MBA 530: Human Capital Development
University of Phoenix
Problem Solution: Riordan Manufacturing
Managers of the 21st century recognize the fact that human capital management (HCM) is an important issue to the advancement of any company. Everyone that examines the need to manage, measure and get the most from human capital agrees on its importance. The difficulty lies in the way to execute a great HCM model and convert it into a praiseworthy goal through the development and implementation of a comprehensive motivation and rewards strategy for their employees. One organization currently facing such a HCM challenge is Riordan Manufacturing.
Riordan Manufacturing is a global plastics producer, which employs 550 people. Riordan Manufacturing is wholly owned by Riordan Industries, a Fortune 1000 enterprise with revenues in excess of $1 billion.
Riordan Manufacturing is experiencing high employee turnover and declining morale and reduced work ethic from its employees, employee motivation and behavior have declined. Riordan must also consider how its pay and rewards systems affect organizational behaviors and if their compensation packages are comparable with other leaders in the manufacturing industry.
The next few pages will examine ways in which Riordan Manufacturing can turn these challenges into opportunities by creating and implementing a comprehensive and motivational rewards strategy that will affect organizational effectiveness for all employees.
Issue and Opportunity Identification
Human capital management is "the performance of all the managerial functions involved in planning for recruiting, selecting, developing, utilizing, rewarding and maximizing the potential of the human capital in an organization" (Megginson, Franklin and Byrd, 1995). HCR managers and personnel also support and advise managers, serve as employee advocates, resolve problems and implement... [continues]
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