Organizational Objectives and Total Compensation in Different Markets

In: Business and Management

Submitted By secretangel24
Words 652
Pages 3
Organizational Objectives and Total Compensation in Different Markets
HRM/324
University of Phoenix

Compensation laws are defined to create nondiscrimination in the compensation provided to employees in the organizations. This paper will help in explaining the laws and regulations, along with the similarities and differences influencing compensation for a biotechnology company and the companies in other markets.
The compensation laws and regulations are almost the same in the industries. In the case of a company that works in the biotechnology industry, special care concerning the compensation plan is required. 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: This Act is important because it involves legislations concerning the total compensation plan for the small business owners and companies. “This law involves five major compensation laws that administer minimum wage, equal pay, overtime pay, child labor, and record keeping requirements” (Cahn & Donald, 2010, p. 25). The Equal Pay Act (1963): This law is 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 workplace. “This law does not limit the seniority systems, merit systems, or the pay for performance systems in the companies” (Chan & Donald, 2010, p. 25)
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)” (Mejia & Werner, 2008, p. 1). It also forms the basis for most of the other benefit plans…...

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