EMPLOYEE COMPENSATION AND BENEFIT PACKAGE 1
Employee Compensation and Benefit Package
Student’s name
Instructor’s name
Course
Code
Date of submission
Employee Compensation and Benefit Package
Introduction
This paper presents a project charter that the company requires to revamp the employees’ compensation and benefits package. It will include the design of a communication plan for the project, define the scope of the project, and create a work breakdown structure that includes numbered components. A project charter is an essential requirement in any given project. It entails a number of things, but key among them is the statement of objective. This is significant for clarifying the project’s responsibility, goal and role(Kerzner, 2013). Besides, it specifies the mandate level of a project manager, and identifies key stakeholders that should be involved in a project. In most organizations, a project charter is a popular embraced tool especially in business management system and for serving as blueprint for future projects. It is usually a short document, but detailed enough to present a meaningful request for proposal. It should, also, be clear that initiatives like Policy Dialogue (PD) and Customer Relationship Management (CRM) occupy a huge part of the document when conducting the actual operation of the project.
Project Charter
Situational Analysis
The company needs to revamp the compensation and benefits package that employees have been receiving, and it is the responsibility of the new human resource manager to lead the project. Revamping the compensation system is significant for increasing the efficiency and productivity of employees with respect to the current conditions of work. So far, employees have not been able to access direct compensations, also, referred to as total rewards. Employees require receiving such compensations proportionately to the labour they provide. Direct financial compensation, in this case, should entail payment in various forms such as salaries, wages, commissions and bonuses(Cotterman, 2010). At the moment, the company has been offering its employees a compensation package that does not meet the standard requirements that the labor act outlines. Although the company recently established a staff bonus plan for recognizing and rewarding exceptional performance, employees do not find it adequate enough to trigger their motivation. It will be necessary that after the project has been completed, various departments should employ an ad hoc method to oversee the implementation of the various aspects that relate to their areas of concern.
It should be clear that an inclusive compensation, benefits and reward system could encompass accessibility to various opportunities of recognition, which ensure that employees at all levels are involved. The annual winners circle should, also, be expanded so that it does not remain a one-time event. Moreover, the new plan will be instrumental in the sense that it will include a number of quality contributions regarding performance in line with the vision and mission statements of the company.
Purpose Statement
To create and design an instrumental project charter, which will provide assistance to the company in regard to refurbishing the compensation and benefit package of employees.At the end of the project, the resulting package should be characterized by its capacity to recognize employee contributions and efforts in such a manner that gives regard to the priorities, mission, andvalues of the company.
Goals
Establish a visibly sustainable compensation and benefit package whose application can be consistent across the company and connect all employees in such a manner that:
- Encourages a positive and inclusive environment of work,
- Motivates employees to increase their levels of productivity,
- Reinforces the efficiency of work, and
- Supports the contributions and efforts geared towards achieving the values and goals of the company.
Develop achievable compensation and benefit criteria that are meaningful for every level of engagement.
The plan will integrate feedback from employees that will be essential for providing guidance with regard to the manner in which their benefits and compensation should be organized.
Establish a manageable system of compensation and benefits that can be easy for the company to adjust depending on its level of resources.
Classify level of performance and the kind of results the company requires attaining after the new system of compensation and benefits has been enrolled.
Deliverables:
Define suitability for the new system of compensation and benefits depending on the performance record, values, and core policies of the company.
Provide advocacy services for new system of compensation and benefits while undertaking the pilot project as well as during the implementation stages.
Include noteworthy values within affordability levels of the company in the resulting system.
Design the kind of a system, which various departments in the company can adopt with flexibility.
Design a system of compensation and benefits that supports equity and continuous competencies and quality performance within the company.
Success principles
The following considerations will be necessary:
The system will be more focused on the competencies and results exhibited by employees more than their individual personalities and popularity.
The system will display complete adherence to the specifications of the labour unions and endeavor to improve safety at workplace.
The design of the new system will include significant aspects of governancethat demand project managers to conduct thorough scrutiny.
The system will be based on goals; for instance, it will give consider top employee salaries against generous benefits.
The system will conduct a thorough review and integrate wage replacement and medical care benefits, which the government enacted in its gazette notice in the recent past.
There shall be consultation with the union leaders and other representatives of the workers in order to agree on effective legislatives and policies.
In order to avoid frequent lawsuits, the system will be designed with respect to appropriate legal requirements regarding the system of compensation and benefits for workers.
