enthusiastic quality control are the hallmarks of Riordan. With facilities in San Jose, Calif., Albany, Ga., Pontiac
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TWO REVIEW OF LITERATURE Introduction This chapter contains discussions on the theories of motivation in relation reward systems and motivation in organizations, rewards and productivity, empirical literature on rewards and performance, and the techniques available to managers to ensure desired organizational behavior. The crux of the literature will be on effective reward systems which end in motivation which then leads to job satisfaction. In addition, a conceptual framework for the study
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Memo To: Harrison Corporation From: Date: October 25, 2010 Re: Recruitment and Selection Strategy/Rewards and Compensation Memo Introduction Harrison Corporation is a global leader in producing office supplies with plans to expand the business to Central America. The global aspect of the organization stands on its foundation of providing excellent customer service, which does not always come easy. Providing excellent customer service as an organization entails excellent customer
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Is pay for performance the same as bonuses? Bonuses are “money or an equivalent given in addition to an employee's usual compensation.” (Miriam-Webster, 2011) Bonuses are normally awarded at the end of the company’s fiscal year and are determined based upon the company’s bottom line; however, most companies do not clearly outline the factors that will determine if a bonus is awarded. Bonuses are a usually a company’s reaction to prior year performance. Most companies decide how much money will
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How different reward strategies are in connection with general Human Resource strategy and policies In way to have a more clear concept about the connection among the all elements, it is important starting the analysis giving a definition of strategy and of the other elements to have an idea about what human resource strategy, policies and reward strategies are. A strategy is the direction and scope of an organization over the long term, which ideally matches its resources to its changing environment
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Variable pay is a significant element of the direct compensation package of a growing number of organizations. The trend is towards more organizations using variable pay and for these organizations to expand eligibility and to increase the prominence of variable pay in the total direct compensation package. Variable pay is defined as “direct compensation that does not become a permanent part of base pay/salary and which may vary in amount from period to period.” Other names for variable pay include:
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non-monetary pay provided to an employee by an employer in return for work performed as required. Essentially, it's a combination of your pay, vacation, bonuses, health insurance, and any other perk you may receive, such as free lunches and parking” (Heathfield, 2015). Compensation is based on many factors. And certain companies pay more attention to these factors than other companies do. The first major subheading under compensation is total rewards and compensation. Designing reward packages that
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challenge is increasing employee retention, which declined due to less than optimal working conditions and minimal personal opportunities to develop and advance. Finally, Riordan Manufacturing needs to overhaul the current flawed reward system into an effective rewards system that aligns the organization's strategy with compensation and incentive packages. Moreover is employee development and training. Riordan has done a small amount of promoting or developing their employees in past years
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Behavior and Leadership Role of Rewards in retaining skilled Employees Presented To: Dr. Akl Keyrouz Presented By: - Amale R. Abboud [ID: 19030] - Chimène M. Abou Nahoul [ID: 19542] Contents Abstract: 2 Introduction: 2 Overview of Literature 2 Results Discussion: 2 A- Employee Reward and Recognition Systems 2 1- REWARD VS. RECOGNITION 2 2- DESIGNING A REWARD PROGRAM 2 3- TYPES OF REWARD PROGRAMS 2 a- Variable Pay: 2 b- Bonuses 2 c- Profit
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