Bechmarking Riordan Essay - 1138 Words

Abstract Benchmarking intends to discover the best practices of companies that have solved issues comparable to Riordan Manufacturings concerns. Its the best way to find solutions involving companies in the same industry, and then finding solutions to similar issues faced by companies in other industries. General Motors and Verizon are companies that have faced decreased sales and employee concerns over employee reward issues. In Riordan Manufacturing case, they have developed a new business strategy and provide new strategies with their employee reward systems. Riordan Manufacturing has determined what it must do to motivate its employees, but at what cost or risk. Riordans management team needs to decide what is best for†¦show more content†¦However when employers are no longer able to maintain their part of the bargain, they become frustrated and there is a loss of company profits and employee turnover. General Motors is the biggest supplier of automobiles the United States and the second largest publicly owned company in the world. General Motors has been overwhelmed in recent years with declining profits and increasing costs. General Motors product mix in the United States, heavily weighted toward trucks, pickups, and SUVs, is on the wrong side of gas prices. It is up against a formidable and sometimes militant union whose ability to accept the full reality of General Motors problems is not assured and gravely, it is burdened by health costs, which it supplies for a population bigger than Detroits that is, for a total of 1.1 million employees, retirees, and dependents (Loomis, 2006). Employees and the Union are reluctant to change their rewards benefit packages. General Motors is looking for a new and better way to change the companys total rewards packages so the company can be profitability and keep employee moral high in order to produce a quality product. These changes n eed to be in order with keeping the union happy while being financially beneficial. Verizon is one of the nations largest wireless providers, serving over 42 million customers.