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  • What Is Program Management? 7 Types And 4 Core Values Of Program Management.

    What Is Program Management? 7 Types And 4 Core Values Of Program Management.

    Imagine you have two projects that are related to each other.

    For example, you need to build a business website for a coffee shop and also you have to run a marketing campaign. 

    In conclusion, both the projects are related to each other under Program Management, now you have to structure the plan as a part of the program. For example, you group related projects as a program.

    So, When you group related projects as a program. As a result, you use specific tools, skill management techniques, knowledge to manage the program.

    It is common to see non-structured program management teams performing comparatively weaker than well-structured teams because of lack of guidance.

    Hence, A project can be of any size and is present in almost every industry.

    A project manager may face difficulty in supervising the projects make sure that the project meets the requirements and quality.

    You as a project manager and your team must understand few things such as project goals and objectives, their challenges, and using correct tools technology, and resources for the project.

    WHAT’S IN IT

    What are the three types of Project Management Structure?

    What is a project manager responsible for? Here's everything you need to know - TechRepublic

    The matrix Organization structure is further divided into the Balance matrix, Strong Matrix, and Weak Matrix.

    1. Functional Organizational Structure

    2. Matrix Organizational Structure

    3. Projectized Organization Structure

    Functional Organizational Structure

    Functional organizational structure components are arranged in a hierarchy system, i.e. ranking things from top to bottom based on their importance, power, etc.

    The project manager manages decisions such as budget, schedule, equipment on an authority-driven basis.

    Now, projects are broken down and divided based on different departments such as the sales department, marketing department, development department, etc.

    In this type of project management structure, the work could become repetitious, eventually leading to a lack of creativity.

    As a result, it can lose employee loyalty towards the organization. This might affect decision-making in the wrong way.

    On the positive side of the functional organizational structure of project management, the employees mostly appear to be more skilled and experienced in their departments.

    A matrix-type of Organizational Structure

    Depending on the type of matrix structure being run, Matrix Organizational Structure falls between Functional Organizational Structure and Projectized Organizational Structure.

    If an organization is functioning in a dynamic environment, then a matrix organizational structure might be the right type of project management structure.

    As it helps in responding to customer’s demands or the changes occurring in the market at a faster rate.

    This is because the present project manager does so in a vertical manner that flows downwards; meanwhile, the trained project manager exhibits the project in a horizontal way.

    Matrix Organizational structure has significant similarities with project organizational structure in a manner that the project manager is responsible for a project. 

    But, if the organization is functioning on a week matrix structure, the project authority and responsibility would fall on the shoulder of the functional manager.

    Furthermore, in a balanced matrix organizational structure, both the project manager and functional manager share equal authority for any project they are working on.

    Projectized Organization Structure

    Even though the organization might still group staff according to their work function, but project organization structure is entirely on the opposite side of functional organizational structure.

    In such a type of project management structure, the project manager has full authority, i.e. he has control over the budget, schedule, and other terms of the project.

    He usually resides at the top of the hierarchical structure, performing supporting roles for the project with his team members.

    On the positive side, this kind of structure establishes a line of authority very clearly that results in faster decision making and approval process.

    It enhances better communication and helps the members gain more experience because they tend to work on different projects as the need arises.

    However, there is also a negative side to this structure of project management, i.e. employees can be under constant pressure if they are working on multiple projects. 

    This often leads to bad communication between team members because everyone in some way or other is playing “catch-up”.

    Difference between program management and project management? (Project vs program) management

    Program Manager Vs Project Manager

    A program manager mostly handles multiple projects and sometimes even more than one program.

    Whereas the project manager manages the team that is responsible for completing the project and delivering it.

    Generally, a program manager has higher responsibilities than the project manager.

    The thinking pattern of a program manager is more strategic, whereas a project manager is confined with day-to-day tasks on a more distinct level. 

    Projects are confined to a limited time frame or deadline whereas programs are more focused on long-term-goals and as a result last till a longer duration.

    Projects have a definite budget within which the project manager needs to accomplish the project.

    On the other hand, the financial planning of programs are much more complicated.

    They involve of multiple-level management in project governance. However, the decision-making process is not as formal.

    Whereas in projects, top-level management is associated with the project that helps to bring more authority and control in solving company-wide problems.

    Project managers plan in detail, by building a roadmap to accomplish the project.

    However, program managers visualize a complete picture comprising of functions and forms of the program, organizing multiple projects within the programs.

    Types of project management

    Every type of project management has one end goal, i.e. to meet the customer’s needs and requirements and deliver the product, that can be done with a different approach.

    Below I have told you about 7 types of project management that are most commonly and widely used throughout organizations.

    1. Waterfall 

    2. Agile

    3. Scrum

    4. Kanban

    5. Lean

    6. Six Sigma

    7. PRNCES2

    Waterfall

     It is a traditional type of project management. 

    Waterfall focuses on the concept that one must complete the previous or current stage of development of a project in order to move forward, i.e. on the next development phase.

