Team Paper Total Compensation Plan 1
Total Compensation Plan
Barbara Chalfant, Lincoln Boe, Tisha Showers, Rena Brown, Jennifer Smith
HRM/ 324
June 2, 2014
Steven Hartman
Total Compensation Plan
Riordan Manufacturing is a leader in the plastics manufacturing industry. As a fortune 1000 company, this employer of over 500 employees has not only made an investment into the products that roll off the production lines but most importantly the employees who help produce these products (University of Phoenix, 2013). In addition to the annual salary or hourly compensation these employees receive, Riordan makes additional investments in employees to better their wellbeing inside and outside of work. The complete benefit package offered by Riordan is known as the total compensation package.
As outlined on Riordan Manufacturing’s website, Riordan’s key objectives are our customer relationships, our employees, and our future. These three key objects tie into our employees. We must hire the best employees; retain these employees in order to keep moving forward, and to maintain our customer relationships. In order to do so, Riordan offers a nice compensation package. For our part-time employees this package includes Social Security, workers’ compensation, state disability, and unemployment insurance. This package is also included with the full-time employee’s compensation package. For our regular full-time employees our compensation package is quite generous. The full-time employee compensation package includes “flexible spending accounts, 401(k) savings plan, dental insurance, educational financial assistance, flextime scheduling, health insurance, holiday, life insurance, and vacation benefits,” (University of Phoenix, 2014).
Our total compensation plan supports our key objects in several ways. At Riordan we feel that it is necessary to have a good compensation plan in order to attract the best talent, recruit the best talent, and to keep the best employees. If the employees are happy our turnover rate
Barbara Chalfant, Lincoln Boe, Tisha Showers, Rena Brown, Jennifer Smith
HRM/ 324
June 2, 2014
Steven Hartman
Total Compensation Plan
Riordan Manufacturing is a leader in the plastics manufacturing industry. As a fortune 1000 company, this employer of over 500 employees has not only made an investment into the products that roll off the production lines but most importantly the employees who help produce these products (University of Phoenix, 2013). In addition to the annual salary or hourly compensation these employees receive, Riordan makes additional investments in employees to better their wellbeing inside and outside of work. The complete benefit package offered by Riordan is known as the total compensation package.
As outlined on Riordan Manufacturing’s website, Riordan’s key objectives are our customer relationships, our employees, and our future. These three key objects tie into our employees. We must hire the best employees; retain these employees in order to keep moving forward, and to maintain our customer relationships. In order to do so, Riordan offers a nice compensation package. For our part-time employees this package includes Social Security, workers’ compensation, state disability, and unemployment insurance. This package is also included with the full-time employee’s compensation package. For our regular full-time employees our compensation package is quite generous. The full-time employee compensation package includes “flexible spending accounts, 401(k) savings plan, dental insurance, educational financial assistance, flextime scheduling, health insurance, holiday, life insurance, and vacation benefits,” (University of Phoenix, 2014).
Our total compensation plan supports our key objects in several ways. At Riordan we feel that it is necessary to have a good compensation plan in order to attract the best talent, recruit the best talent, and to keep the best employees. If the employees are happy our turnover rate
References: Martocchio, J. J., (2009). Strategic compensation: A human resource management approach (5th ed). Upper Saddle River, NJ: Pearson Education. MBA Articles, (2009). Retrieved from: http://www.mbaarticles.com/compensation-management/ University of Phoenix. (2013). Riordan Manufacturing (Multimedia). Retrieved from University of Phoenix, HRM.324 website. -