Compensation Project HR Compensation Project Plan Project Essay

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Compensation Project

HR Compensation Project Plan

Project Charter

Providing fair and equitable compensation can serve as the backbone for an effective human resources policy that creates high levels of employee satisfaction and reduces employee turnover. Research has indicated that equity-based compensation system, performance appraisal system, effective career planning system and a robust employee participation in the organizations' decisions and actions are among the key strategic HR practices that influence organizational performance (Jimoh and Danlami 2011). However, determining a fair and equitable-based compensation system can be a difficult proposition in some instances.

Yet the risks involved with reorganizing the compensation strategy for employees are overshadowed by the rewards. If a worker perceives that their compensation is both fair and equitable then they are likely not have intentions to quit, be dissatisfied, or look for employment elsewhere. They are also more likely to put forth their best effort which translates into higher organizational performances. The scope of this project will include redesigning the compensation strategy in the company to move to a performance-based compensation system that will create a competitive advantage through the effective and efficient management of human resources in the organization.

Communication Plan

Changing the compensation plan in a company can be met with fear and resistance from employees in an organization.

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As a result is important to communicate with the employees from the very beginning that the decision is made to change the compensation strategy for the company. Once the decision is made to alter the compensation package, the affected parties should be informed as soon as possible to the upcoming changes.

The benefits to the individuals as well as the benefits to the organization should be provided as a rationale. The next step would be to gain feedback and suggestions to help design the new system. ). This approach is built on theories focusing on organizational participation, shared leadership, and organizational democracy (Wegge, et al., 2010). Such perspectives have suggested that when employees become involved in the decision making processes then this can strengthen the organizational changes effectiveness.

Scope Definition

The scope of the project will begin in the planning stage and last until the compensation plan is transferred to human resources to be incorporated in the organizations standard operations. The first stage will be planning the project followed by the communication plan and the opportunity for those effected to provide feedback into the design of the new compensation structure. The objectives of the new compensation plan will be….....

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"Compensation Project HR Compensation Project Plan Project" (2014, November 21) Retrieved May 14, 2024, from
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