We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

PORTFOLIO PROJECT Part 7 - Essay Example

Comments (0) Cite this document
Compensation Management [Instructor Name] Portfolio Project – Part 7 - Compensation For this portfolio project, several themes will be discussed under the perspective of the following job description, as classified at O*Net (2013): 13-2011.01 - Accountants Introduction The contemporary literature brings several definitions of compensation…
Download full paper
Read TextPreview

Extract of sample

Download file to see previous pages... In stakeholders’ opinion, it is the benefit given to employees in exchange of the effort they have made for the organization. One complete definition for compensation is that it is a method to deal with all kinds of rewards of employees in the work system (Bomkamp, 2013). Compensation management as a HR function is significantly valued in organizations. Managers believe that it is a function that engages employees to their work system. They consider it as a function to ensure employees’ motivation in the work place. From a strategic point of view, compensation management is a planning stage for retaining employees. It is a planning process to organize qualified workers in the work system. It is a system that integrates workers with organizational culture and values. According to the contemporary literature, compensation is of two major types - financial and non-financial compensation. Financial compensation includes direct wages and performance based salaries while non-financial compensation may include job rotation, job expansion, hierarchy promotions and other resourceful benefits such as health insurance, medical facility, house or transport facility. In organizational practice, financial compensations are designed in accordance to market trends, while non-financial compensations are flexible, as they can be changed or amended depending upon the financial position of the organization. Furthermore, the literature asserts that compensation can be for the short term and long term. For example, Google Inc. offers work time entertainment facilities to employees as short term compensation, and the other company - Scientific Games Corporation offers $9.1 million golden parachute to the chairman of the office as long term compensation (Bomkamp, 2013, p. 2). The core objective of any reward or compensation is to retain employees and for that reason it has been noted that organizations actually determine compensations using flexible methods to ensure employee retention. Definitely, if compensations are successful to retain employees, the employee turnover will be lower and as a result the organizational performance will be improved. This is what any organization would like to achieve from its compensation policy that is to increase employee performance. When high levels of employee performances are achieved then the company can expect higher efficiency and performance. The Challenge According to Joe (2011), accountants are in-charge of most of the technical work in an organization system (Martocchio & Joe, 2011). They have to conduct market research, prepare financial reports and bring revenue forecast, which is all a managerial level of task and operation (Martocchio & Joe, 2011). An effective compensation for accountants is one, which can justify with the accountant’s nature of work which involves high responsibility, major skill and effort (Singh, 2007). Definitely, if an accountant gives his full effort, the knowledge and skill to his organization so the organization should acknowledge it by returning him back in the form of effective compensation. This is the challenge which most of the firms face while designing compensation for accountants, as they miss out the elements of fairness and equity at the time of compensating accountants (Martocchio & Joe, 2011, p. 20). Proposed Procedures for Accountants’ Compensation Management Market Assessment For designing effective ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“PORTFOLIO PROJECT Part 7 Essay Example | Topics and Well Written Essays - 1250 words”, n.d.)
Retrieved from https://studentshare.org/human-resources/1493563-portfolio-project-part
(PORTFOLIO PROJECT Part 7 Essay Example | Topics and Well Written Essays - 1250 Words)
“PORTFOLIO PROJECT Part 7 Essay Example | Topics and Well Written Essays - 1250 Words”, n.d. https://studentshare.org/human-resources/1493563-portfolio-project-part.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
PPD3 Portfolio Part 1
Likewise, the comprehensive TSA was very useful as a guide in detailing parts of me (skills, abilities, and interests) that would be needed for a certain job. However, learning is beyond gathering information and knowing some facts or details. True learning happens when one can analyze all the foregoing events and put them together.
14 Pages(3500 words)Essay
PPD3 Portfolio part 2
This particular organisation, identified through research and personal interaction, recruits with diversity in mind, which seems to be a main focus of their entire employment package and processes. The organisation, whenever possible, attempts to recruit from within by offering competitive promotional opportunities for high performers.
7 Pages(1750 words)Essay
Project 7
It measures the degree or strength of linear relationship between two sets of variables. Pearson’s correlation indicates the strength of the relationship between two sets of variables. According to Mason and Lind (1996) it is designated r and has a can assume any value between -1.00 and + 1.00.
2 Pages(500 words)Essay
Portfolio Project Part 5
However, all accountants have specific or general responsibilities and financial records that they usually handle. Accountancy is a vital position within an organization regardless of the size or the nature of the organization. However, the requirements and specification of this job usually vary on specification and nation (ACCA…, 2007).
4 Pages(1000 words)Essay
Portfolio Project Part 6
The accountant is evaluated using the (BARS) behaviorally anchored rating scales. This method is effective since it combines traditional rating scales and critical incident methods. It is significant to note that job behaviors derived from critical incidents are described more objectively (Gilmore & Shonhiwa, 2008).
4 Pages(1000 words)Assignment
ing equal, an investor would prefer less risk rather than more risk for a given outcome; and for a given risk, he wants if possible to maximise his returns. (See Hagin 1978, Reilly and Brown 1997, Block and Hirt 2002). He can only be induced to risk more, for example, by
8 Pages(2000 words)Essay
e inevitable, as every aspect of life involves some sort of union setup between people to make them deliberately work to attain a common target: trade unions in a corporation, project teams in offices, a convoy on a mission, a team of surgeons in a hospital, and a team of
6 Pages(1500 words)Essay
Portfolio Project Part 5
An engineer is mandated to organize equipment to be examined, checking condition of the locomotives and the paperwork. Their task requires that they be in charge of acceleration, handling, and underway braking. They must be
4 Pages(1000 words)Essay
Using between three and seven shares which are part of the Dow Jones Industrial Average, create an investment portfolio for two individual investors; one is highly risk averse, the other is more tolerant to risk
The traditional theory also establishes risk return relationship emphasizing on the fact that higher return is always associated with high risk. A salient part of Portfolio Management constitutes analysis of securities. Security analysis helps to understand
8 Pages(2000 words)Essay
Using between three and seven shares which are part of the Dow Jones Industrial Average, create an investment portfolio for two individual investors; one is highly risk averse, the other is more tolerant to risk
Portfolio theory may be defined as the study on how an investor can construct his portfolio depending on his risk taking capacity & return expectations, based on a certain level of existing market risk. The theory also establishes risk return
8 Pages(2000 words)Essay
Let us find you another Essay on topic PORTFOLIO PROJECT Part 7 for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us