Scope
The resulting system of compensation and benefits will sustain the connection among various effective systems that are significant to human resource departments such as recognition and reward, performance management, and others. As the project progresses through different phases, it will be necessary for the team to report their various developments to project sponsors, the management board of the company, and the human resource management head.The presence of the head of human resource will be necessary for continuous assessment of the progress. The company’s board of management will arrange for regular meetings in order to provide the team with the required support in order to complete the project within the required timeline. The team will, also, anticipate the recommendations of the fiscal budget.After completing the project, the team will present the results of the project and its recommendations to the management of the company. In order to produce desirable results, the team will consult with representatives from the labour unions; besides, it will require expert support of officials from labor department.
Team Members
Cross functional project team
Sponsor- board directors
HR consultant- Laura Wallen
Facilitator- Kim Dietrick
Manager- Student’s name
Dining- Valerie Wilson
Advancement- Beth Jones
Admissions- Herbert King
Information services- Gladys Widdowson
The manager being referred to in this context is the leader of the team whose responsibilities include the following:
Ensure that the project comes to completion within the required period.
Assure the company management and sponsors that the new system will meet and exceed their expectations.
Ensuring that the team is well-organized and engagedin every decision regarding the project
On the other hand, team members will be charged with responsibilities such as:
Providing the needed flexibility in terms of shifts as well as working hours, and
Putting in the required efforts to ensure that the objectives of the project are achieved within the required period
Schedule
Before teams begins working on the project in August
Sponsors will express their views regarding the objectives of the compensation and benefits system, and
The charter will provide an outline of the parameters and outcomes of the project.
September
The team will organize the first meeting with project sponsors and company management during which they will review and accept the charter. Besides, the team will commence outlining the scope of the project.
September-October
The team will conduct a review of the various competencies and aspects, which can influence satisfactory compensation and benefits so that they can design and develop a suitable plan.
November
The team will complete the project and present the results plus recommendations to the project sponsors and the management.
Communication Plan
In regard to conditional report of the project, members of the team and the team leader will consciously provide sponsors with periodic communication. The team will, also, communicate deliverables and proceedings of the project to the management of the company in a progressive manner. In regard to communication outside the team, coordination between team members and sponsors will be essential. The team will ensure that there is constant information update (Legge, 2011).
Assumptions
There are various challenges that arise in relation to compensations and benefits. Having considered this principle, it becomes clear that the work environment and terms of service will continue changing. This means that efforts of today may become replaced by the shifting resources and the priorities of tomorrow. Therefore translating human interactions and desired outcomes to improved compensation and benefits is impersonal. Therefore, improving employee compensations and benefits to impressive standards motivates them to become productive.
An example of the total compensation and benefit plan following the team’s recommendation for the year 2015 August
Direct compensation $37,270.86On the job pay $32,651.10
Base Wages $29,500.50
Company Education $1,300.10
Overtime $500.00
Add-on Earnings $0.00
On-call $0.00
Clinical Ladder $1,350.50
Sub Total $32, 651.10
Paid Time Off
PTO $1,490.00
Holidays $0.00
Bereavement $3,129.76
Sub Total $4,619.76
Direct Compensation $37,270.86
Other Benefits $7,718.80
Dental $0.00
Profit sharing $590.00
Disability Compensation Insurance $350.00
Vision $110.00
401(k) $3900.00
Education Reimbursement $0.00
Medicare $447.80
Life Insurance $59.00
Social Security $190.00
HAS $0.00
Flexible Expenditure Account $750.00
Appreciation $200.00
Employee Assistance Program $1,122.00
Other Benefits Total $7718.8
Total Compensation Package $44,989.66
Work Breakdown Structure
According to Johnson (2011), it is an essential requirement to complete the system.
Duration / Predecessors1 / Project Initiation
1.1 / Developing situational analysis / 4 days / 1.1
1.2 / Developing goals / 2 days / 1.1.1
1.3 / Developing deliverables / 8 days / 1.1.2
1.4 / Developing success principles / 2 days / 1.1.3
1.5 / Developing scope / 4 days / 1.1.4
1.6 / Developing Schedule / 5 days / 1.1.1.1
1.7 / Developing communication plan / 10 days / 1.2
2.0 / Project execution / 20 days
2.1 / Analysis phase / 7 days / 2.1
2.2 / Design Phase / 8 days / 2.2
2.3 / Validation phase / 9 days / 2.3
2.4 / Deployment phase / 15 days / 2.4
2.5 / Completion phase / 3 days / 2.5
3 / Project closure / 1 day / 3.1
References
Cotterman, J. D. (2010). Compensation plans for law firms. New York: America Bar Association.
Johnson, K. (2011). How to identify and charter a lean six sigma project: tips and tricks learned the hard way. Houston: RCI Consulting.
Kerzner, H. R. (2013). Project management metric, KPIs and dashboards: a guide to measuring and monitoring project performance. New York: Wiley.
Legge, J. R. (2011). Business & professional communication: plans, processes, and performance. New York: Pearson.