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Hrm324 organizational objectives and total compensation in different markets

Lin Ebright Running Head: A total compensation package covers may aspects such as extrinsic and intrinsic compensation. Extrinsic compensation is more of the monetary or legal means behind paying employees. Intrinsic compensation is the quality of life at work such as job variety or management feedback.

Companies can use their compensation packages as a means of attaining quality employees. However, this has not always been the case.

Organizational Objectives and Total Compensation in Different Markets Essay

Employers once worked employees as hard as they possibly could for very minimal pay with little regard to the well-being of said employees. Over time this was changed by the creation of certain laws and regulations Martocchio, 2009. FLSA set a minimum wage for employees to be paid, it established an overtime premium of time and a half for hours beyond 40 in a seven day period, and it set guidelines for how much minors were able to be worked Martocchio, 2009.

Equal Pay act of 1963 said that employers were not allowed to pay men more money than women for jobs of equal work. This act defined what equal work was and made it fair for both sexes when it came to the matter of compensation.

  • This act defined what equal work was and made it fair for both sexes when it came to the matter of compensation;
  • Hiring a federally contracted employee in the biotech industry requires a different approach than hiring cashiers at a locally owned shop;
  • Employers once worked employees as hard as they possibly could for very minimal pay with little regard to the well-being of said employees;
  • Without these laws and regulations companies could continue to abuse their power;
  • These are just some of the legalities to pay attention to Martocchio, 2009;
  • Under the Family and Medical Leave Act of 1993, only employers with 50 or more employees within a 75 mile radius must provide this to employees Martocchio, 2009.

Women were once paid less than men for doing the same jobs and this had to be remedied. Furthermore, the Civil Rights Act of 1964 went on to make sure that no person was discriminated against for race, color, sex, national origin, or religion.

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This would include areas such as the hiring process, employee reviews, working conditions, promotion opportunities Martocchio, 2009. Hiring a federally contracted employee in the biotech industry requires a different approach than hiring cashiers at a locally owned shop. While certain laws pertain to all working individuals some are different. For example, all working individuals are protected from discrimination.

They must also earn overtime when deemed necessary according to FLSA.

However, not all employers are required to provide medical leave to their employees. Under the Family and Medical Leave Act of 1993, only employers with 50 or more employees within a 75 mile radius must provide this to employees Martocchio, 2009.

The Davis-Bacon Act requires that federally contracted employees be paid a fair salary based on the current salary in the area. There are many different considerations to be made in order to present a favorable compensation plan to a perspective employee. These are just some of the legalities to pay attention to Martocchio, 2009. These laws and regulations were implemented to level the playing field between employers and employees Martocchio, 2009.

It is not fair for people who need to earn an income to be put through extreme conditions and earn a very minimal wage for doing so. Without these laws and regulations companies could continue to abuse their power.

The establishment of such laws also created a competitive edge for companies when it comes to hiring and retaining employees.