A project charter revamping the compensation and benefits package To begin this paper let us first describe what a project charter is and why it is used. A project charter is the deliverable that grants a project team the right to continue into the more detailed planning stage of a project. It is like a contract that is signed by both the project team and the sponsors. It is signed willingly and both sides strive to make the project a success (Kloppenborg, 2015). There are four major reasons for a project charter. One it authorizes the project manager to proceed with the project. It helps the project team and sponsors develop a mutual understanding. It helps all parties commit to the project. It also will help to screen out a poor project …show more content…
Benefits are an important part of the employee compensation package. Like pay, benefits help employers attract, retain, and motivate employees. The variety of possible benefits also helps employers tailor their compensation packages to attract the right kinds of employees. Employees expect at least a minimum level of benefits, and providing more than the minimum helps an organization compete in the labor market (Noe, Hollenbeck, Gerhart, & Wright, 2014). Compensation is the total amount of monetary and non-monetary pay provided to an employee by an employer in return for work performed as required. Compensation is a combination of the value of a person’s pay, vacation, bonuses, health insurance, and any other perk a person may receive, such as free lunches, free events, and parking (Heathfield, 2016). Compensation also includes payments such as bonuses, profit sharing, overtime pay, recognition rewards, and commission. Compensation can also include non-monetary perks such as stock options, company-paid housing, and other non-monetary items (Heathfield, 2016).
Scope
Compensation is made of a base salary (paid by the hour, work or the year; excluding overtime or bonuses), variable pay (bonuses, profit sharing/stock options which work hand and hand with the performance of the company), and benefits (to include health insurance/savings plans – 401(k), or tuition reimbursement). The traditional way of determining base pay for jobs was to compare jobs in the same industry. Now industry and market, no long work by themselves, the current thinking is more person-based that considers knowledge, skills, and competencies of the work. This, however, is best suited for high-performing environments that remain flexible in their deployment of human capital.
Some of the big concerns people have when thinking about employment is benefits. What can a company provide to the potential employee in terms of insurance, vacations, advancement, and all the extras associated with the perks of certain companies? At the time do these people wonder about the organizations that may have a say in those benefits they so covet. The labor unions
Offering employee benefits is one way a company must competes in today’s marketplace to retain old employees and attracts new ones. These benefit packages may range from offering basic health insurance to additional discretionary and perk benefits such as vacation and retirement packages. Benefit packages are often a large portion of employee costs and Federal mandates require an employer to carry and offer certain benefits even if they offer nothing else. Federally required employee benefits make up approximately a quarter of the costs associated with employer offered benefit packages. Some of these mandated benefits include Social Security, Worker’s Compensation Insurance, and the Family Medical Leave Act.
Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
A project is a temporary endeavour undertaken to create a unique product or service. They are goal oriented, have a definite start and finish time, must be done within cost, schedule and quality parameters. Projects involve the coordinated undertaking of interrelated activities (Project Management: Achieving Competitive Advantage). According to Tom Peters, “Projects, rather than repetitive tasks, are now the basis for most value-added in business”. Based on this, it is clear that projects are of utmost importance to businesses in both the service and the manufacturing industries.
One way to provide clear description of a project is to prepare project charter. A Guide to the Project Management Body Of Knowledge (2008), “it is the process of developing a document that formally authorizes a project or a phase and initial requirements that satisfy the stake holder needs expectations” (pg.71). Preparing a project charter is the initial step for project manager to start any project. In Project charter we can describe different components of the projects. To start any project, preparing a project charter is the initial steps for project manager. Some of the essential components are described below.
Employee benefits coordinator play a significant role in Human Resource Management. Employee Benefits coordinators are responsible for assisting with employee benefits, maintaining employee data base, managing all insurance billings and maintain employee files, sick pay, vacation and retirement. This study explores the importance of employee benefits to corporations, government agencies and non profit organizations. This paper also researches the effects on the management team and on individual employees’.
Attracting and retaining the most talented employees is essential for long-term organizational success. An important component to attracting and retaining such employees is the design and implementation of an effective compensation and benefit system. Assuming the role of a highly regarded human resource consultant hired to review, analyze, and revise the compensation and benefit system utilized by my city’s largest employer, Holland Enterprises, this paper presents a revised compensation and benefit strategy that suits the firm. This proposal describes how an effective compensation and benefit system could contribute to organizational effectiveness in the firm, the principle components of the revised compensation and benefit system for the
Compensation is the remuneration received by an employee in return for his/ her contribution to the organization. It is an organized practice involving the provision of monetary and non-monetary benefits to employees (citehr.com). Em¬ployee compensation includes all forms of pay and rewards received by employees for the performance of their jobs. Direct compensation comprises of employee wages and salaries, incentives, bonuses, and commissions. Indirect compensation comprises the many benefits supplied by employers, and nonfinancial compensation includes em¬ployee recognition programs, rewarding jobs, and flexible work hours to accommodate personal needs (www.indiana.edu/~busx420/Book.../chap09.doc).
Tomax Corporation has 400 employees and wishes to develop a compensation policy to correspond to its dynamic business strategy. The company wishes to employ a high-quality workforce capable of responding to a competitive business environment. Suggest different compensation objectives to match Tomax’s business goals.
Compensation for today 's average worker has always been a highly sensitive topic for any employer. Determining fair compensation can be a overbearing task as there are many contributing factors that make up the general pay scale. When determining pay a company must always consider the hourly amount, the benefits that may be offered, any incentive that could potentially be incurred and ensuring that their employee have an established work life balance. For an employer to be successful in determining compensation for their associate they must remain grounded around 1 key principle. An employees compensation is determined by expertise, education and the daily duties performed by the employee.
A compensation package includes salary but also includes other non-salary benefits such as: health-care benefits, 401(k) plans, PTO (paid time off) and other perks. Businesses often utilize experienced Human Resources professionals to review, update and create salary scales and compensation packages for new hires. The total compensation package is often used as means of attracting employees who will complement the organization and should be consistently reviewed, acting as an incentive for retaining qualified staff. “Organizations that are not able to develop competitive pay scales along with strong compensation packages, face the risk of a competitor offering a more attractive package, which can result in employee turnover” (Dias, 2011, pg.
Reward systems have been evolving and growing throughout the years, but there are many types that have always been there. Base pay is the most common, which is an employee’s base wages and salary that they are paid on hourly, weekly, monthly, or annually (Luthans, 2011, p.94). Merit based pay is another type of incentive, which rewards and motivates an individual to perform their jobs to the standards of their employers. According to the text Organizational Behaviors, by Fred Luthans, there are three other options for paying an employee for their performance: individual incentives pay plans, using of bonuses, and the use of stock options. Individual based pay plans are based on the employees output and/or quality. Some organizations use bonuses as incentives to their employees. These are offered sometimes as op...
believe that our benefits and recognition system are vital for collaborative industrious opportunities, for improving productivity and for recognizing contributions to the company success. Holland Enterprise compensation philosophy has three primary objectives. These objectives are to:
The importance of project management cannot be overstated. For starters it is important that project management provides a flexibility and structure. Project management creates flexible and well-structured business organizations by combining two organization needs perfectly. The organizational needs are determined by making the organization adaptable due to constant changes in the business, secondly organization is extremely important for creating structure. What is most important is that