PORTFOLIO PROJECT Part 7 Essay Example | Topics and Well Written Essays - 1250 words

PORTFOLIO abide Part 7 - Essay ExampleIn stakeholders opinion, it is the benefit given to employees in exchange of the private road they have made for the organization. One complete definition for hire is that it is a method to deal with all(a) kinds of rewards of employees in the work system (Bomkamp, 2013). Compensation management as a HR map is importantly 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, earnings 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 process based sala ries spell non-financial compensation may include strain rotation, job expansion, hierarchy promotions and other resourceful benefits such as health insurance, medical facility, house or transport facility. In organizational practice, financial compensations be 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 miserable 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 flex ible methods to ensure employee retention. Definitely, if compensations are prosperous 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 heights 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, wangle financial reports and bring revenue forecast, which is all a managerial level of task and operation (Martocchio & Joe, 2011). An telling compensation for accountants is one, which can justify with the accountants nature of work which involves high responsibility, major dexterity and effort (Singh, 2007). Definitely, if an accountant gives his fu ll 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 invention 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 charge Market Assessment For designing effective