1.0 Project Initiating

1.1 Project Charter

1.1.1 Justifying the Project

The purpose of this project is to improve the profits of the business which will be attained through proper compensation of the employees in the business and thereby boosting their morale. In the presentation of a business life, the compensations and benefits given to the employees are important aspects. Fair compensation of employees inspires them to give outstanding performance in their execution of the tasks assigned to them which results in improved performance of the business. A good compensation system in the business also helps to improve the employee’s commitment to their employment.

1.1.2 Aligning the Project to the Organizational Strategy

In order to come up with an effective compensation and benefits plan for the business, I have to come up with a plan which will help me to revamp the existing compensation and benefits plan in the business. During the preparation of this plan, I have to consider what is best for the employees in the company and also the company in terms of sustainability of the compensation plan (Culpepper, 2014). An effective compensation plan must meet the following conditions; first, the plan must be documented on a piece of paper and therefore the company should provide the essential tools for the human resource manager to have access to the materials which are essential to the project. Secondly, an effective compensation plan must contain all the types of compensation given to the employees by the company which includes the following; basic salary, wages, merit enhances, dividends and overtime compensation along with other income sharing plans.

An effective compensation plan should have a policy which governs the number of hours worked by every employee per week. It should also have a policy which clearly defines the bases on which the dividends are awarded to the employees. Finally, an effective compensation plan should clearly indicate the minimum wages for all the job groups in the company and this should be indicated in the job description along with the skills required for different tasks.

On a normal basis, a compensation plan should encourage the employees in their execution of the tasks assigned to them in the company without necessarily having to create a sense of prerogative in the long-run. As the human resource manager, I will present this project to various stakeholders of the company one of which being the higher management in the company in order to seek support for the project. The most important aspects in having a successful compensation and benefits plan are to focus on proving the employees in the company with fair compensation and this among other benefits will help the company to retain the experienced and talented workers in the company. Fair compensation of employees enables them to support and work on achieving the goals and objectives of the company (Culpepper, 2014). The official salary and wage arrangements should be applied in the preparation of salary range in the company. Using the official salary arrangements as the basis for the determination of salary ranges in the company will help in the development of a plan which is fair to the employees and affordable to the company.

According to wages.com, 25% - 75% is the wages range that is proposed by corporations. This range takes into account various advantages and benefits which are reliable to the budgeting preparation of the company. When designing the company’s compensation arrangement, all the types and shapes of compensations and benefits are given to the employees in the company should be included in the compensation plan given that they are available to workers in the company.

1.1.3 Identification of Stakeholders

One of the stakeholders of this project is the management of the company. The successful implementation of any project must have the support of the management. The management is responsible for passing the budget for any project that is implemented in the company and therefore they are the main stakeholders of this project as it will require being sustained by funds provided by the company (eHow, 2014). Employees of the company are the second stakeholders of this project primarily because it involves their remuneration for services given to the company. As I stated earlier, fair remuneration boosts the morale of the employees which increases their productivity in the company. For this reason, it is important to have the employees’ support before the implementation of this project and one way to do this is to involve them in the development of the project. Those who invest with the company are also stakeholders of this project. The investors provide the company with the required capital for various investments and they receive the returns for their investment mostly in form of dividends. Increasing employees’ compensation will increase the production costs which will reduce the returns for the investors and therefore it is important to get their support before the implementation of this project.

2.0 Project Planning

2.1 Defining the Scope

2.2 Work Breakdown Structure

2.3 Project Schedule

2.4 Project Budget

2.5 Communications Matrix

2.6 Risk Identification

3.0 Project Executing

3.1 Quality Assurance Tools and Techniques

3.2 Managing the Project Team

3.3 Procurements

3.4 Managing Stakeholder Engagement

4.0 Project Monitoring and Controlling

4.1 Cost Control

4.2 Risk Control

5.0 Project Closing

5.1 Project Finalization

5.2 Closing Procurements

6.0 Program Management and Emerging Trends

6.1 Letter to Senior Management

6.2 Program Management

6.3 Emerging Trends

References

Project Management Institute. (2013a). The standard for program management (3rd ed.). [VitalSource version]. Retrieved from https://online.vitalsource.com/#/books/9781935589839/cfi/6/2!/4/2@0:13.5

Project Management Institute. (2013b). A guide to the project management body of knowledge (PMBOK guide) (5th ed.). [VitalSource version]. Retrieved from https://online.vitalsource.com/#/books/9781935589815/cfi/6/4!/4/2@0:94.1

Culpepper. (2014). Creating Competitive and Equitable Pay Levels. Retrieved from http://www.shrm.org/hrdisciplines/compensation/Articles/Pages/SalaryStructures.aspx

eHow. (2014). How to Write a Compensation Plan. Retrieved from http://www.ehow.com: http://www.ehow.com/how_2076418_write-compensation-plan.html

How to define the scope of a project. (2015). Retrieved from http://www.cio.com.au: http://www.cio.com.au/article/401353/how_define_scope_project/

Appendix

Each Appendix appears on its own page.