Planning and Compensation Essay examples

891 Words Feb 27th, 2012 4 Pages
Construct a project charter to revamp the compensation and benefits package.

Project name: Compensation & Benefits

Date: January 25, 2011

As an HR manager, I have to come up with a plan to revamp the compensation and benefits package. I have to essentially come up with what is expected from a team so that there is no miscommunication about what is required. First, a compensation plan has to be written for the company 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
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The scope of the project for revamping the compensation and benefits package within the organization is to first list the deliverables which could include beginning with each employee’s salary and comparing to other salaries in the same industry to arrive at a median and basing it upon the skills and experience for that department. Secondly, set boundaries in the department by setting a maximum scale of pay within the department by determining the merit rate increases that company has set a percentage after a certain amount of years within the organization. By doing it that way, I see the company as establishing long term employees for the company.

Create a work breakdown structure including numbered components. Submit your WBS by creating a table inside your assignment.

TOTAL COMPENSATION & BENEFITS

BREAKDOWN

Salary

Base: $

$/Hr. $

Overtime Hours at

Straight Time: $

Time & a half: $

Annual OT Worth $

Total Salary: $

Bonus

Based on: Amount:

Individual Performance: $

Company Profits: $

Project Completion: $

Commission: $

Christmas $

Other: $

Total Bonus: $

Insurance

HMO/PPO:

Individual/Family:

Monthly Payment:

Deductible:

Life Insurance:

Short-Term Disability:

Long-Term Disability:

Vision:

Dental:

Special Needs:

Other Additions to Package

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