Table of Contents
- Buy Planning Document paper online
- The Milestone Schedule with the Acceptance Criteria
- Spending Approvals or Budget Estimates
- Stakeholder List
- Team Operating Principles
- Lessons Learned
- Signatures and Commitment
- Communication Plan for the Revamped Compensation and Benefits Package
- Project Scope for the Revamped Compensation and Benefits Package
- Work Breakdown Structure
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The Next Technologies compensation and benefits package deployment constitutes only the part of a total reward strategy. The compensation team will examine the strategy in the whole to make sure that the component parts support each other, and they not conflict (Rothwell & Kazanas, 2003). The Next Technologies compensation and benefits package deployment should be factored into the total human resources strategy.
The purpose of the compensation and benefits is to maintain the competitiveness with other companies looking for the similar talent and preserve the equity between job classes inside the company. The scope includes the framework, research summary, guidelines and tools to be developed and implemented by March 2012. Rothwell & Kazanas (2003) noted that the end result will be a reactive effort in which the human resource practitioners examine the existing pay rates and then strive to equal or surpass them. The scope will address the two components of the employee’s reward that is the compensation and benefits package.
The Next Technologies relies on the automatic increase system, even when its managers call it paying for the performance. In this case, employees are moved through the pay ranges based on their longevity in the company. Rothwell & Kazanas (2003) established that the value of pay as a motivator is lost because the differences between the good and poor performance are slight. It is important to note that the existing pay structure is the current data from inside and outside the company. Employees are, therefore, remunerated on the kind of work they do. Also, the duties that individuals perform in the company are usually the foundation of the most job evaluation methods used in determining pay structures.
The Next Technologies uses the pay for the performance system that rewards the past performance and rarely takes into account the full difference between an exemplary and an average employee. This type of compensation while encouraging the employees’ retention ignores the individual performance in order to reward the individual longevity. Rothwell & Kazanas (2003) noted that what required is a holistic approach to the compensation and benefits that encourage the long-term employee development and the short-term performance. The holistic view includes a reward system that goes beyond the total compensation and in depth looks at all factors that motivate employees to achieve the results in the company. It will consist also of reviewing the performance management practices in the company and the examination of the ways for recognizing the outstanding performance.
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The Milestone Schedule with the Acceptance Criteria
In the scope of the Next Technologies compensation and benefits deployment, the human resource supervises these tasks so as to draw, retain and inspire well qualified and assorted employees (Sistare, Shiplett & Buss, 2008). This will help them to exercise the stewardship of the company resources consistent with the total compensation philosophy and policies. The first milestone is the analysis and design. The human resources section analyzes the facts and recommends the changes to ensure successfulness rewards for the employees in the company. The second milestone is the needs assessment. At this stage, the human resource department defines the teaching, improvement and learning required to meet the and objectives, to fill up important gaps and to help workers fulfil their job requirement (Sistare, Shiplett & Buss, 2008). The third milestone is the program design, delivery and evaluation. At this stage, the training development, education policies, and schedules are devised to enhance the individual and company performance to meet the expectations of the organization.
The human resource department delivers the enough and appropriate training to meet the main needs. Finally, the teaching and improvement programs are assessed to advance the the requirements of the training (Sistare, Shiplett & Buss, 2008). The acceptance criteria are based on the fact that the individual progression through the new compensation and benefits package is based on the development rather than on the pure pay for the performance. The result is a highly talented workforce composed of the people thinking strategically because they are rewarded for doing so.Pynes (2008) established that there is a high risk of employees obtaining the information on the benefits available and improving their arrangements by registering the original benefits, inserting or altering dependents, and shifting the sum of deductions made each month.
The major risk is the availability of skilled resources. Jackson, Schuler & Werner (2011) established that many elements of the total compensation mean that significant efforts of skilled people are needed to ensure that all of the elements are aligned. The major assumption is that the compensation and benefits package deployment achieves an appropriate balance between the rewards based on the individual, team and organizational performance. The constraint is deploying a compensation package that integrates with other aspects of the total human resource management system.
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Spending Approvals or Budget Estimates
The Next Technologies total compensation and benefits package must be responsive to the external environment. Jackson, Schuler & Werner (2011) say that when the talent is scarcely relative to demand, the company must devise the compensation practices that enable them to attract and retain the people they need at a cost they can afford. The compensation increase will range from 5 to 10 percent for the clerical, service, and technical jobs; from 8 to 12 percent for professional jobs, from 10 to 15 percent for managerial jobs, and from 20 to 40 percent for executive jobs. The compensation and benefits package spreads from $250,000 to $550,000 per month.
The stakeholder list consists of representatives on the labor market, unions, the federal government, company shareholders, board members, employees, management, and regulatory bodies. The deployment team consulting with key stakeholders will review the placement of position on the salary levels relative to survey the benchmark data.
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Team Operating Principles
The selected team should perform the self-assessment in order to compare its own procedures to the human resource standards and arrive to the terminations about the degree to which the deployment plans are attained. Sistare, Shiplett & Buss (2008) mentioned that the team operating principles should contain the regulations and strategies for considering and crisping the outcomes to decide the level to which the criterions have been met. Some of the guidelines include working with the human resource manager to define the disputes and the main concerns, certifying that the self-evaluation description precisely mirrors management views and determining the lofty precedence improvement efforts required in the design of the compensation and benefits package.
It is important to administer the compensation program, to make judgments about the individual progression through salary ranges (Rothwell & Kazanas, 2003). The purpose of the total compensation program is paying people what they are worth. During the entire process, capability, credibility, trust and independence are the core requirements of the team.
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Signatures and Commitment
The Next Technologies total compensation and benefits package plan replaces all the earlier inducement reimbursement, commission or bonus plans. It became useful on February 1, 2012 focused to the Next Technologies privileges to change, adjust or terminate the plan at any time in the course of the specified period. The package will stay put until December 31, 2014.
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Name: Human Resource Manager Signature:
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Communication Plan for the Revamped Compensation and Benefits Package
The plan is only effective when all supervisors and employees understand how the compensation and benefits package deployment decisions are made. All employees will be informed by their supervisors of their salary level range and the date for their next review. All managers will know the salary levels and salary ranges of employees for whom they have the salary decision responsibility (Jorgensen, 1996). The new employees in the company will receive the job description, their reviews schedule and their salary at the time of being hired.
The most effective way to communicate with employees is to face with direct supervisors and managers (Tsui & Lai, 2009). The human resource manager can use other means of communication such as emails, booklets, newsletters, training sessions, and employee assistance programmes. The communication plan will present the information openly, clearly and with conviction. It will request and provide the feedback in a timely manner.
Project Scope for the Revamped Compensation and Benefits Package
The project scope deals the limits of the project in terms of what will be done and what will not be done. The scope of the project includes the analyzed, articulated, and useful compensation and benefits package no longer dependent on the old compensation system. When the fundamental areas of the package has been put in place and accepted by stakeholders, its consumer, the human resource manager and the person in charge of the project, the changes will not be effected to the scope with no of the company’s head of human resources. The team will establish a common understanding between the project owners and human resources.
Work Breakdown Structure
A work break down structure enables the human resource manager to divide the work of the project into tasks and subtasks. These can be more divided into constituents and into entity errands that give a basis for predicting the time and attempts required.
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