Managing Human Resource Project HRM 517 August 5, 2012
1. Construct a project charter to revamp the compensation and benefits package.
Since recently being appointed head of human resources and now in charge of managing a small team; I have a huge task ahead of myself. My next project in regards to this appointment is to revamp the compensation and benefits package employees are receiving at my company. Employee compensation and benefits are extremely critical and important factors in the new hire acceptance process, as well as, employee retention. It is my duty along with my team to revamp, develop and offer exceptional compensation and benefit packages that attract and retain the best and most talented employees while making them feel proud, valued and as appreciated members of the company.
A company’s fundamental purpose and objective of compensation is to provide adequate and equitable rewards to employees at a level that matches theirs skills, abilities and contributions to the company (DeNisi, Angelo S., Griffin, Ricky W., 2008, p. 284. Para. 1). Compensation is the human resource management function that deals with every type of reward that individuals receive in return for performing work – including financial and nonfinancial rewards. Financial rewards include direct payments (e.g. salary) plus indirect payments in the form of employee benefits. Nonfinancial rewards include everything in a work environment that enhances a worker’s sense of self-respect and esteem by others (Cascio, 2006, p.418, Para. 1).
As the new head of human resources, my first step in my task is coming up with compensation and benefits packages for all employees and perspective new hires. I have to for all intents and purposes come up with what is expected from me and my small team so that there is no miscommunication about what is required. First, a compensation plan has to be written for the company and this would and should provide the managers with an important tool to get the most out of those who report to them. Second, the plan should include every form of the compensation that is available, such as, salary, bonuses, merit increases, wages and overtime, paid time off, 401(k), and other profit sharing plans. Third, we should have a policy regarding the number of hours worked, overtime, compensatory time, and paid time off (i.e. vacation, jury duty, sick leave, or personal days). Lastly, the minimum or base salary grades or scales should be based on the job title, description of the job, qualifications and/or education should be established to see what amount will be paid to the employees.
A compensation package should be what encourages long term employees and attract potential new employees to create a sense of entitlement with the company. As the new head of human resources, I have to present this material to the stakeholders as well as to members of senior and upper management for approval of this revamping project. My team and I want to see where the revamping, developing and exceptional compensation and benefits packages will do for the future of the company, its stakeholders as well as employees and new hires.
2. Design a communication plan for the project.
Once my team and I understand who has an interest in or can exert influence over the project; which are the stakeholders, current employees and potential employees; then we as a team would be able to develop a communications management plan. A communication management plan is the document that describes the communication needs and expectations for the project; how and in what format information will be communicated; when and where each communication will be made; and who is responsible for...