PROBLEM DEFINITION: RIORDAN MANUFACTURING
PROBLEM DEFINITION: RIORDAN MANUFACTURING
Andrea Mosley
University of Phoenix
Human Capital Development, MBA/530
Problem Solution: Riordan Manufacturing
“How much is my time worth?” This is the question every hopeful young graduate entering the workforce attempts to determine for himself. This is the nature of a capitalist economy that workers trade their time for an hourly wage or salary. Selling one’s time, much like selling a product, is priced according to supply and demand. Professionals and those with technical expertise often expect greater compensation for their time and effort since their skills are often in high demand but comparatively low in supply. Thus, companies must engage in competition for, or rather sell themselves to, potential employees by offering the right combination of salary, benefits, and opportunity. Riordan Manufacturing is an example of a company who has failed to sell itself to its employees.
This paper will describe the overall situation as well as identify challenges and opportunities that can assist management in addressing this scenario. In addition, a problem statement will be addressed and end state goals on a 12 month timeline will be presented. This paper will focus on the dilemmas and issues this company faces as well as how the issues and opportunities were chosen. The analysis team used two benchmarks in conducting an evaluation of potential solutions.
Situation Background (Step 1)
Riordan Manufacturing is a Fortune 1000 company that produces plastic parts and bottles for distribution to manufacturers in other industries such as auto assembly or beverage distribution. Riordan Manufacturing is also a company that is experiencing significant issues in every aspect of the business’ operation from profits to employee job dissatisfaction. A slump in revenue and profits over the past couple of years prompted the company to transition to a Customer Relation...