HRM 517 – Managing Human Resource Projects
Construct a project charter to revamp the compensation and benefits package. The overall goal and strategy of the XYZ Company is to align its total compensation and benefits plan to the financial and operational results of the Corporation and the Business Unit. Alignment of variable compensation to performance is essential to ensure that the supervisory team and identified sole contributors share in the prosperity of the Company when our goals and objectives are exceeded and does not expect or receive variable compensation in those years where failed to meet our key business targets It is essential that each participant in the Supervisory Variable Compensation Plan (SVCP) has a clear understanding of the plan, understands the parameters and guidelines by which SVCP is paid and that a key component is utilizing “ACTUAL” overall financial and operational year end results. The Supervisory Variable Compensation Plan (SVRP) is designed to establish the participation, criteria and the process by where variable compensation will or will not be paid out to those individuals who have been identified as participants in the plan and have made a contribution to the financial and operational results of the Business Unit. The following guidelines have been defined to assure that the SVRP is administered fairly and within the parameters required to protect the financial integrity of the Corporation. 1. SVRP payout is based on actual fiscal year financial and operational performance. 2. SVRP will be paid out on an annual basis.
3. Actual payouts are based on individual performance to defined objectives and targets from each qualified participant. 4. Objectives and targets will be established for each participant prior to the beginning of each fiscal year. Objectives and targets will be...