Riordan Manufacturing Compensation Plan

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Riordan Manufacturing Total Compensation Plan HRM/324 September 14, 2015 Mr. Douglas Lalama Riordan Manufacturing Total Compensation Plan Riordan Manufacturing is a global plastics manufacturing company that employs over 550 employees and has annual earnings of $46 million. They are a leader in the use of polymer materials and strives to be a solutions provider for all of their customers. Some of their major customers include automotive parts and aircraft manufacturers as well as the Department of Defense and beverage makers and bottlers. Riordan Manufacturing’s compensation plan entails the incentives include wages, and benefits. Different pay systems are designed to retain and attract top performing employees, and motivate…show more content…
Outside of increasing compensation benefits packages and robust retirement plan can assist in attracting new talent and maintaining current human capital assets. There are three basic categories of retirement plans the first is Defined Benefit Plans. Defined Benefit Plans have fallen out of favor with companies due to the fiscal burden they place on the company for years after the individual has retired. Defined Benefit Plans are favored by employees due to predictability they provide to the employee, so they know what they are going to receive as a pension in the end. The second type of plan are Defined Contribution Plans also known as 401(k) plans. In Defined Contribution Plans, the employees contribute to the plan and the company may or may not match the employee’s contributions up to a certain percentage. The third type of plan is the Hybrid Plans or Cash Balance Plans. Hybrid plans combine features of traditional defined benefit and defined contribution…show more content…
With a well thought out plan for compensative, they manage to attract and retain quality employees. The trends of the company shows positivity and employee energy is high towards the company goals. Riordan has utilized its equities well in creating a competitive organization. References Five Compensation Trends Employers Should Consider (2013). Compliance Tools for HR Professionals. Retrieved from Compensation-Administration/zn-5-compensation0trends-employers-should-consider# Brandi, (2005). Nine ways to keep employees engaged. Entrepreneur. Retrieved from: Geisel, J. (2013). Automatic Enrollment for Retirement Saving Gets Traction. Business Insurance, 47. Retrieved 9 11, 2015, from Martocchio, J. J. (2009). Strategic compensation: A human resource management approach (5th ed.).Upper Saddle River, NJ: Prentice Hall. Seaman, S., Krismann, C., & Hamilton, F. A. (1999). An internal equity evaluation system based on merit measures. College & Research Libraries, 60(1), 79-89. University of Phoenix. (2013). Riordan Manufacturing (Multimedia). Retrieved from University of Phoenix, HRM.324

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