Running Head: GENERIC BENCHMARKING: RIORDAN MANUFACTURING
Generic Benchmarking: Riordan Manufacturing
July 16, 2007
People 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 Contrast
Riordan 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.