    It can prove to be useful to have structure or predictability.

    Agile

    Unlike waterfall, agile is a faster and versatile type of project management.

    It is centred around a mindset that welcomes changes and is focused on engaging everyone to achieve a better and creative result.

    In agile, the result might be very different from the visualized result at the starting of the project.

    It comprises of 6 significant steps and 4 core values that guide you on your way.

    Scrum

    Scrum is similar to agile; it is fast, considerably small in scope, and can turn on a dime. It is mainly about sprints to accomplish any given project. 

    Sprint simply means the small pieces of a project that are performed in this process, i.e. a big project is broken down in small pieces and is completed in short sprints of work.

    Kanban

    It is another variety of agile project management. By all means, it is focusing on the organization.

    Kanban focuses on streamlining, i.e. minimizing the number of tasks that go into any process.

    It is generally beneficial for organizations whose output doesn’t very typically.

    It is operated on 6 general practices, namely:

    • Visualization
    • Limiting work in progress
    • Flow management
    • Making policies explicit
    • Using feedback loops
    • Collaborative or experimental evolution

    Lean

    As the name suggests, it primarily focuses on cutting off the fat, i.e. providing maximum value to the customer while using a minimum amount of resources possible.

    It is similar to Kanban but to put it another way it lays more emphasis on streamlining the waist and unnecessary steps, leaving the customer with the affordable, best product in a shorter period. 

    Six Sigma

    Back to Basics: Six Sigma | 2018-01-01 | Quality Magazine

    It straightaway focuses on improving the quality of any product.

    In this process, it locates the problems and errors, i.e. what is not working and removes them from the process.

    This can be useful to you if you underwent a lean project management model and arrived at a result that does not meet your satisfaction.

    You can use six sigma-model to improve the result and deliver a better product.

    PRNCES2

    It is commonly seen that the PRINCES2 method is using by private sectors and focuses mostly on both efficiency and minimizing risk and errors.

    This is a detail-focus method focused on braking projects into product-based divisions which are handled one at a time, ensuring everything remains in its determined place.

    CONCLUSION

    Here, I have told you about

    What is project management?

    Talked a little bit around it and shared a basic idea about project management. Also learned that different projects are grouped to make a program.

    Also, What are the three types of project management structure? And discussed 7 significant types of project management.

    And lastly shared some differences between project management and program management.

    Also you can read our blog on Complete Guide On Agile Project Management With 12 Principles 4 Core Values 6 Steps

    FAQ’s

  • Creating the right pay structure

    Creating the right pay structure

    The right pay structure helps in boosting the morale of the employees as well as develops loyalty towards the organization. Side by side, it helps in retaining talented employees by improving their skill expertise.

    Providing them compensation in the form of the right pay structure can help in the productivity of the organization.

    Before understanding what kind of stipend structure is suitable for the employees. We need to understand why does the right stipend structure matter?

    Pay evaluations can be founded on showcase costs or real pay rates, or a blend of the two strategies. For instance, you could utilize market information to build up the strategy to go for a compensation evaluation and utilize genuine pay rates to decide the midpoint in the range.

    To build up to pay grades dependent on real compensations. Make bunches dependent on levels in the authoritative chain of command. Hence, for instance, directors and VPs would be two separate compensation grades. For instance, various jobs with comparable hierarchical worth, necessities, and pay rates can be remembered for a similar gathering.

    The base and limit of a range can be determined from the midpoint or comparative with a lower and higher evaluation to shape a consistent movement.

    WHAT’S IN IT

    Why does Pay Structure Matter?

    1. Firstly, organizations need to ensure they are reliably paying their employees according to their talent. The stipend structure considers various factors to ascertain the compensation rewards. Hence, the best decision for your business will solely rely upon different divisions of the organization. Choosing the right compensation structure is very important in strengthening the organizational culture.
    • Secondly, the organizations need to take into consideration certain factors such as employee engagement and satisfaction to boost the morale of the employees indeed the defined goals and objectives can help the employees in providing a clear understanding of their work area.
    Pay structure

    Factors considered while creating the right pay structure

    Some of the factors which are taken into consideration while forming an equitable reward structure are as follows:

    Experience

    Occupation adverts ordinarily indicate how long of experience they need for the post and offer a relating pay. Usually, Indeed, even inside a compensation band, your offer will rely upon your experience level.

    Skills

    Although, Your compensation is straightforwardly corresponding to how much ability you bring to the activity. But, when in doubt, places that require talented workers or individuals with explicit capabilities will be paid more, while the broader positions, like organization, will draw in lesser compensation.

    Education

    Your degree of instruction and its quality (for example the foundation you are from) likewise affects your pay. The executives move on from the IIMs, for example, will order a superior cost in the activity advertised than MBAs from different establishments.

    Geography

    Although, the area you are posted in has a great deal of effect on the amount you are paid. But, pay rates for a similar position will change across various towns and urban communities since they consider contrasts in the typical cost for basic items.

