1 2 PM665 Project Management Capstone Project Charter/Project Management Plan Compensation Plan NAME January, 2018 Table of Contents Table of Contents2 1.0 Project Initiating3 1.1 Project Charter3 1.1.1 Justifying the Project3 1.1.2 Aligning the Project to the Organizational Strategy3 1.1.3 Identification of Stakeholders3 2.0 Project Planning4 2.1 Defining the Scope4 2.2 Work Breakdown Structure4 2.3 Project Schedule4 2.4 Project Budget4 2.5 Communications Matrix4 2.6 Risk Identification4 3.0 Project Executing5 3.1 Quality Assurance Tools and Techniques5 3.2 Managing the Project Team5 3.3 Procurements5 3.4 Managing Stakeholder Engagement5 4.0 Project Monitoring and Controlling6 4.1 Cost Control6 4.2 Risk Control6 5.0 Project Closing7 5.1 Project Finalization7 5.2 Closing Procurements7 6.0 Program Management and Emerging Trends8 6.1 Letter to Senior Management8 6.2 Program Management8 6.3 Emerging Trends8 References9 Appendix10 1.0 Project Initiating1.1 Project Charter1.1.1 Justifying the Project The purpose of this project is to improve the profits of the business which will be attained through proper compensation of the employees in the business and thereby boosting their morale. In the presentation of a business life, the compensations and benefits given to the employees are important aspects. Fair compensation of employees inspires them to give outstanding performance in their execution of the tasks assigned to them which results in improved performance of the business. A good compensation system in the business also helps to improve the employee’s commitment to their employment.1.1.2 Aligning the Project to the Organizational Strategy In order to come up with an effective compensation and benefits plan for the business, I have to come up with a plan which will help me to revamp the existing compensation and benefits plan in the business. During the preparation of this plan, I have to consider what is best for the employees in the company and also the company in terms of sustainability of the compensation plan (Culpepper, 2014). An effective compensation plan must meet the following conditions; first, the plan must be documented on a piece of paper and therefore the company should provide the essential tools for the human resource manager to have access to the materials which are essential to the project. Secondly, an effective compensation plan must contain all the types of compensation given to the employees by the company which includes the following; basic salary, wages, merit enhances, dividends and overtime compensation along with other income sharing plans. An effective compensation plan should have a policy which governs the number of hours worked by every employee per week. It should also have a policy which clearly defines the bases on which the dividends are awarded to the employees. Finally, an effective compensation plan should clearly indicate the minimum wages for all the job groups in the company and this shoul ...