Compensation and Benefit Package

Compensation and Benefit Package

Project Charter to Revamp Compensation and Benefits Package

The field of pensions, employee benefits and executive compensation is complex. The challenge is to keep abreast of changes in tax laws and the laws governing pensions and securities. We must also understand the jurisprudence, including the ownership of pension surpluses and use, the right to merge pension plans and trusts, the respective obligations of the administrator and the employer against certain expenses, and new savings plans and welfare programs, as well as keep abreast of developments in regard to best practices in all areas affecting executive compensation (McKay, 1996).

Scope Overview

This project is focused on revamping the compensation and benefits package for the company. Compensation and benefits are an essential part in today's workplace. This has a direct relation with the employee motivation and achievement. Employee motivation results in remarkable performance and constant commitment to the work. The organization which I am managing the project is a Canadian based organization operating worldwide and having the head office in Canada (Jensen, 2007). The total numbers of employees in our company are 125 including 2 presidents, 8 managers, and 115 resource level employees.

Business Case

Towards the end of the year, the issue of compensation acquires special significance, while performance expectations arise in cash and in kind, both those provided by law as additional criteria are to the employer. We must emphasize the difference between the salaries and incentives (paid as a direct result of the performance) and special compensation (which generate a sense of belonging to the organization). Compensation speaks much of the system and ideology of a company. The end of the year is a perfect opportunity to learn the plans of the corporation and the ways we choose to motivate employees, but this does compromise the profitability of your business. Employer compensation generates objective that benefits workers while taking into account the needs of the company. The theme of the reward should be cause for reflection, planning and direction. It involves the strategic ability of the company and the challenge of engaging employees with the institution, encouraging them to contribute to the objectives and overall goals. Annual compensation inadequate or poorly planned can generate a climate of tension and lead to difficulties, feelings of anxiety and distrust by the employee, or in a decline in profitability and competitiveness of the organization. Proper compensation for the work will result in higher wages since they are proportional to the individual achievements of each employee (Richard, 2006).

Background

It is the economic pay the worker receives in exchange for their labor contribution but not a salary. This reward is calculated based on the assignment, expertise, performance, quality and quantity of work performed. By means of compensation can be paid more just, taking into account the individual contribution to the work and profits it generates for the company. In order to avoid subjective judgments that result in possible injustices, there are assessment techniques that help employers to calculate offsets systematically ...