Dodata ekonomska vrednost u funkciji utvrđivanja kompezacionih sistema u preduzeću

Abstract

Determination of compensation systems is an important step towards achieving the primary goal of any company-creating value for owners. For years, compensation systems were determined by traditional financial performance base on the accounting information in wich the numerous studies have shown that the correlation between that compensation system and company performance indicators is not strong enough. Economic value added concept use all cost of capital (cost of equity and cost of borrowed capital) and modifies the accounting data. Positive economic value added, in a given period, means that the management has increased value for owners and vice versa. Thereby the EVA concept become tool that was used for defining the system of compensation. Based on condacted research done on compensation system built on the EVA concept, following conclusions were being made: it provides more realistic basis for determening business success in regards to a compensation system based on financial performance; it shows if the value for owners is really creted; EVA is more complex and computationally more delicate than the compensation system based on financial performance; employee's compensation that were based on the EVA concept represent more realistic pay than the compensation that were based on the traditional compensation system; by using accounting modifications EVA eliminate significant shortcomings of traditional financial reporting, that is the basis for compensation system based on financial performance. Also, an empirical study of developed compensation system were made and all opportunities and challenges in the implementation of the EVA concept in building a system of rewards in corporations in Serbia where determined. The research has shown that the achievements of the implementation of compensation systems based on EVA in companies in developed countries, can be applied in the process of improving the compensation system in companies in Repablic of Serbia, with some adaptations due to the lack of complete data, that are necessary for displaying this concept.