Riordan Corporate Compliance Plan
Riordan Corporate Compliance Plan
Riordan Manufacturing, as a global plastics manufacturing company, has become a pioneer in its industry and has an employment base of approximately 550 people and has an annual earnings projected around $46 million. The company possesses a plant in Albany, Georgia that produces containers for beverage companies, a plant for manufacturing custom plastics in Pontiac, Michigan, and its Hangzhou, China plant develops plastic parts for fans. Riordan’s research and development group holds the title as the industry leader in identifying industry trends in research and development. Research and development activities are performed at Riordan’s corporate headquarters in San Jose, California. Beverage companies, automotive, aircraft, and appliance parts manufacturers and the Department of Defense are clients who can be found at the top of Riordan’s list of customers (University of Phoenix, 2012). Current Situation
Recently, Riordan Manufacturing has suffered from strategic changes in its marketing and production areas. These types of changes often affect employee retention statistics. If a company wants to be prosperous, it must take care of its employees. Company leaders are worried that their employees may share proprietary information with commercial competitors. Management’s other concern is that substandard wages, lack of advancement opportunity, and conflicting opinions between management and employees may cause employees to leave the company. Three managers have left in the past three months as a result of insufficient wages or substandard incentive packages; therefore, Riordan Manufacturing needs to find a quick solution to its problem. Anticipated deadlines and milestones could be jeopardized if the company fails to address these issues. (University of Phoenix, 2012). Management needs to have a full understanding of the key leaders’ roles in order to restructure the company. The leaders of the company are President and Founder, Michael Riordan, Vice President of Research and Development, Kenneth Collins, Director of Information, Maria Trinh, Director of Engineering, Hugh McCauley, and Vice President of Sales and Marketing, Charles Lacy. Hugh McCauley is of the opinion that the solution to the company’s problems is beyond insufficient wages and substandard compensation packages (University of Phoenix, 2012). Code of Business Ethics
The primary aspect of a code of business ethics is the development of various recommendations meant for publicly owned or traded companies and the auditors that are independently employed, regulators such as the SEC, and institutions for education (COSO, 2012). Awards and recognition are a positive reinforcement to promote good behavior in employees. Even if the employees do not expect that type of reward, the company should recognize their actions. The system recognizes the cause of poor job moral and a reduction of professional ethics to be the increase in the cost of living, lack of seniority, and unreachable positions. As you know, business integrity is an open, honest and loyal commitment in relations with all its customers and ensures the maximum customer satisfaction of their goods and services of consumption. The employees who conduct Riordan Manufacturing standards are responsible for ensuring the protection of integrity and responsibility of all documents, which are deemed confidential property of the company. Feedback is encouraged and promoted to all employees to report any alleged violation of company policy to the appropriate member of management. Any misuse of organizational funds, goods and equipment provided by the company for employee use, misrepresentation, and divulgence of company information may result in disciplinary proceedings or dismissal. As shown, all transactions and trade relations with membership customers comply with ethical standards. Riordan...