Wk 3 - Performance, Compensation, and Rewards Presentation
Qiana.Reynolds
CPMGT301_WK3_Performance_Compensation_and_Rewards_Presentation.pptxPerformance, Compensation, and Rewards
Tyler Hall
CPMGT/301
July 30, 2018
Gary Denney
Photo credits:
http://www.recognizethisblog.com/2012/11/you-do-whats-rewarding-for-you/
http://trendymanagement.over-blog.com/article-article-6-is-reward-in-management-always-synonym-of-performance-87509785.html
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Introduction
Introduction
This presentation will define and identify the performance measurement practices, compensation, and rewards associated with the smartphones for upper management scenario. For this purpose, the focus of this presentation will demonstrate and analyze the following:
Performance Measurement Practices
Financial Compensation
Rewards
Human Resources Plan
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Performance Measurement Practices
Financial Compensation
Rewards
Human Resources Plan
Performance: Measurement
Performance Measurement Practices
“A good project manager will make it immediately clear to all new functional employees that if they perform well in the project, then he (the project manager) will inform the functional manager of their progress and achievements” (Levin & Wyzalek, 2015). The progress and feedback can provided in several different methods that are influenced by the organizational structure in most cases. However, as with any project the individuals will be measured by how they perform from the start to finish of the project. The milestones brought forward by the WBS (Work Breakdown Structure) will be used to evaluate the employees. Therefore, each evaluation may differ because the job duties and responsibilities are not the same for everyone.
https://www.dreamstime.com/stock-image-measuring-performance-tape-measurement-word-chalkboard-image39102621
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Performance Measurement
Evaluation
Performance: Evaluation
Written, Confidential Evaluation
Prepared by project manager
Given to functional manager
Only line manager’s evaluation shown to employee
Non-Confidential Evaluation
Prepared by project manager given to functional manager
Functional manager prepares their own evaluation
Both evaluations are shown to employee
Functional Manager Evaluation
No input from project manager
Functional manager must be highly involved
Performance Evaluations
Written, Confidential Evaluation – When this evaluation is used the functional manager uses the comment from the project manager and then proceeds to develop their evaluation. The only will not see the evaluation that is prepared by the project manager, only the evaluation prepared by the line manager. This method is not preferred because in many cases the individual evaluated does not receive the response and less likely to improve.
Non-Confidential Evaluation – When this evaluation is used the functional manager uses the project manager’s evaluation to prepare their own. The employee is shown both evaluations by the project manager and functional manager once they are completed. This method is preferred by most functional managers and project managers, even though it would make it possible for an employee that is average or below average to see the report while still working on the project. If they are going to improve the employee will use this to better themselves. Bad feelings or sabotage can be avoided by speaking openly and honestly with team members and using this method can be used to help them improve (Levin & Wyzalek, 2015).
Functional Manager Evaluation – When this evaluation is used the functional manager prepares the evaluation with no input from the project manager. This method is not preferred because it requires the functional manager to know many specifics regarding what each of their employees is doing and how they are performing in the project. It requires the functional manager to dedicate the time that is usually not available to evaluate one accurately.
Photo credit:
http://stevton.com/services/od-training/conducting-evals/
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Evaluations
Compensation: Financial
Compensation
Each employee involved in the project will continue to earn their normal wages, regardless if they are salary or hourly employees, throughout the duration of the project. Although it is not foreseen in the event overtime is required, salary employees will be compensated time off at a later date and hourly employees will receive the standard overtime rate of one and one-half time their hourly rate for all hours of overtime.
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Pay Rate – Pay does not change for salary or hourly employees during the project.
Overtime for Salary Employees – If required, the salary employees will receive compensated hours off at a later date.
Overtime for Hourly Employees – If required, the hourly employees will receive the standard overtime rate of one and one-half time their hourly rate for all hours of overtime.
Rewards: Financial
Financial Rewards
Most commonly are known as merit awards or bonuses. Normally, these are seen on appraisals or on the closeout of a project. When rewards are given, they are given to someone that kept the project on track in more than one way: budget, milestone, etc. These are done on an individual accountability opposed to an overall team effort. In scenario four, the cellphone to smartphone with internet access, the financial award would hypothetically go to a member of the team that provide the team with the most accountable elements. It could come from any member of the team: LAN, IT, the security analyst, or any of the other employees working on the project. The best thing about a merit award is that it is open to anyone.
Photo Credit:
http://www.bravoretractabelscreen.net/investing-best-real-estate-investments-money-financial-planning/
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Rewards
Rewards: Non-Financial
Non-Financial Rewards
There are many things a company or organization can do to tell an employee they have done a good job. A simple word of kindness, a letter or an email from the project manager, time off with pay, a trophy of sorts, a plaque, gift card, or a number of other items would be the start of some examples of non-financial rewards. If the company is big enough to have merchandise, the employee would be able to pick an item or items from the company store.
An example of team recognition would be a team outing such as a team building. Examples consist of bowling, mystery rooms, laser tag, etc. Anything where everyone must play and the company pays the bill.
Photo Credit:
https://www.glassdoor.com/employers/blog/why-cash-is-not-always-king-for-rewarding-employees/
https://www.yourarticlelibrary.com/business-communication/8-helpful-factors-for-motivating-the-employees-with-non-financial-rewards/1008/
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Individual Recognition
Team Recognition
Achievement
Human Resources: Outline
Human Resources Outline
Every organization needs a clear hierarchy chart to illustrate the organizational structure from the CEO on down. However, when people are working on a team such as the one with the smartphones, it is imperative for the team to know where they stand in the hierarchy. Chain of command is important when something goes wrong as well as when something is going well.
Roles and responsibilities are important as well. People need to be clear on what their roles are so they are not doing double work. It is important to stay focused and on task for milestones and budgeting.
Staffing the project team is crucial as Human Resources needs to select the right type of people to get the job done.
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Clear hierarchy chart to illustrate organizational structure
Roles and responsibilities
Staffing the project team
Reference
Levin, G., & Wyzalek, J. (2015). Portfolio management: A strategic approach. Boca Raton, FL: CRC Press.
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