Performance, Compensation, and Rewards

1. Performance, Compensation, and Rewards Matthew McKinnis CPMGT/301 – Strategic Portfolio and Project Management August 26, 2013 Steven T Chardon-Strunk

2. Introduction • This presentation will define and identify the performance measurement practices, compensation, and rewards associated with create an employee incentive plan scenario. Let review the items that will be covered. • Performance Measurements • The project manager prepares a non-confidential evaluation and gives it to the functional manager. • The functional manager makes the entire evaluation without any input from the project manager. • The project manager prepares a written, confidential evaluation and gives it to the functional manager. • Compensation • Reward Programs

3. Performance Measurement Practices • The project manager prepares a non-confidential evaluation and gives it to the functional manager. • The functional manager prepares his own evaluation form and shows both evaluations to the functional employee. This is the technique preferred by most project and functional managers. • Several companies that use this technique allow the project manager to show the form to the line manager first (to avoid conflict later) and then show it to the employee.

4. Performance Measurement Practices • The functional manager makes the entire evaluation without any input from the project manager. • This technique can work if the functional employee spends 100 percent of his time on one project or if he is physically located at a remote site where he cannot be observed by his functional manager

5. Performance Measurement Practices • The project manager prepares a written, confidential evaluation and gives it to the functional manager and only the line manager’s evaluation is shown to the employee. • The functional manager will evaluate the validity of the project manager’s comments and prepare his own evaluation. Only the line manager’s evaluation is shown to the employee. • Does not provide the necessary feedback for an employee to improve.

6. Compensation • The individual will receive a additional 10% of base salary per student registered. • Increase in benefits such as pension plan and 2% increase in matching on your 401k • One weeks of vacation for every 100 students registered.

7. Rewards • Reserve parking for 30-days for the new employee of the month program • Flextime work schedule every other week a four day work cycle • One hour a day gym allotted gym time at any corporate sponsored gym

8. Closing • This presentation has defined and identify the performance measurement practices, compensation, and rewards associated with create an employee incentive plan scenario. Let review the items that will be covered. • Performance Measurements • The project manager prepares a non-confidential evaluation and gives it to the functional manager. • The functional manager makes the entire evaluation without any input from the project manager. • The project manager prepares a written, confidential evaluation and gives it to the functional manager. • Compensation • Reward Programs

9. References • Gray, C.F., & Larson, E. (2008). Project Management: The Managerial Process (4th ed.). New York, NY: McGraw-Hill/Irwin. • Project Management Institute, (2008). A Guide to the Project Management Body of Knowledge (PMBOK Guide) (4th ed.). Newton Square, PA • Tutorial Point, (2013). Project Cost Control. Retrieved from http://www.tutorialspoint.com/management_concepts/project_cost_control.htm