Riordan Benchmarking
A – Issue Identified B – Company Response C – Company Response Outcome
Rewards and Compensation Philosophy - Edward Jones Investment is considered one of the top employers to work for in the country. Edward Jones has an understanding of what it takes to create a positive, engaging employee environment that generates excellent loyalty from their associates. Riordan has outdated employee programs, and has a highly questionable compensation philosophy. Edward Jones is an excellent benchmarking choice for Riordan because both companies are sales based, so aligning the employee based programs appropriately is essential. Edward Jones focuses on creating a positive environment for their associates. The firm ranks 15th in the “Great Place to Work Institute (Mississauga News, 2008), and the fourth on the Fortune Magazine Best Places to Work (Fortune, 2008). The basis for such high rankings comes from Edward Jones associates being consistently rewarded (6.5% average raises in 2008 for 7k St. Louis employees), (Fortune, 2008) and with employee welfare driven programs like telecommuting, job-sharing, gym subsides, and a paid sabbatical. Edward Jones understands the importance of employee motivation and they use that knowledge to ensure that their reward and compensation philosophies facilitate towards that goal. Edward Jones is a highly respectable company consistently ranking in the top companies to work for various lists. Edward Jones employs 31,451 (Fortune, 2008) worldwide, so the span of the company’s influence is quite large. The turnover at Edward Jones is about 10% which is a very strong number in their business sector. Edward Jones continues to grow as they ad ...