    Inflation

    Although, organizations must offer pay rates on a standard with industry norms. But, with the rise in inflation, the buying intensity of pay rates is on a consistent decay. To pull in new workers, organizations must guarantee that pay rates are balanced for expansion with the goal that buying power increments or if nothing else continues as before.

    Different Types of Pay Structure

    To begin with, there are wide varieties of pay structure followed across different organizations depending upon the criteria set by the management authorities.

    Individual Pay Rates

    It is generally considered to be one of the most recognized stipend structures across various organizations.

    But, It involves a fixed salary based on the employee’s roles and responsibilities in the organization. The salary is paid usually in a weekly and monthly duration.

    The benefit of this process is that it gives the organization an initial idea of the distribution of salaries in an efficient way meanwhile creating employee value in the organization.

    But this type of stipend structure is not volatile due to the payment of a fixed salary as there is no static growth in the reward structure. The only growth in their career is through promotions or transfers which takes a lot of time due to which employees get demotivated. Thus, It is most feasible for small organizations.

    The individual pay rate should not be confused with individual pay ranges as both are different forms of stipend structure where the latter focuses on a predefined scale rather than a fixed pay. Thus, this type of pay structure is most common in government firms.

    Narrow-Graded and Broad-Graded Pay Structure

    Although, in a narrow graded recompense structure, the grade range is usually made up of large grade ranges with various jobs distributed into the particular grade range respectively. Hence, this type of stipend  structure is usually followed in the public sectors

    Grade1st step2nd step3rd step4th step 5th step
    128000082000840008600088000
    117500076000774007800079400
    106000061300620006390064600
    95500056300576005830059300
    85000051200527005340054800
    74500046200475004800049600
    64000041600424004330044400
    53500036400372003890039800
    43000031200323003320034700
    32500026500272002830029400
    22000021600223002350024900
    11500016500172001840019500

    In a broad graded pay structure, the grade range is usually on the lower side as compared to the narrow-graded stipend structure. Hence the salary bandwidth is lower and hence, keeps the employee motivated as the pay scale jumps are quite high.

    GradeBottomMidTop
    5550005740059200
    4500005210054300
    3450004680048300
    2400004250044100
    1350003750039200

    Pay Spine

    In short, the pay spine follows a company-wide pay structure which is widely used to bring simplicity in the organization. However, the pay spine is said to cover all the grade pay salaries from a lower managerial position to a senior managerial position. Hence the recompense structure is said to be equitable as it usually covers the fixed salary as well as the incremental income.

    The pay progression is said to be not that huge in ranges but ceases to provide clarity to its employees building compatibility and trust towards the organization.

    Job Families

    To begin with, the job family reward structure provides some kind of harmony between the large number of compensation frameworks provided by the organization. So, it usually groups all the homogenous roles and separates the individual roles based on the information and supremacy. Job families are usually created for multiple departments specifically to combine all the facts about knowledge and experience.

    This type of pay structure usually works well due to the cost control factor. Furthermore, management can easily work upon and examine the salary structure on an interval basis and can rectify it for the same. Thus, The structure is versatile and is very much recommended for progressive recompense structure.

    What is the right pay structure for your organization?

    It is one of the extreme situations a company faces while selecting which type of pay structure should be followed in the organization. Selecting the right reward structure can motivate the employees to work hard on their roles whereas a wrong recompense structure can demotivate the employee and ultimately low productivity in the organization.

    Few of the things to consider while selecting the right recompense structure are:

    • So, If you are a developing organization, and there is no decent evaluation pay structure, the activity of building a new reward structure can help to resolve the problem of achieving the advancement of the organization. It assists set with increasing a framework for pay so you can settle on recruiting choices rapidly. It guarantees that you will manufacture your developing association on a framework that is reasonable and agreeable. Furthermore, perhaps above all, while setting up an evaluation structure, your association will be compelled to settle on hard decisions about how you need to organize pay. Hence, A right pay structure paves the path to remove the blocks from the deconstructive roads.
    • If there is any unique objective that needs to stand out from the competitor’s areas such as technology, medical, sales, and other ground reality work can follow the hybrid pay structure i.e. compilation of different types of reward structure to create a new structure suitable for the respective organization.
    • To begin with, setting up job-based ranges is a decent stage for having some reasonable rules for pay. At that point, you can start to explain how representatives go into and travel through and between ranges.

    Conclusion

    Finally whichever structure you choose, recall that the most significant action is to communicate with the employees. So, tell them what you choose about how to adjust your compensation to your hierarchical objectives. Further, it’s insufficient to simply pay the individuals, you’ll need to convey your method of reasoning for pay practices to help connect with and spur your top representatives. Hence, towards the day’s end, the pay is about individuals and results, and we need to get both rights in our associations.

    Also you can read our blog on Motivating Employees without bonuses in Top 15 ways

    FAQ’s