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Incentive systems and remuneration.

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Incentive systems and remuneration. What would be a better structure and a summary of this written review below: a) structure   b) summary  Week 6 topic is Incentive systems and remuneration. This review will assess the group 6 paper on incentive systems and compensation in accounting firms. The three writers are currently accounting practitioners in their last year of bachelor’s programs in finance and control management.       Group 6 based their study on personal experience, literature research, and survey results. The main question of their paper is: “How can incentives contribute to the performance of the accounting sector?” To answer this question the paper also focuses on four sub-questions:   1) What kind of incentives could be used in the accounting sector?   2) What is the present situation of the incentives systems in the accounting sector?   3) What is the desired situation of the incentive systems in the accounting sectors?   4) What changes can be made in terms of incentives systems to improve the effectiveness of the incentives.       The first half of this study explores the numerous forms of financial and non-financial incentives, as well as their benefits and drawbacks. Using the contrasts between PWC and Deloit bonus schemes as a research example, the second chapter starts by analyzing the present circumstances and recent changes. Group questioned 22 accountants from both small businesses and the big four in order to have a more in-depth understanding of the present situation from accountants’ viewpoints. The third chapter describes the ideal state based on past experiences and scientific study. The fourth chapter discusses the steps that may be done inside businesses to transition from the existing state to the desired situation. Following this, the conclusion and final suggestions are presented.       This paper’s central question was, “How might incentives impact the performance of the accounting industry?” As discussed in this article, the primary purpose of incentives is to inspire individuals to perform better. Of course, everyone receives a basic income, but incentives exist to urge employees to do more than “simply their job.”       As mentioned in the ideal circumstance, incentives may do more than inspire workers. The correct incentive schemes also aid in building and altering a company’s culture or how teams interact. Rewards may also be used to modify workers’ behavior; incentives based on sustainable goals might call attention to such objectives.       The following recommendations are made to strengthen incentive systems in the accounting industry: Accounting businesses’ incentive systems provide non-financial incentives with a more significant role than financial ones. Give team-based incentives a key role in accounting organizations’ incentive structures. Connect incentives not just to financial achievement but also to other types of performance.       When you look at the report, it is clear that the research questions are related to the weekly theme of incentive systems and how it affects the accounting sector and papers limitations are mentioned that the number of studied firms and employees are limited and further research should focus more on The distinction between smaller and bigger accounting companies in terms of incentive value.   The study article is well-written, and outstanding extra research has been suggested and conducted by interviewing experts in the accounting field. The theoretical framework has been presented via the use of scholarly sources and extensive supplementary material. The paper has a logical structure and provides further examples and empirical evidence of how incentive structures in the accounting profession may be improved in the real world.       Tuition reimbursement is an example of an extra incentive that may be a significant advancement for the sector. As writers are students themselves and accounting businesses employ a large number of interns throughout their studies there is a strong coloration between the accounting sectore and it’s future professionals. Deloitte and PWC themselves served as the study case companies for their respective report. Many accounting firms often hire interns from their intern pools. Pricewaterhouse Coopers boasts that more than 90 percent of its interns are offered full-time positions, while Deloitte hopes to employ 80 percent of its interns into permanent positions. These are huge numbers and incentives, as tuition reimbursement would make interns far more driven to work and future employees significantly more loyal.       After reading this study and assessing its results and assertions, question that arises: Why is an appropriate incentive system a precondition to growth?       A suitable incentive system is a prerequisite for economic development since it increases worker productivity. With an efficient incentive structure produced by enterprises, markets, money, and property rights will guarantee that worker productivity grows, resulting in production growth and a higher real GDP level. (McTaggart et al., 2012, p. 454)


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