Assignment 1: Planning Document

S. Rivers

HRM 517 – Managing Human Resource Projects

1. Construct a project charter to revamp the compensation and benefits package.
Since recently being appointed head of human resources and now in charge of managing a small team; I have a huge task ahead of myself. My next project in regards to this appointment is to revamp the compensation and benefits package employees are receiving at my company. Employee compensation and benefits are extremely critical and important factors in the new hire acceptance process, as well as, employee retention. It is my duty along with my team to revamp, develop and offer exceptional compensation and benefit packages that attract and retain the best and most talented employees while making them feel proud, valued and as appreciated members of the company.
A company’s fundamental purpose and objective of compensation is to provide adequate and equitable rewards to employees at a level that matches theirs skills, abilities and contributions to the company (DeNisi, Angelo S., Griffin, Ricky W., 2008, p. 284. Para. 1). Compensation is the human resource management function that deals with every type of reward that individuals receive in return for performing work – including financial and nonfinancial rewards. Financial rewards include direct payments (e.g. salary) plus indirect payments in the form of employee benefits. Nonfinancial rewards include everything in a work environment that enhances a worker’s sense of self-respect and esteem by others (Cascio, 2006, p.418, Para. 1).
As the new head of human resources, my first step in my task is coming up with compensation and benefits packages for all employees and perspective new hires. I have to for all intents and purposes come up with what is expected from me and my small team so that there is no miscommunication about what is