Cynthia G. Lewis
The success of any project is determined by various factors. Among them is the ability of the project team or manager to develop an organized project charter. An organization or company project charter is used to give a description of the vision of the project, objectives, scope, project organization as well as the implementation plan. It is therefore considered to be one of the essential documents in any business or organization management system. For instance, in developing an effective customer relationship management system, the customer relationship manager or the team should have a well-developed project charter and in most cases, this document would be most precise. This paper will, therefore, help in designing a project charter that will be used to revamp the company’s compensation and benefits package received by its employees.
Construct a project charter to revamp the compensation and benefits package.
As the human resource manager of this company, the existing employee compensation, and benefits package has recently attracted a great deal of interest. This has proved to be useful for the annual completion of performance evaluations which has shown a lack of employee motivation in the company. It has also contributed to poor performance in service delivery to its clients and even in meeting the established duties and responsibilities. Therefore, it would be favorable to revamp the existing compensation and benefits package which is currently being offered to the employees. This is guided by the objective of the company to improve its performance in comparison to previous years. According to the Labor Act (Monaco & Pierce, 2015), it is proposed that each company or organization should provide a standard compensation and reward system for its employees that would include bonuses, rewards, and other established opportunities or systems which the company could utilize in an effort to recognize the efforts of employees thereby improving workforce development initiatives and strategies.
The vision of this plan is to develop an effective project charter that will help the company in revamping employee’s benefits and compensation package by recognizing the employee’s individual efforts. Along with the vision would include the project objectives which would be considered to develop compensation benefits plan that recognizes employee efforts in improving company productivity, to design and develop an effective benefit and compensation system that can be adjusted consistently based on company rate or growth, profitability and resource endowment. The vision would also include a way in which to motivate the company employees based on individual and collective productivity and work efficiency. In addition, this would aid in identifying the importance of employee input and feedback in relations to developing and implementing compensation plans or structure in the company.
With the actualization of this project, the project team seeks to achieve this through three stages. The team will start by meeting the project sponsors along with the management team to review and approve the designed project charter. Hereafter, the team will establish the various criteria and aspects together with the competencies in relation to the compensation and benefits plan. Then, the project team will present results and recommendations of the system to company management and their sponsors.
Project team membership
1. Head of the team, Mrs. Jane Glorious, Human Resource Manager
2. Project Assistant, Mr. Edward Janes, Assistant Human Resource Manager
3. Head of communication, Mrs. Veronica Albert
4. Head of Data Collection, Mr. Henry Bruce
5. Head of Working Relations, Mrs. Hamada
6. Legal Experts, Mr. Johnston and Mrs. Catherine
7. Labor and Workforce Development Officers, Mr. Josh and Mrs. Jessica
8. Company Management Team
9. Ten members of staff of the company one from each company department
Design a communication plan for the project
The success of any project is dependent upon the communication strategy established by the project team to link all other stakeholders. In this case, the team seeks to establish an effective communication link between the employees who represent the main stakeholders, the human resource management team, as well as the company management team and other labor or workforce development officers (Kloppenborg, 2015). The project team will provide continuous reports during the implementation process of the compensation system to the head of human resource department which in turn will also be provided to project sponsors along with the company management board. It is also important to establish an effective communication link between the employees and company staff because it allows each team member to seek feedback as well as help to identify any potential issues. Should there develop any form of communication regarding the project outside of the team, then appropriate mechanisms are in place whereby the head of human resource management will be the only authorized person to communicate these issues given authority by the company.
Define the scope of the project
This project is aimed at providing an effective link between all the established compensation as well as benefit plans in the company human resource department. This will help to ensure that the company’s performance management system, the reward and recognition system, and bonus system are fully integrated into the new compensation and benefits plan. To achieve this the manager of the human resource team must ensure constant reporting and present them to the company management board for assistance in terms of evaluation and progress assessment. These reports will be provided at a given time to ensure that the project is complete as necessary or according to the provided schedule (Clemons, 2013). There is also a great need to consult with the company staff and employees in addition to other experts in matters concerning workforce development to assist in providing useful information to the human resource management and project team. The project team will prepare an approximation of certain figures or data along with identifying various members for the sake of the project.
The entire project team will seek to accomplish the following outcomes as a result of project deliverables. First would be to develop a system that would improve the working conditions and productivity of the employees as well as the company. There would also be a need to design a system that is flexible and consistent with the company mission, vision, and values. Through this new compensation and benefits plan system, the team must recommend to company management a benefit and compensation system that is equitable and which takes into consideration the company employee efforts, competencies and performance.
