Organizational Objectives and Total Compensation
Organizational Objectives and Total Compensation in Different Markets
University of Phoenix
HRM/324 Total Compensation
July 25, 2011
As a human resource consultant a client has asked me to explain how certain laws and regulations affect total compensation in his organization. The compensation laws are defined in order to create non-discrimination in the compensation provided to employees in the organizations. I will help in explaining the laws and regulations.
The compensation laws and regulations are almost the same in all the industries. In case of a company that works in the field of medicine, special care concerning the compensation plan is required to be done. This is the outcome of the fact that this industry is believed to be involved in special hazards to health and security and is also inclusive of some revolutionary implications, moral and ethical issues. The following are some of the laws relating to compensation plan in the industry that helps in identifying the different aspects of pay:
The Fair Labor Standards Act (FLSA): It is one of the most important legislations concerning the total compensation plan for the small business owners and companies. It involves five major compensation laws that administer minimum wage, equal pay, overtime pay, child labor and record keeping requirements. The Equal Pay Act (1963): This law is actually an amendment to the FLSA and restricts any kind of discrimination based on sex for men and women working at similar jobs and in the same work place. This law does not restrict on the seniority systems, merit systems or the pay for performance systems in the companies. The Employee Retirement Income Security Act (1974): This law concerns regulating the pension plans along with the Old Age, Survivors, Disability and health Insurance Program (OASDHI). It also forms the basis for most of the other benefit plans like unemployment insurance, equal employment, workers compensation, social security, and Medicare.
University of Phoenix
HRM/324 Total Compensation
July 25, 2011
As a human resource consultant a client has asked me to explain how certain laws and regulations affect total compensation in his organization. The compensation laws are defined in order to create non-discrimination in the compensation provided to employees in the organizations. I will help in explaining the laws and regulations.
The compensation laws and regulations are almost the same in all the industries. In case of a company that works in the field of medicine, special care concerning the compensation plan is required to be done. This is the outcome of the fact that this industry is believed to be involved in special hazards to health and security and is also inclusive of some revolutionary implications, moral and ethical issues. The following are some of the laws relating to compensation plan in the industry that helps in identifying the different aspects of pay:
The Fair Labor Standards Act (FLSA): It is one of the most important legislations concerning the total compensation plan for the small business owners and companies. It involves five major compensation laws that administer minimum wage, equal pay, overtime pay, child labor and record keeping requirements. The Equal Pay Act (1963): This law is actually an amendment to the FLSA and restricts any kind of discrimination based on sex for men and women working at similar jobs and in the same work place. This law does not restrict on the seniority systems, merit systems or the pay for performance systems in the companies. The Employee Retirement Income Security Act (1974): This law concerns regulating the pension plans along with the Old Age, Survivors, Disability and health Insurance Program (OASDHI). It also forms the basis for most of the other benefit plans like unemployment insurance, equal employment, workers compensation, social security, and Medicare.