Riordan
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Riordan Benchmarking
A — Issue Identified
B — Company Response
C — Company Response Outcome
Rewards and Compensation Philosophy – Edward Jones Investment is considered one of the top employers to work for in the country. Edward Jones has an understanding of what it takes to create a positive, engaging employee environment that generates excellent loyalty from their associates. Riordan has outdated employee programs, and has a highly questionable compensation philosophy. Edward Jones is an excellent benchmarking choice for Riordan because both companies are sales based, so aligning the employee based programs appropriately is essential.
Edward Jones focuses on creating a positive environment for their associates. The firm ranks 15th in the “Great Place to Work Institute (Mississauga News, 2008), and the fourth on the Fortune Magazine Best Places to Work (Fortune, 2008). The basis for such high rankings comes from Edward Jones associates being consistently rewarded (6.5% average raises in 2008 for 7k St. Louis employees), (Fortune, 2008) and with employee welfare driven programs like telecommuting, job-sharing, gym subsides, and a paid sabbatical. Edward Jones understands the importance of employee motivation and they use that knowledge to ensure that their reward and compensation philosophies facilitate towards that goal.
Edward Jones is a highly respectable company consistently ranking in the top companies to work for various lists. Edward Jones employs 31,451 (Fortune, 2008) worldwide, so the span of the company’s influence is quite large. The turnover at Edward Jones is about 10% which is a very strong number in their business sector. Edward Jones continues to grow as they added 1,000 offices last year. The benchmark point to be made in comparison to Riordan is a company cannot forget its most valued asset — their associates. Riordan has outdated HR philosophies, and is having trouble reaching alignment amongst their executive team to agree to next steps. Companies like Edward Jones continue to reap the rewards of the extra investment to make their associates work experience more valued and respected.
Outdated Human Resources Programs — Qualcomm Electronics continues to lead best practices around Human Resource programs and overall associate friendly work environments. Qualcomm is recognized worldwide as a great company to work for, and has been decorated by the telecommunication industry many times over. Riordan is dealing with a HR organization that has not been recognized as a key contributor. By having HR report into Finance it really diminishes the impact that the organization can have, and based on the issues that are occurring shows that there is a major need for an updated HR process. The consultant work done for Riordan has a heavy recommendation towards HR change. The emphasis is based on the knowledge that HR programs are the backbone of employee engagement and fairness. Currently Riordan is not in the position to support their associates fairly with the current HR process.
Qualcomm has achieved top status in numerous employee based rewards including the San Diego Society of Human Resource Management’s “Workplace Excellence Award” (Qualcomm, 2008) and Fortune Magazines “Best Place to Work” for 10 years running (Fortune, 2008). The company simply is a model organization in tending to the important factors for employees. Qualcomm pays 100 percent of medical costs, and offers other perks like on-site gyms, job sharing, and telecommuting. Qualcomm continues to separate the company in the telecomm industry which attracts top talent, and keeps turnover minimized. Qualcomm understands the importance of current HR programs, and the impact the programs have on their associates. Riordan continues to struggle, and a once successful company is now at the crossroads. Riordan can recover using a best practice approach, and understanding that it will be an investment, but the expense will pay for itself quickly by increasing engagement, and reducing turnover.
Qualcomm simply stated is model organization that continues on the cutting edge of technology and employee engagement. Qualcomm has consistently invested in employee friendly programs. The affirmation has come in numerous industry awards and top company to work for designations across industries. Riordan has an excellent example of updated and savvy HR programs to use in reviewing Qualcomm. Qualcomm continues to grow, and really shows no signs of slowing down as an organization even in the current down times. The message that taking care of your employees and they will take care of you can’t be more clear than in the Qualcomm example. CEO Paul Jacobs says ““I see increasing opportunities for Qualcomm to deliver new products and technologies that enhance the mobile phones role as the most personal electronic device in a world where wireless, computing, entertainment and consumer electronics are converging – we will continue our focus on execution, innovation and collaboration to rapidly bring new differentiated services to the wireless market, creating even greater value for our customers, partners, consumers and our shareholders.” (Qualcomm, 2008). Qualcomm will continue to reach their goals because their associates are what make their goals achievable.
References
Financial Firm among top 50 employers. Mississauga News. Retrieved on 6/15/08 from
ProQuest at the UOP Online Library.
WWW.Fortune.com — Retrived on 6/15/08.
WWW.Qualcomm.com — Retrieved on 6/15/08.
Issue Identified- Dell
Company Response
Outcome
Motivation and retention
Number 34 on the Fortune 500, Dell sells more computer systems than any other computer manufacturer in the world. The giant employees approximately 90,400 team members across the globe. No wonder Dell’s leadership has been focus on managing and developing its talent as a key strategy to sustain success. The company calls it a winning culture, one that embraces diversity and celebrates effectiveness between work and life. In addition to offering all standard benefits and compensation, Dell sponsors networking groups of employees who share common interests across the organization. This concept embraces diversity and creates a sense of belonging to a culture that understands their personal needs. For example they have