Riordan Manufacturing: Policies and Procedures
A big part of the management profession is creating and enforcing policies and procedures. At the present time, Riordan Manufacturing has nine policies and procedures and of the nine only six will be modified. They are compensation philosophy, employee and labor relations, training and development, employee recognition programs, key jobs, and last recruitment and selection practices. In this paper, the group will explain the purpose of each policies and procedures of Riordan Manufacturing, what changes have been made (changes stated after the old policies and procedures), and the reason for the change.
The purpose compensation philosophy at Riordan Manufacturing is to help the company achieve its mission and goals by attracting, motivating and retaining the most highly-qualified people, with a particular focus on attracting people in critical disciplines such as R & D and quality. Base pay opportunities will be competitive by targeting the median of the appropriate external comparative group for average or satisfactory performance. Because we are focused on creating a team who perform in an above average manner will have the opportunity to earn variable pay to improve their competitive pay position. The company is closely held, therefore, stock options will be available only to officers of the corporation - new policies and procedures- after 90 days of employment all company employees will have stock options available to them. (ebook, p. 2) The reason for the changes is that employees work for this company just as hard as the officers.
? Health insurance for employees and their dependents ...