Organizational Objectives and Total Compensation
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Organizational Objectives and Total Compensation
The laws of Compensation are created for nondiscrimination to the employees of an organization. Biotechnology Industries has hired a human resources consultant to help them with a compensation plan. The company is a Federal contractor that has 200 employees. They are looking for information and guidance concerning the regulations and laws that will have an effect on the company’s compensation plan.
Many think of total compensation as the salary they will receive for employment. It has many more meanings that include health care, retirement, scheduling, paid time off, the work environment, and more. It can be defined as the way an organization compensates or pays their employees for their job performance (Martocchio, 2009).
Compensation packages include intrinsic and extrinsic compensation. The rewards of intrinsic are motivation from the employee that is involved in making decisions, or given a challenging task that provides a higher compensation without an increase in salary. Extrinsic rewards help to fulfill the employee through pay raises, bonuses, paid leave and other program benefits. The compensation packages help to retain quality employees.
A Biotechnology company works with living systems and organisms to develop or make useful products. They work with micro-organisms known as enzymes or bacteria. This type of industry is a risk to its employees compared to any other industry. The company should offer a compensation plan with emphasis on monetary awards. The employees that are injured or killed while performing their job should be granted, along with special benefits for their immediate or dependent family members (Biotechnology Laws, 2010).
Laws and Regulations
The establishment of the Fair Labor Standards Act of 1938 (FLSA) imposed how organizations compensate their employees. The Act created a minimum wage that employees are to be paid and created overtime premium for working...
The laws of Compensation are created for nondiscrimination to the employees of an organization. Biotechnology Industries has hired a human resources consultant to help them with a compensation plan. The company is a Federal contractor that has 200 employees. They are looking for information and guidance concerning the regulations and laws that will have an effect on the company’s compensation plan.
Many think of total compensation as the salary they will receive for employment. It has many more meanings that include health care, retirement, scheduling, paid time off, the work environment, and more. It can be defined as the way an organization compensates or pays their employees for their job performance (Martocchio, 2009).
Compensation packages include intrinsic and extrinsic compensation. The rewards of intrinsic are motivation from the employee that is involved in making decisions, or given a challenging task that provides a higher compensation without an increase in salary. Extrinsic rewards help to fulfill the employee through pay raises, bonuses, paid leave and other program benefits. The compensation packages help to retain quality employees.
A Biotechnology company works with living systems and organisms to develop or make useful products. They work with micro-organisms known as enzymes or bacteria. This type of industry is a risk to its employees compared to any other industry. The company should offer a compensation plan with emphasis on monetary awards. The employees that are injured or killed while performing their job should be granted, along with special benefits for their immediate or dependent family members (Biotechnology Laws, 2010).
Laws and Regulations
The establishment of the Fair Labor Standards Act of 1938 (FLSA) imposed how organizations compensate their employees. The Act created a minimum wage that employees are to be paid and created overtime premium for working...