Premise: An entrepreneur has come up with an idea for a new company, developed a business plan, obtained funding from a venture capitalist, and is ready to start operations. The venture capitalist has been granted a 50% share of the company’s stock with the remainder being held by the entrepreneur. The long range financial goals of the company are to break even by the end of year one, make a profit by the end of year two and be profitable and well established by the end of year three.
You are tasked with developing the Human Resources structures that must exist to support your start-up company. As such, you must submit three deliverables based on the human resources needs identified below. These deliverables are in essence a written report, complete with charts and appendices, if necessary to explain your systems. You may not copy from existing businesses, but you will want to research similar organizations and develop your own best practices. Any work used from another source must be cited.
Deliverable 3: Performance Management, Evaluation, Compensation, and Benefits
• Define the Performance Evaluation criteria for your exempt and non-exempt employees. These criteria should be developed with consideration of your organization’s strategy and mission. Note that performance criteria is going to be different for exempt and non-exempt employees, so focus on your representative exempt and non-exempt position and develop the performance measures for only those two positions in the company. You should include an example performance appraisal for an exempt and a non-exempt employee. Finally, identify who will be conducting the assessment. (10 points)
• Develop a Pay Structure for your exempt and non-exempt employees. You should identify minimum, midpoint, and maximums for each pay grade (ie., create two structures with multiple steps and identified spreads in each structure). Will your pay structures change as your business grows from 5-10 employees, to 75 employees, to a 400 employee business? What is your organization’s overall compensation strategy? What type of compensation will you use in your business (base pay, incentive pay)? (10 points)
• Develop a Performance Evaluation and Increase (Raise) Matrix. You should identify the performance categories (ratings) on one axis, and the pay level (below market, at market, above market) on the other axis. Then, identify in each box the corresponding percent increase as supported by your business strategy. How did you determine the average increase that you selected? (10 points)
• Outline a Motivation and Recognition Plan for your company. What techniques will you use to ensure employee satisfaction? Will your strategies change as your business grows from 5-10 employees, to 75 employees, to 400 employees? How do your strategies support your company’s culture? (10 points)
• Identify an Employee Benefits Plan for a 5-10 employee, 75 employee, and 400 employee business. What benefits will your company offer at the start-up level, and what benefits will be added later? Make sure that your benefits strategy is linked to your company’s culture and strategy. (10 points)
I will include the topic i chosed and something that i’ve alrealdy done for the previous deliverable. I will also include a sample deliverable 3 that professor gave me as an example. But just remember do not copy the style of the sample, just use it as an example to help your writing.