For this to be effective, the main focus must be on employee competencies and efforts in delivering results contrary to the previous system in which the rewards were based on popularity and years of service in the company. Therefore, the new system must be essential to improve company performance by setting or putting into place annual goals which can be used in the assessment of employee performance, performance appraisal systems and coaching and mentoring programs for employees. This new system will seek to achieve legal compliance in relation to labor requirements. Though the incorporation of legal requirements will ensure the company remains in compliance with all federal and state laws, it will also help to eliminate any employee bias in compensation (Moran, 2014) as well as help the company to avoid potential lawsuits which might affect the reputation of the company and eventually its recruitment strategies.
The new compensation and benefits system will implement a structured administration by establishing an annual salary review process and salary audit which is a very important aspect of a successful compensation management. The system will create an environment that recognizes and rewards employee performance and establishes a strong culture of employee engagement. It is believed that organizations are as successful as their approaches to hiring the right people in addition to setting clear salary expectations, managing performance and identifying and rewarding employees for a job well done.
Any project is subject to possible risks during implementation such as with investment opportunities. However, the project team will attempt to mitigate all of these risks by designing a system that will take into consideration some of these risk factors. One such factor might include a lack of employee satisfaction with the job which can be attributed to other influences unlike the compensation and benefits plan of the company. Employee satisfaction can be related to many other social, economic and psychological factors. However, the project team has made an assumption that this new compensation system will help to improve employee motivation while developing individual productivity in addition to the general company production (Kloppenborg, 2015).
For effective implementation of the project, the team is committed to ensuring the success of the project in conducting an evaluation whereby engaging several of the stakeholders. An analysis of the various effective implementation mechanisms would also be put in place to support the goals and objectives of the project. The manager and head of the project team will establish a variety of monitoring strategies to ensure that the project can achieve its set objectives. The project charter is believed to revamp the current compensation and benefits package wherein company employees are satisfied. It is believed to increase the levels of employee motivation and to improve company productivity through a cumulative and individual effort. The human resource manager together with the project team will be able to help the company attain an effective and consistent workforce development system of compensation that is in tune with the company mission, vision, and strategic values. This new system will serve all company departments and will help to achieve equality (Kloppenborg, 2015).
Create a work breakdown structure including numbered components. Submit your WBS by creating a table inside your assignment.
The WBS is an essential project deliverable tool that can help to organize the entire project teamwork into manageable sections and follows the 100 percent rule.
Numbers Project Activity Number of days
1.1 Current situation analysis 3 days
1.2 Development of project charter 10 days
1.3 Project Objectives 3 days
1.4 Developing project scope 2 days
1.5 Project deliverables 5 days
1.6 Project implementation plan 3 days
1.7 Project communication plan 3 days
1.8 Project team membership 2 days
1.9 Project execution 15 days
2.0 Project analysis, evaluation, and monitoring 10 days
2.1 Project completion phase 2 days
2.2 Project close out 1 day
Below is an example of a sample of an existing employee compensation package for the year 2016 which has been criticized and brought a great deal of conflict between the employees and the company management team including human resource management. It is due to this structure that the department has come up with a new system of compensation and reward which is believed to be effective in motivating its employees and staff and to improve productivity. The current compensation structure is provided below.
Compensation and benefits package as of 2016
Direct compensation $30,000
Compensation on the job pay $24,400
Wages $18,000
Overtime $400
Company education $1,000
Clinical ladder $1,000
Subtotal $24,000
Other Benefits
Company profit share $500
Dental and vision $100
Disability insurance $200
Medicare $400
Employee Assistance Program $1,200
Subtotal $2,400
Total compensation package $26,800
The new compensation and reward system will seek to improve on this existing compensation package with the aim of improving workforce development and productivity in the company. It will seek to bring about changes to the direct compensation based on employee performance and merit (Current Labor Statistics, 2013). Moreover, the new system will provide more rewards and add more funds to employee Medicare, bonuses and will seek to provide holiday packages for its employees. The system will establish a fixed reward system for all employees in all departments that will aid to facilitate equality in terms of incentives while providing a reliable process of managing workforce development.
References
Clemons, H. L. (2013). New Tax Increases Make Deferral of Compensation a (More) Valuable
Benefit for many employees. Employee Relations Law Journal, 39(1), 18-24
Current Labor Statistics (2013). Monthly Labor Review, 136(4), 91-166.
Kloppenborg, T. (2015). Contemporary Project Management (3rd ed.). Stamford, CT: Cengage
Learning.
Monaco, K., & Pierce, B. (2015). Compensation inequality: Evidence from the National
Compensation Survey. Monthly Labor Review, 1-11
Moran, A. E. (2014). Welfare Benefits in a Merger and Acquisition Context. Employee Relations
Law Journal, 40(1), 76-85