Running head: PROBLEM SOLUTION: RIORDAN MANUFACTURING
Problem Solution: Riordan Manufacturing
Shirley Lee
University of Phoenix
Problem Solution: Riordan Manufacturing
Riordan Manufacturing is a global plastics producer employing about 550 employees. The manufacturer has experienced a decrease in sales and a increase in employee turnover in the last few months. The paper will examine solutions to retain the customers and gain new ones as well as brainstorm viable solutions to combat employee retention. Communication will be key to the outcome of both problems.
Situation Analysis
Issue and Opportunity Identification
Riordan Manufacturing has a multitude of problems that they are trying to correct in a reactionary manner. The innovative efforts of the company could have possibly been alleviated if the company had watched the changing trends in the industry and the increasing turnover rate of its employees.
Although the company has revamped the focus of the sales force, employee morale must be addressed immediately. In an effort to reduce the turnover rate for remaining employees the President and senior management has decided to interview several consulting firms to provide feedback for the employee morale and turnover rate issue (Riordan Manufacturing n.d.)
Stakeholder Perspectives/Ethical Dilemmas
Riordan Manufacturing has three major stakeholders; senior management, employees and the customer. The president of the company has listened to senior management and is unwilling to move forward with a new compensation and instead has decided to hire a human resource (HR) consulting firm to determine what the real issues are. The Chief Operating Officer and the Chief Financial Officer are in agreement that the ...