HUMAN RESOURCE PROJECT MANAGEMENT

Human Resource Project Management



Human Resource Project Management

Introduction

Employee benefits (also called fringe benefits, perquisites, or perks) refer to non wage compensation provided to employees in addition to their normal wages or salaries. These benefits designed to promote economic stability and enhance living standards by providing specific services. Historically, employee benefits initiated by the government to ensure U.S. companies provided economic security for their workers. As organizations became more concerned for the general well-being of their employees and realized the advantages these programs could bring, firms began to offer a variety of voluntary employment-based benefit programs. There are two basic types of employee benefits: voluntary benefits and mandatory benefits. Many employment-based benefits (i.e., retirement plans and health insurance) provided voluntarily by businesses. The government supports these voluntary employment-based benefits by granting favourable tax treatment both to employers that sponsor them and to the workers who receive them. Certain other benefits, including Social Security, unemployment insurance, worker's compensation, and family and medical leave, are mandatory under federal or state law. Some of the benefits organizations now offer include housing (employer-provided or employer-paid), pensions, health insurance, profit sharing, funding of education, miscellaneous employee discounts, wellness programs, and other specialized benefits (Richard, 2000).

Discussion

Human resource management (HRM) plays a crucial role in success of any organization. Human resource or human capital as it widely called in today's world is the most important assets of any organization. The growth and success of any organization depends upon its human resource. How a company manages it, human resource determines its future success. According to (Oysterman 1988, Pp. 12-36) it is next to impossible for any company to achieve its set goals without valuing its quality human resources. A highly motivated workforce can increase the productivity of the business as motivation has a direct impact on the performance of employees (Winfield, 1994).

Project Charter

A project charter is a signed document that defines the scope, aim, objectives and stakeholders of the project. The necessity of the project charter can be understood from the fact, that, without having a formal project charter (containing all the elements), the goals of the project will be vague and misunderstood by the stakeholders of the project (Winfield, 1994).

Problem statement

A compensation and benefit plan is to be revise in order to increase the retention rate of employees and making the employees more loyal and motivated towards the organization. The employees should be motivated to that much level that they are not planning to leave the organization. The basic factor for motivating the employees to do so is to design an efficient compensation and benefit program.

Scope of the project

The scope of the project is to deliver a plan for employee compensation and benefits. The project will be consisting of various factors which effect the employee motivation. The plan focuses on providing maximum benefits to the employees in order to retain them from going to competitors. Providing thought leadership and leading key C&B projects that impact across the ...