This research paper develops a project charter to revamp this compensation and benefits package in Zeagol Company Ltd. Because in recent, this company has been losing its employees to its competitors who have been promising them better packages and pay…
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Zeagol Company Ltd was established in 1986 and has been operating in the pharmaceuticals industry since then. This company produces and markets drugs, medicinal chemicals, and other pharmaceutical products to laboratories in the state of California. This company has a comprehensive compensation and benefits package that is aimed at retaining and compensating, its five hundred employee base, which has been responsible for its profitability and growth. This paper designs a project charter to give a face-lift to this compensation and benefits package. Project Charter to Revamp the Compensation and Benefits Package This charter is created to formally authorize a project to develop and implement an upgrade to the existing compensation and benefits package. Included in this charter is a scope statement; a communication plan; and a work breakdown structure. The scope of the Project 1. Background In the past two years this company boasted of having an employee base of seven hundred laborers. This indicates that the number of employees has decreased by nearly twenty-eight percent. One major reason for this decreased number is last year’s mass layoff that was carried out with an aim of doing away with the irrelevant and needles job positions. In this layoff, several departments were all also merged with an aim of reducing costs. Unfortunately, this layoff plan has not worked to the advantage of this company, since two years down the line this company’s profits have been declining ever since this mass layoff was carried out. Somehow this layoff plan affected the employees psychologically since the remaining ones either lost the morale to work or resigned for greener pastures. This resignation trend has increased since the beginning of this year, with some of the employees opting to leave unceremoniously without any formal notification. An attempt was made to solve this issue by changing the human resource manager, but this is not enough. It is important to this company the greener pasture that will attract the best employees in the market, and this can only be done through major changes in the compensation and benefits packages. Currently, this company’s compensation and benefits package are structured as below, The employee’s benefits include the pension and retirement plans, life and health insurance packages, and the federally required unemployment and workers compensations. The employee compensation covers the wage and salary program and structure for the different job categories and levels. This company’s paying method has been conducted in line with the base pay method where employees are compensated depending on their role in the organization (Mathias & Jackson, 2010, p. 27).
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