External Resources and Salary Survey First Affiliation Discussion One The development of a compensation scheme is one of the most difficult things that an individual can engage in. This is because there are various variables and externalities that come into perspective. In this regard, it may be significant to note that developing this plan from a single resource may bring about results that are of a skewed nature and those which may not necessarily reflect the real happenings in the job market in relation to the particular job being assessed. For this reason, it is of the essence to employ other resources which will serve as pointers to the real happenings in the job market.
An example of such a resource is the PayScale website. This particular resource is one which can provide a significant amount of data which will be beneficial in designing the compensation plan. For starters, the data that is in the website is an overall analysis of the various jobs that are in the many different companies. The result of this is that in the development of the compensation scheme for a given organization, the individual responsible is able to have an overall view of the industry as opposed to maybe examining just a single entity. There are some measures which can be implemented for the purpose of developing a competitive compensation scheme.
The first one in this case is to compare the specific job and the compensation analysis on the website. The second strategy that can be implemented is offering a higher compensation package for specific jobs in relation to other firms. In these, the qualifications are usually higher in relation to others.
Finally, the other strategy which can be implemented is the development of additional perks which may be more of incentives for the working individuals. An example in this case is holiday packages among others. Discussion Two The profession in this case is the accountancy profession. The individuals who make up this profession are charged with the responsibility of providing and communicating financial information which pertains to an organization or business entity. The principles of accounting are applied in the development of this financial information which is deemed relevant to the users.
In this case, the individuals in this profession are seem to engage in quite a lot of activities for the purpose of achieving their work objectives. In this particular regard, there are some issues which the salary survey would like to address or rather unravel. Survey Questions 1. What does the accounting profession entail and what are the academic requirements for one to be a member of the profession? 2. Is it possible that the current compensation plan and salary for the individuals cater meeting up with the work which accountants engage in? 3.
What is the current salary for the individual with the highest position in the industry and what is an individual with a low position in the profession receiving? 4. What should be changed in relation to the compensation scheme for this job? 5. How does the compensation of the accounting profession compare to other profession? It is satisfactory? References WorldatWork. (2007). The WorldatWork handbook of compensation, benefits, & total rewards. Hoboken, NJ: John Wiley & Sons