Compensation Project 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.
HR Compensation Project Plan
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 ...
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.
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…
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.
Human Resources Change Management Plan Executive Memo Organizational Analysis Workforce Planning Challenges Four Tasks of Government Plan and Timetable HR Policies and Practices Human Resources Change Management Plan Executive Memo The purpose of this work is to write an executive memo summarizing the findings and recommendations for change management in government organizations that are customer-centric or "centered on the customer." The processes involved in change management will be reviewed and discussed as well as the challenges, barriers, as well as
This plan will help a company to cope with the challenges of having a high rate of employee turnover since the employees with get satisfaction in their work places from the bonus of their hard work. All in all, reward and appraisal are important tools used to ensure that employees are motivated and dedicated to their work hence retaining them and improving of the company's productivity. Therefore, every company should
Compensation Management Explain the job characteristics theory. How does it tie in with intrinsic compensation? Job characteristics theory was first introduced by Hackman and Oldham. Later on the basis of this theory, a job characteristic model was proposed which is also known as JCM. The theory focuses on five job attributes which helps in motivating the employees and make them feel satisfied at their job. The five job characteristics are as follows: Task
Compensation Project Work Breakdown Duration Start Finish Predecessors Outline and Define Projects Objectives Fri 11/28/14 Thu 12/11/14 Summarize Benefits Fri 12/12/14 Mon 12/15/14 Design Communication Plan Mon 12/22/14 Gain Feedback Mon 1/5/15 Research Best Practices Mon 2/2/15 Intergrate Feedback Mon 2/9/15 Design Base Salary Strategy Mon 1/19/15 Create Metrics Mon 1/19/15 Summary and Feedback Session Mon 2/2/15 Rollout Date Mon 2/9/15 Accounting System Mon 3/9/15 Training Mon 4/6/15 Implementation Mon 4/13/15 Monitor Mon 7/6/15 Lessons Learned Mon 7/13/15 Memo Dear Team, As you are probably aware of, our project is behind schedule and over budget. There has been a substantial amount of debate and conflict that has centered on designing
HR Motivation Many HR performance issues result underlying motivational problems external work environment finance. Describing a motivational problem hinders goal attainment. Briefly describe problem (,) Use theory motivation explain problem HR performance issues: Motivational problems in the financial services industry "Often an employee knows how to perform correctly, the process is good, and all resources are available, but for one reason or another, chooses not to do so, which normally means it is a
Compensation and Benefits: The Family and Medical Leave Act The Family and Medical Leave Act (FMLA) The FMLA came into effect on 5th August, 1993. The Wage and Hour Division of the U.S. Department of Labor (DOL) is responsible for its administration. The law covers all employees in the state, including those in the private sector and a majority of those in the congressional and federal sectors. The law entitles "eligible employees