Riordan Manufacturing Benchmarking
Employees are a large part of any corporation and are essential in the success of any industry. A loyal employee is hard to find in the world today but some companies have maintained dedicated and longstanding employees due to employee motivations and incentives. Building employee performance and developing a budget plan takes time, but without some form of incentive industries will lose highly skilled workers and create opposition and encourage turnover due to job dissatisfaction (Dreher, Dougherty, 2001, pg 1). Several companies are making a difference in the ways employee are rewarded and recognized. The Home Depot a large retail home improvement store recognizes the customer’s needs and the vital basics that are needs for the company’s growth. Training the staff to assist with the customers needs and incorporating restructured awards programs encourages the employee. Managers should be aware of the possibilities for employee reward and compensation then is able to select the correct practices that fit the job for the companies (Dreher, Dougherty, 2001). Starbucks best known for specialty coffee includes their part time workers in the stock option plans and subsequently has reduced employee turnover because the company is attentive to all the employees and their needs and has created a leadership servant training program that places the employee’s needs before others. Strategy refers to the fundamental directions than an organization has chosen (Milkovich, Newman, 2004). Lowes is a well established appliance and retail store with thousands of employees across the country. Loews implements performance awards and encourages the employees by cash incentive spurts and full benefits for the employees. Recognizing an employees worth an ...