please complete the worksheet

Course ProjectPart One: Assess Financial Return
Instructions:
In this project, you will examine an initiative within your organization (or one with which
you are familiar). You will assess the financial, strategic, and staffing aspects of this
initiative and compensation alternatives to support it. After evaluating your goals from
these varied perspectives, you will compile your recommendations in a memo to your
boss and key stakeholders. For the sake of this module, this will be done on a small
scale, outlining specific examples of critical tasks in your compensation program.
For part one, start by examining the financial impact of your rewards for an initiative or
your strategic goals. Note the compensation elements you are considering and list your
key stakeholders. Identify and calculate your measurements, then recommend the
compensation elements that are right for your team.
Assessing Financial Return
Strategic
Initiative
Describe the strategic goal(s) and initiative(s) you wish to
compensate. What is your mission? What are your strategic goals?
What outcomes do you want to achieve?
Compensation
Alternatives
List the compensation alternatives you are considering to motivate
individual and/or team performance. Limit your list to two or three
options. What rewards would you like to offer and to whom?
1.
2.
3.
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Stakeholders
Identify your key stakeholders, specifically who will be involved in
the compensation decision-making. Who needs to approve your
recommendations? Who has authority over the budget(s) that will
fund these rewards?
Measurements
Determine what you need to measure, how you will measure it,
and then calculate your costs. If costs are not similar in form (e.g.,
one is measured in time while another is measured in dollars),
convert them to the same form. Then, calculate your total costs
and total benefits to financially assess the value of your
alternatives.
Selected
Alternative(s)
Recommend the compensation elements for your initiative.
Describe the alternative(s) you select and explain your rationale
for your choice(s). Write this recommendation with your key
stakeholders in mind.
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Part Two: Evaluate Strategic Alignment
Instructions:
Align your performance pay with your organizational strategy to ensure it is effective at
achieving desired results. Evaluate the alignment of elements already in place and
make changes as needed.
For this part of your course project, you will:
1. Identify a strategic initiative within your organization or one with which you are
familiar. Outline the objectives related to this initiative.
2. Explain how pay for performance can be used to achieve or support the initiative,
providing specific compensation elements and supporting rationale.
Evaluating Strategic Alignment
Strategic Initiative
Identify a strategic initiative within your organization and
describe the objectives tied to this endeavor. (This can be the
same initiative as part one, but you now need to elaborate on
the objectives and their respective timeframes as mentioned
in your Strategic Alignment Chart.)
Pay for Performance
Describe how pay for performance can be used to support or
drive this initiative. Provide examples of compensation
elements you can offer to individuals and/or teams
immediately, in the short term, and over the long term.
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Part Three: Assess Improvements in Staffing and Draft a Memo
Instructions:
In this part of your project, you will examine the staffing returns of a strategic initiative within
your organization using the PREM model. Once you have assessed the people-related returns
of your initiative(s), compile a memo to key stakeholders outlining a condensed compensation
plan (or changes to an existing compensation program) based on the financial, strategic, and
staffing returns you evaluated.
1. Describe a strategic initiative (mission or goal) within your organization.
2. Assess the staffing improvements (returns/outcomes) of this initiative based on the PREM
framework. Be sure to mention the impact and intention of each category.
3. Compile a memo based your compensation recommendations for your organization.
Assess Staffing Improvements through PREM
Productivity, Retention, Engagement, and Motivation
Strategic
Initiative
Describe an initiative within your organization. (This can be an
initiative you outlined in part one and/or part two.) Note objectives
that relate to productivity, retention, engagement, and/or motivation.
Productivity
Has this initiative impacted production or servicing from your staff?
In what ways? Did you (or your organization) intend to impact
productivity through this initiative? Please explain. Include
supporting rationale, data, and/or specific examples where possible.
Retention
Has this initiative impacted your retention efforts? In what ways? Did
you (or your organization) intend to impact retention through this
initiative? Please explain. Include supporting rationale, data, and/or
specific examples where possible.
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Engagement
Has this initiative impacted production or servicing from your staff? In
what ways? Did you (or your organization) intend to impact
productivity through this initiative? Please explain. Include supporting
rationale, data, and/or specific examples where possible.
Motivation
Has this initiative impacted production or servicing from your staff? In
what ways? Did you (or your organization) intend to impact
productivity through this initiative? Please explain. Include supporting
rationale, data, and/or specific examples where possible.
Suggestions
Outline any recommendations you have regarding performance pay
based on your findings using the PREM model. What compensation
elements should remain in place? What changes should be made?
Should any new compensation elements be added to drive
performance and encourage results?
Pay for Performance Recommendation Memo
Memo to Key Stakeholders:
Draft a memo of either a condensed compensation plan or changes to an existing
compensation program based on your findings throughout this project. Compile your
recommendations and clearly state them in this memo. Be sure to include suggestions
based on the financial, strategic, and staffing returns you assessed. Articulate
supporting rationale for each recommendation noted.
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