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Compensation for the Accounting Position - Paper on HR Example

Date:  2021-05-26 02:14:39
5 pages  (1195 words)
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Compensation

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The organization acknowledges the importance of an accountant as part of the human resource within the firm and the critical role they perform in dealing with the institutions financial resources. Therefore, the compensation for the accounting position would get determined by the following factors which include but not limited to the academic and professional qualification of the candidate, the work experience for the potential candidate, and the salary and wages expectation and the overall attitude of the person. Additionally, the reward would get administered alongside the constitutional provisions of the U.S guiding the remuneration of human labor within an establishment (Thomas, 2013).

Compensation Package

In this section, the attention of the job applicant should get drawn to the realities of all kinds of rewards available to a worker including monetary and nonmonetary rewards. However, such non-monetary rewards should also get a financial qualification. Therefore, for the accounting positions the organization intends to directly offer financial compensation which incorporates salaries, commissions, allowances and bonuses as spelled out in the company's act on salaries and remuneration (The Balser Group, 2013). However, bonuses would depend on the organizations profitability and other factors which include the employees' input regarding the output of the firm. The organization offers to remunerate $160,000 as gross salary for the suitable candidate for the accounting job position. Additionally, the worker would get compensated up to $40,000 of all allowances including overtime. It should get realized that most firms and organizations offer between $100,000 and $120,000 for the same position as salaries and wages including allowances and other benefits (The Balser Group, 2013).

In light of the above offer, the organization intends to reiterate its commitment to the Constitution and the law regarding internal and external pay provisions especially about the U.S laws on compensation. For instance, the position of accounting falls under the cadre of management and administration within the establishment. The reward and wages remuneration including allowances offered for the position of accountant applies equally to other senior management officers within the institution. Therefore, it fundamentally fulfills the provisions of internal pay equity regarding fairness in remuneration compared to the earnings of the other employees within the same job ranks. The organization takes note of the disparity that other institutions grapple with regarding the inefficient implementation of the provisions of the law concerning internal equity pay. Additionally, the salary offer of $160,000 in exclusion of the $ 40,000 further satisfies the constitutional and legal aspiration regarding external equity pay. Even though the pay offer significantly surpasses the wages provided by the other establishments, it still falls within the range given by other firms (Thomas, 2013).

However, the company understands the importance of the personal development of the employee and offers an attractive social contract package which constitutes the indirect financial benefits to the human resource. Under this category, the worker shall get entitled to leave and educational benefits. The employee would get compulsory annual leave allowance with full salaries and benefits. The company may decide from time to time to pay the worker bonuses during vacation periods. Additionally, the organization gives a flat rate of $20,000 for leave allowance for the accounting position (Thomas, 2013). The worker gets entitled to job and refresher courses as the opportunity emerges from time to time. Employees serving in the accounting position within the venture would enjoy the security of employment and fringe benefits to promote work and job certainty.

Incentive Plan

The venture intends to maintain excellent performance in service provision to its clients while realizing higher profit returns. However, these viable aspirations of the organization cannot get achieved in complete isolation of the workers input. Therefore, the institution offers higher and attractive incentive plan to inspire hard work and excellence among its employees. The successful applicant would get entitled to the following incentive programs which include appreciation, recognition and reward incentives. The firm recognizes the efforts of its employees through certification especially to workers that excel in their areas of work. The credit certificates would not only enable an employee get known within the firm but also enhance their job worth regarding positive recommendation in their future endeavors (The Balser Group, 2013).

Reward incentive informs the next stimulus plan that the company offers its employees. The workers get promoted depending on their lustrous performance while in the organization. The establishment wishes to elevate employees on merit and as such workers with higher academic and professional qualifications possess different job entry group. The promotion gets done annually to discourage instances of job stagnation as in the case with other companies. Workers that have won various awards in the course of duty retain such gifts which significantly vary with most organizations. For instance, gifts and prizes earned by employees in the course of service usually get received by the firm. However, as part of the institutions vision and mission of empowering the worker, all these gifts and prices automatically gets transferred to the employee. The organization holds parties to celebrate and appreciate the employees as part of another incentive plan. Occasionally, the company arranges for events like team building forums where the workforce get to reflect on the companys strategic plans and appreciate their effort and role in actualizing them (Thomas, 2013).

Benefit Plan

Upon the completion of the contract, the employee gets entitled to full salary for a one-year period. After that, he or she would proceed on to a terminal leave with all the retirement benefits determined by the organization and which is subject to modification by the institution without prior reference to the employee. The position for an accounting job in the firm falls under higher cadre which can only get related to the administrative and management positions. The recommendations from the accountant desk inform the austerity and other measures that the management takes to streamline the organizations activities. The retirement benefit plan for the worker in the category of accountant equally benefits from other indirect financial benefits including insurance benefits once they retire or at the expiry of their contract (The Balser Group, 2013).

The senior officers of the firm upon their retirement get their benefit calculated to incorporate the premiums charged by insurance companies that operate under the Affordable Healthcare Act. Accounting position gets considered as a senior managerial position within the establishment and as such officers employed in this category enjoy similar benefit plans. Additionally, workers that still intend to serve the organization gets the benefit of renewing their contracts. The approval of such contracts solely lies within the management depending on the availability of opportunity. However, an overriding factor determines the calculation of the gratuity and benefit plan upon the retirement or completion of the contract of the worker. For instance, for the senior management and administration positions that accounting position falls under also get attractive benefit plans. The gratuity and other retirement benefits get calculated depending on the job level for which an employee exist service (Forni, Novta & International Monetary Fund, 2014).

References

Forni, L., Novta, N., & International Monetary Fund. (2014). Public employment and compensation reform during times of fiscal consolidation. Washington, D.C.: International Monetary Fund.

The Balser Group. (2013). Mandated Benefits: 2014 Compliance Guide. Wolters Kluwer Law and Business.

Thomas, S. R. (2013). Compensating your employees fairly: A guide to internal pay equity. New York: Apress.

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