Riordan Manufacturing: Internal and External Compensation Riordan Manufacturing: External and Internal Equity Compensation Riordan Manufacturers, being a leader in its industry, appreciates the need to meet the needs of its employees through a fair compensation policy - one that equates pay with the value of the task performed, because fair treatment boosts employee performance and morale, and is an effective employee retention technique (Romanoff, Boehm & Benson, n
How MRP Works The MRP system will identify the materials needed for a new production run, identify the inventory that is currently being held in stock, then determine what material will be required to fulfilled to produce the order beyond the current inventory being held can support. The inventory levels can be adjusted in the system and usually a safety stock level of key materials is held as a buffer (Watson, 2012)
d.) The advantages of the MRP system are simplicity, control, and lowering transaction costs related to its production functions (Wells, N
Situation Analysis Issue and Opportunity Identification Issue Opportunity Reference to Specific Course Concept Include citation) Concept The staff members feel that their efforts are not properly remunerated by the organization Increase the employees' revenues Compensation is payment to an employee in return for their contribution to the organization, that is, for doing their job. The most common forms of compensation are wages, salaries and tips" (McNamara, 2008) Employee Compensation The founder of Riordan Manufacturing feels that the core of their current problems is the reduced employee loyalty to the employer Develop and implement strategies that increase employee loyalty Loyalty seems like a quality that's becoming increasingly harder to find, whether it's employee loyalty to a company or consumer loyalty to a product" (Kuack, 2008) Employee Loyalty Despite their turnover rates still better than the industry's average, more and more employees have begun to leave the plastics manufacturing organization Develop and implement HR strategies that reduce employee turnover "Employee turnover is a ratio comparison of the number of employees a company must replace in a given time period to the average number of total employees" (Beam, 2008) Employee turnover Another cause forwarded for the encountered problems lays in the poor and unchallenging job design Improve the job design to make it more attracting The job design represents "the process of putting together various elements to form a job, bearing in mind organizational and individual worker requirements, as well as considerations of health, safety, and ergonomics" (BNet Dictionary, 2008) Job Design The employees at Riordan feel unsatisfied with the relatively limited incentive plans presented by their managers Develop incentive policies that increase employees' on the job satisfaction Distribution of monetary awards through incentive payments based upon completion of previously identified plan objectives" (University of Nebraska-Lincoln, 2008) Incentive Plans Employee Compensation Employee compensation generically refers to the amount of money received by the staff members at a specified date as remuneration for their services and efforts made in supporting the organization reach its final objectives
Situation Analysis Issue and Opportunity Identification Issue Opportunity Reference to Specific Course Concept Include citation) Concept The staff members feel that their efforts are not properly remunerated by the organization Increase the employees' revenues Compensation is payment to an employee in return for their contribution to the organization, that is, for doing their job. The most common forms of compensation are wages, salaries and tips" (McNamara, 2008) Employee Compensation The founder of Riordan Manufacturing feels that the core of their current problems is the reduced employee loyalty to the employer Develop and implement strategies that increase employee loyalty Loyalty seems like a quality that's becoming increasingly harder to find, whether it's employee loyalty to a company or consumer loyalty to a product" (Kuack, 2008) Employee Loyalty Despite their turnover rates still better than the industry's average, more and more employees have begun to leave the plastics manufacturing organization Develop and implement HR strategies that reduce employee turnover "Employee turnover is a ratio comparison of the number of employees a company must replace in a given time period to the average number of total employees" (Beam, 2008) Employee turnover Another cause forwarded for the encountered problems lays in the poor and unchallenging job design Improve the job design to make it more attracting The job design represents "the process of putting together various elements to form a job, bearing in mind organizational and individual worker requirements, as well as considerations of health, safety, and ergonomics" (BNet Dictionary, 2008) Job Design The employees at Riordan feel unsatisfied with the relatively limited incentive plans presented by their managers Develop incentive policies that increase employees' on the job satisfaction Distribution of monetary awards through incentive payments based upon completion of previously identified plan objectives" (University of Nebraska-Lincoln, 2008) Incentive Plans Employee Compensation Employee compensation generically refers to the amount of money received by the staff members at a specified date as remuneration for their services and efforts made in supporting the organization reach its final objectives
Situation Analysis Issue and Opportunity Identification Issue Opportunity Reference to Specific Course Concept Include citation) Concept The staff members feel that their efforts are not properly remunerated by the organization Increase the employees' revenues Compensation is payment to an employee in return for their contribution to the organization, that is, for doing their job. The most common forms of compensation are wages, salaries and tips" (McNamara, 2008) Employee Compensation The founder of Riordan Manufacturing feels that the core of their current problems is the reduced employee loyalty to the employer Develop and implement strategies that increase employee loyalty Loyalty seems like a quality that's becoming increasingly harder to find, whether it's employee loyalty to a company or consumer loyalty to a product" (Kuack, 2008) Employee Loyalty Despite their turnover rates still better than the industry's average, more and more employees have begun to leave the plastics manufacturing organization Develop and implement HR strategies that reduce employee