Reflecting Stakeholders Perspective in Compensation Assessment

Compensation assessments have usually been carried out without due consideration of stakeholders perspective, a situation which have contributed significantly to the many problems associated with compensation payments. It is the aim of this paper to determine the stakeholders in compensation assessment, examine the process of compensation assessment and the roles of the key actors in the determination of compensation payable. Literature and decided cases were reviewed, after which a questionnaire survey was conducted. It is concluded that stakeholders perspectives if taken into consideration may help reduce, if not eliminate the usual negative outcome of compensation payment. It is therefore recommended that for compensation payment to achieve its objective of recompense, the major stakeholders perspective need to be considered in the process of assessment for compensation payment.