Planning and Compensation

916 Words Mar 23rd, 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
…show more content…
As the HR manager, I would have to plan a way to get each person working on the team to meet face-to-face for the first time to make sure everyone has a sense of whom they are speaking with. I believe that virtual communication would be the best way to communicate with the team members, so that we are not taking a lot of time in the meeting room discussing ideas and possible changes within the project. During the communication progress, I will have to set up within the team a smaller team to work on the compensation side of the project and a smaller team to work on the benefits side of the project. This is to possibly ensure that there are not heads bumping because someone is feeling as if their toes are being stepped on. After breaking up the teams to each work on one side of the project, I would have to have two people from HR working on the pay scale, two working on how to establish merit increases, two working on looking into if we should have to downsize how we could use that extra decrease in aid that the company would not have to pay out, two working on finding out about insurance for the company to possibly decrease the cost that each employee would have to pay out of pocket as well as the company not paying so much, two working on paid time off (PTO), 401(k) etc., two working on tuition reimbursement
Open Document