A novel generalized net model of the executive compensation design

• Autorzy: Atanassov K. T. , Kacprzyk A. , Sotirova E.

Identyfikatory

DOI

10.14313/JAMRIS_3-2014/29

• Języki publikacji: EN

Abstrakty

EN

In the paper we are concerned with a structured approach to the process of design of an executive compensation system in a company which is one of most relevant issues in corporate economics that can have a huge impact on a company, with respect to finances, competitiveness, etc. More specifically, we present a novel application of Atanassov’s concept of a Generalized Net (GN) which is a powerful tool for the representation and handling of dynamic discrete event problems and systems. First, to present the problem specifics, a broader Total Reward system is discussed together with the importance of proper structuring of the compensation system for executives to support company’s goals, allowing attracting, motivating and retaining managers. The proposed compensation design model starts from incorporating a broad spectrum of benchmarks, expectations and constraints to those already incorporated in the early phase of the design of the executive compensation. In the design and testing phase a significant emphasis is placed on the flexibility and adjustability of the executive compensation package to external factors by testing, dynamically adjusting and stress testing the proposed compensation package already in the design phase. Then, we apply some elements of the theory of Generalized Nets (GNs) to construct the model of executive compensation design using the proposed approach.

Słowa kluczowe

EN

rewards systems; compensation design; banking activities; corporate activities; Generalized Net; modelling; Discrete Event System Modeling

• Wydawca: Łukasiewicz Industrial Research Institute for Automation and Measurements PIAP
• Czasopismo: Journal of Automation Mobile Robotics and Intelligent Systems
• Rocznik: 2014
• Tom: Vol. 8, No. 3
• Strony: 64--74
• Opis fizyczny: Bibliogr. 13 poz., rys.

Twórcy

autor

Atanassov K. T.

• Department of Bioinformatics and Mathematical Modelling, Institute of Biophysics and Biomedical Engineering, Bulgarian Academy of Sciences, 105 Acad. G. Bonchev Str. 1113 Sofia, Bulgaria

autor

Kacprzyk A.

• Resource Partners, Zebra Tower, ul. Mokotowska 1, 00–640 Warsaw, Poland

autor

Sotirova E.

• Department of Computer and Information Technologies, Faculty of Technical Sciences, “Prof. Assen Zlatarov” University, 1 Prof. Yakimov Str. 8010 Bourgas, Bulgaria

Bibliografia

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• [3] Atanassov K.T., On Generalized Nets Theory, Sofia: Prof. M. Drinov Academic Publishing House, 2007.
• [4] Atanassov K.T., Index Matrices: Towards an Augmented Matrix Calculus, Heidelberg and New York: Springer, 2015 (in press).
• [5] Atanassov K.T., Kacprzyk A., Skenderov V., Kryuchukov A., “Principles of a generalized net model of the activity of a petrochemical combine”. In: Proceedings of the 8th International Workshop on Generalized Nets, Sofia, Bulgaria, June 26, 2007, pp. 38-41.
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• [9] Kacprzyk A., Sotirova E., Atanasssov K.T. , “Modelling the executive compensation design model using a generalized net”. In: Proceedings of the 14th International Workshop on Generalized Nets, Burgas, Bulgaria, 29th–30th November, 2013, 71–77.
• [10] Lipman F.D., Hall S.E., Executive compensation Best Practices, John Wiley & Sons, 2008.
• [11] Mihailov I., “Generalized Net Model for Describing Some Banking Activities”. In: Proceedings of the, New Developments in Fuzzy Sets, Intuitionistic Fuzzy Sets, Generalized Nets and Related Topics, vol II: Applications, Warsaw, Poland, 2013, 115–122.
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