turnover "Employee turnover is a ratio comparison of the number of employees a company must replace in a given time period to the average number of total employees" (Beam, 2008) Employee turnover Another cause forwarded for the encountered problems lays in the poor and unchallenging job design Improve the job design to make it more attracting The job design represents "the process of putting together various elements to form a job, bearing in mind organizational and individual worker requirements, as well as considerations of health, safety, and ergonomics" (BNet Dictionary, 2008) Job Design The employees at Riordan feel unsatisfied with the relatively limited incentive plans presented by their managers Develop incentive policies that increase employees' on the job satisfaction Distribution of monetary awards through incentive payments based upon completion of previously identified plan objectives" (University of Nebraska-Lincoln, 2008) Incentive Plans Employee Compensation Employee compensation generically refers to the amount of money received by the staff members at a specified date as remuneration for their services and efforts made in supporting the organization reach its final objectives
One approach may be to make educated guesses, looking at past performance as assessing the influences and sales which are likely to occur. This is an ad hoc approach, and is usually seen as likely to be inaccurate, even when based on experience and knowledge (Armstrong, 1985)
Forecasting sales from existing trends and patterns is commonly used, this will allow for different variation in patterns to be considered; such as changes in seasonal demand. Several approaches may be utilized; assessment of the demand to be created through the changes may be used with a bottom up approach (Koehler et al
Conclusions- To remain successful, the Riordan Remanufacturing/Retooling Plan must incorporate the above efficiencies as well as International Legal Compliance (fiscal reporting, adherence to employment laws, etc.); Ethical expectations by finding win-win situations and treating all stakeholders in a positive way, and protecting those stakeholder assets by maximizing asset control, negotiation with unions or representative governments, and ensuring a positive and proactive stance (Kotler and Lee, 2005)
For instance, it is important to establish a MRP: Bill of materials that allows for a snapshot of a sequence of every item that is required for the final output, considering Human resources, inventory and any individual parts that are constructed rather than purchased. Overall, this process design change determines the requirements of the company and associated stakeholders, establishes a flowchart which then determines workflow, determines the resources required -- human and equipment, then details the supply chain paradigm which includes outsourcing, logistics, global sourcing, just-in-time inventory and any customization necessary (Magrab, et al
It may be both strategic and tactical with the challenge to achieve a positive result and to complete the project's goals while realizing any planned or unplanned constraints (usually scope, time, quality and budget). In addition, project management must optimize the allocation of all available resources towards the successful result (Nokes, 2007)
In a sense compliance is beyond ethics -- not because compliance is a higher form of ethical behavior, but because compliance is a different issue altogether. To be compliant is not necessarily to be ethical (Baxter & Evelyn, 1999)
This in turn provides a better basis for settlement negotiations and, should the case reach this stage, reduces the time and cost of the trial. Increased judicial supervision may also encourage clients to monitor more closely the conduct of their legal representatives (Huff & Note, 2006)
It is much easier to simply try to insert compliance with government regulation and its attendant costs into an analytical model as yet another constraint or, worse, to note its existence and then ignore it because it cannot be reduced to some number. ADR The practical benefits of managerial judging are considerable and likely to result in a net improvement in the efficiency of civil litigation, notwithstanding the increased costs attendant on the more active judicial role (Lipsky & Ronald, 1998)
ADR The practical benefits of managerial judging are considerable and likely to result in a net improvement in the efficiency of civil litigation, notwithstanding the increased costs attendant on the more active judicial role (Lipsky & Ronald, 1998). In this respect, it should be emphasized that the consequences of delay and inefficiency in the court system extend further than simply increasing the cost of proceedings in an immediate sense: they pose a threat to the continued existence of the civil trial system itself as a viable option for civil dispute resolution (Podgor, 2006)
Riordan Compliance Riordan Manufacturing Compliance Plan Plans for alternative dispute resolution (ADR) techniques can help control the environment of an organization by establishing the values and expected integrity of the members of the organization (Bibi 2011; COSO 2009)
When it comes to liability, Riordan Manufacturing has a great deal of vulnerability and must takes steps to protect itself. According to the tenet of enterprise liability, any organization that stands to profit from the imposition of risk is also liable for any damages resulting from those risks (Keating 2001)
Also, the processes revealed at each stage of production are completed manually, feature which drastically reduces operational efficiency. In this order of ideas then, it becomes imperative for Riordan Manufacturing to automate its processes and its operations (Ball, Beckwith, Buckley and Haniszewski)
This commitment is assumed by the company through their mission, as follows: "The mission of Riordan Manufacturing is to ensure that it remains an industry leader in the plastic manufacturing business and provides solutions to the existing customer base while expanding. The company will achieve this by leveraging technology and innovation to maintain and achieve profitability" (Tavangaran)
At a deeper level of operations, these are divided based on nature and locations. In this order of ideas: The research and development operations are completed at the company's headquarter in San Jose The production of the custom plastic parts in completed in Pontiac The production of plastic beverage containers is ensured in Albany The production of plastic fan parts is completed in the plants in Hang Zhou (China), in Michigan and in Georgia (Riordan Manufacturing)