Hr Compensation and Benefits

Employee compensation and benefits are an employer’s primary tools that attract and retain talented employees. Benefits are non-financial payments employees receive for accepting employment with an organization. These types of payments include health, dental, life insurance, personal time off, and retirement plans. Compensation is the primary motivator for employees. Most people obtain employment that not only match their talents and skills but also compensates them accordingly. As an organization changes its goals and focus, their approach to compensation and benefits must change as well (Berger, 2000).

FWS, Inc began in 2010 as a small business with 10 employees. Today it boasts a staff of 200. Due to its unexpected growth, the executive team has decided to revamp its compensation and benefit plan to retain current skilled employees as well as attract new employees. The team has delegated this task to the Human Resource group. My staff and I are meeting for the first time to develop the project charter, project scope, communication plan, and a work breakdown structure.

Project Charter

A project charter is the first stage of project management. The charter is a set of documents that presents an organization’s project goals to all its stakeholders. A project charter contains a project scope and objectives, authority of the project manager, a list of team members and their roles, risks and benefits of the project, and costs related to the project. The main purpose of a project charter is to gain funding for the project. The charter for FWS, Inc will begin with a purpose statement.

Purpose Statement

This charter is being developed in recognition of designing and promoting a revamped formal total compensation program that coordinates and expands reward and recognition throughout the organization in a way that supports the mission, values, and goals of FWS, Inc.

Project Deliverables:

• Design and recommend a reward and recognition program that is...