Problem Solution: Riordan Manufacturing Essays

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Problem Solution: Riordan Manufacturing Riordan Manufacturing is a global plastics producer employing about 550 employees. The manufacturer has experienced a decrease in sales and a increase in employee turnover in the last few months. The paper will examine solutions to retain the customers and gain new ones as well as brainstorm viable solutions to combat employee retention. Communication will be key to the outcome of both problems. Situation Analysis Issue and Opportunity Identification Riordan Manufacturing has a multitude of problems that they are trying to correct in a reactionary manner. The innovative efforts of the company could have possibly been alleviated if the company had watched the changing trends in the industry and…show more content…
Compensation in the workplace can be a very difficult subject to tackle. According to Business Week Online, major retailer Home Depot employees and stakeholders were very upset after Chief Operating Officer Robert Nardelli received after cutting full-time jobs and hours down to part-time with very little or no benefits. The exiting pay package consisted of a $210 million retirement package. Riordan is accused of demonstrating favoritism to some employees, promoting from the outside and untimely performance reviews. Overall the employees feel Riordan is a good company to work for however, feedback and pay packages must be tailored to the need of the individual employees job performance. Problem Statement Riordan Manufacturing will aspire to enhance customer relations and employee retention by catering to the needs of the customer while revamping employee incentive program. For example, Riordan will enhance the company’s market share by remaining innovative in their products and developing the team concept with the employees to better service the customer. End-State Vision Riordan Manufacturing will decrease employee turnover by demonstrating value to its employee’s by providing recognition, a competitive wage based on job performance and experience, and continued feedback for growth. Riordan Manufacturing will provide quality service through its innovative approach to marketing its
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