Riordan Manufacturing has been through several strategic changes in its marketing and manufacturing efforts, which have significantly decreased employee retention. In performing an employee survey this decrease in retention has been attributed to a decrease in overall job satisfaction, specifically in the areas of compensation and benefits. Riordan's current rewards program is not based on performance, but instead recognizes aspects, such as cost-of-living increases, seniority, and position despite recent performance data identifying most of its employees as mid-tier performers and a small group that is not performing well at all. With declining morale and work ethic, Riordan's managers want something done about the current system and should keep in mind that in 'Designing and delivering a total compensation program requires a compensation philosophy that creates measurable standards for employees to follow and uses those standards to evaluate employee performance and allocate......
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Approximate Word Count: 911
Approximate Pages: 4 (260 words per double-spaced page) |