Description
Unsure of legal obligations in designing a total compensation plan, a client has asked you, as a human resources consultant, to explain how certain laws and regulations affect total compensation in their organization. The client's organization employs 200 people, is a federal contractor, and operates in the biotech industry.
Write a 700 paper (in third person voice) that provides examples of laws and regulations that influence total compensation.
Analyze similarities and differences in total compensation between this organization and other organizations in different external markets.
Discuss at least two examples that illustrate such similarities and differences.
Explanation & Answer
Here you go buddy, have a look
Running head: TOTAL COMPENSATION
1
Organizational Objectives and Total Compensation
Name
Course
University
TOTAL COMPENSATION
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Compensation is very critical to an organization. It is one of the primary motivators for
individuals in the pursuit of employment. Other than merely seeking jobs that match their
creativity and talents, individuals also look for jobs based on the compensation they will receive,
either as wages, salaries as well as other benefits (Advameg, Inc, 2020). Compensation brings
together several elements ranging from salaries, wages as well as employee benefits such as
bonus payments, healthcare coverage, benefits and incentives, contributions made to retirement
savings as well as short-term insurance for disability. Therefore when a company is coming up
with a total compensation package for its employees, several elements can be included (Mayhew
and Seidel, 2019).
Further, when seeking to determine the total compensation plan of an organization, an
organization must take heed of the type of employees that they have as well as the legal
framework that guides the compensation process. A clear grasp of these laws is especially
critical and goes a long way in protecting the organization from legal hurdles that arise from noncompliance. This pa...