PLANNING DOCUMENT Planning Document HRM 517 – Managing Human Resource Projects Planning Document 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 weighted based on importance. 5. Objectives and targets can be adjusted during the year to reflect changing Business Unit performance or priorities. 6.
A mid-year performance review with each participant with their respective manager is required and performance to date against objectives and targets should be reviewed. Mid- year reviews are to be documented and placed in the participants personnel file with a copy to the participant. 7. SVRP payouts will only be paid to participants who are on staff at fiscal year-end. 8. SVRP payouts are paid on final results achieved for each objective using the weighting established for each target. 9. All payouts will require the approval of two levels of management.
In order to qualify for a payout under the Supervisory Variable Compensation Plan the following criteria must be met: 1. Eligibility – Identified first level supervisors, managers and individual contributors in the business units. Eligibility to participate in the plan will start after a 90 day probationary period for new hires. 2. Managers must have been in the position a minimum of 6 months and performing at a “fully satisfactory” level. 3. All managers must have a completed Job Performance Evaluations (JPE) for their respective teams.
Copies of the JPE must be on file with a copy sent to Human Resources. 4. Meet or exceed performance objectives and targets established at the beginning of the fiscal year. 5. Managers who are on an hourly rate will not qualify for the Supervisory Variable Compensation Plan. 6. For managers who do not have a full year of service will have the SVCP will be pro-rated for the year. SVCP Timeline: ? October 1, 2012 – Business Unit Objectives established ? November 1, 2012 – Individual Performance Plans developed ? May 2013 – Mid Year reviews ? November 2013 – Year End Final Results November 2013 – Final SVCP Calculations completed and submitted for approval ? December 2013 – SVCP payouts [pic] Incentive Plan Calculation Participants will have the opportunity to earn an SVRP payout of 20% of their base salary. The payout will be based on the participant’s performance to their individual objectives and the weighting assigned to each objective. [pic] Design a communication plan for the project. The project’s communication plan will consist of the reasons why XYZ Company should revamp their compensation and benefits plan.
The purpose of the change will help with productivity as well as seeking more customers within each business unit. It is important that all stakeholders understand why the company should make changes to enhance the business. The managers will see this change as a plus for them since it will include giving them a bonus based on productivity within their business unit. The compensation plan will allow room for hourly and salaried managers to receive incentive pay and this will also help them during performance review for advancement opportunities.
The communication plan will include email, conference calls, meetings, and voice calls to push our compensation plan and get the information out to the managers. Furthermore; we will hold monthly training sessions for all managers to ensure they are receiving the correct information and training to be successful with this plan. Finally; we will have a Q session which will allow everyone to bring their issues and questions to the table every month.
These sessions will help the stakeholders understand what concerns the managers may have or what they may need assistance with to obtain their goals. Define the scope of the project. In order for the plan to be a success there are a few things each business will have to focus on. One of the important factors include errors, if employees are making consistent errors at the customer sites this will cause issues with XYZ Company and the customer. As a team, all will have to determine if all the objectives have been met to include error free installations, and A1 customer service.
As a company we have to do it right the first time because there is not guarantee that we will have a second time to correct it. Another important factor is safety, we have to maintain a minimum amount of preventable accidents on a monthly basis. To ensure that we are remaining in compliance, we will have to enforce our safety policy and place sanctions on those who are violating the company policies. Create a work breakdown structure including numbered components. Submit your WBS by creating a table inside your assignment. |Level |WBS
Code |Element Name | |1 |1 |Compensation/Benefits Plan | |2 |1. 1 |Initiate Compensation Plan | |3 |1. 1. 1 |Evaluation & Make Recommendations | |3 |1. 1. |Develop Plan | |3 |1. 1. 3 |Present Compensation Plan to Stakeholders | |3 |1. 1. 4 |Stakeholders Review Plan | |3 |1. 1. 5 |Compensation Planned Approved | |2 |1. |Plan for next steps | |3 |1. 2. 1 |Create Scope Statement | |3 |1. 2. 2 |Organize and Select Compensation Team | |3 |1. 2. 3 |Compensation Team Meeting | |3 |1. . 4 |Develop Compensation Plan | |3 |1. 2. 5 |Submit Compensation Plan to Stakeholders | |3 |1. 2. 6 |Milestone: Compensation Plan Approval | |2 |1. 3 |Execution Plan |