Riordan Generic Benchmarking

Generic Benchmarking Worksheet

Task A: Problem/Opportunity Statement

Instructions for Task A: In the Response row, write out the problem/opportunity statements for the scenario for each of the team members.

Response to Task A:

Riordan has some serious problems that need to be addressed, sales have been declining over the past two years and profits have been uneven, the company is divided among age groups and has different perspectives on how the company should be managed. Performance data indicates that only a quarter of the employees are high-achievers, most employees appear to fall into the mid-tier range. The reward system is out-dated and needs to be revamped causing morale and work ethic issues. The HR department reports through Finance and the Director has no real power or respect. The CEO realizes that something has to be done and is now in the midst of addressing the major issues and has hired a consultant to help identify the major issues.

Generic Benchmarking—The purpose of generic benchmarking is to identify potential solutions to the problem statements defined in Task A. You will do this by looking at how companies in other industries have dealt with similar issues.

Topic A: Motivation and Performance

Instructions for Topic A: In the Response row, each team member must identify at least one company that has faced and addressed similar situations (successfully and unsuccessfully).

• In the Response row, identify whether the company has been successful or unsuccessful.

• In the Response row, summarize your key findings for the company as they relate to the scenario.

• In the Response row, identify at least one alternative solution for Riordan from each company researched.

Response to Topic A:

Lincoln Electric

Lincoln Electric according to the University of Phoenix text (2004) is the prime example of blending awards for pay for performance. “For example, why does Lincoln Electric out product other companies in the same industries year after year? Normally we think it’s because the company has a well-designed incentive system that links to a level of production. Certainly that is a big factor! But when you talk to the people at Lincoln Electric, they suggest part of the success comes from other forms of reward, including the strong commitment to job security-downsizing is simply not in their vocabulary there-that reinforces the willingness to try new technologies and processes.” (University of Phoenix, 2004, chapter 9, page 260, para.1). “Through this well-defined group of incentives, Lincoln encourages and compensates individual initiative and responsibility. Employees work together to reduce costs and improve quality. These individual and cooperative efforts create a more profitable company, the success of which each person shares according to his or her own contribution”. (Lincoln, 2006).

Topic B: Retention and Career Development

Instructions for Topic B: In the Response row, each team member must identify at least one company that has faced and addressed similar situations (successfully and unsuccessfully).

• In the Response row, identify whether the company has been successful or unsuccessful.

• In the Response row, summarize your key findings for the company as they relate to the scenario.

• In the Response row, identify at least one alternative solution for Riordan from each company researched.

Response to Topic B:

Applebee’s

Applebee’s according to the University of Phoenix text (2004), “Applebee’s allows general managers to earn as much as $30,000 above base salary for hitting sales, profitability, and customer satisfaction targets. To discourage turnover, this extra compensation is deferred over two years.” (University of Phoenix, 2004, chapter 9, page 274, para.1). By stringing out rewards companies such as Applebee’s can retain employees especially in high turnover fields like restaurant management.

Doctor’s Hospital

According to Noe-Hollenbeck (2004), “an employee survey is not something an organization should take lightly. Especially when the program is new, surveys often raise