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Organizational Objectives And Total Compensation Research Paper

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Organizational Objectives And Total Compensation Research Paper
Organizational Objectives and Total Compensation in Different Markets
Vaughn V. Van Over
HRM/324
June 22, 2015
Dr. Rebekah Benson
Organizational Objectives and Total Compensation in Different Markets
Compensation laws designed to protect the employees of an organization. A compensation package comprises of monetary and non-monetary benefits to help an organization in retaining the highly qualified, to spark high performance, and to attract quality applicants. Those compensations will vary from industry to industry and from employer to employer within those industries.
The size of the organization and the number of employees will dictate how many benefits are offered in a total compensation plan. The list of benefits is too plentiful …show more content…
It was initiated to aid individuals in obtaining healthcare coverage, even those who were unemployed. “The Affordable Care Act actually refers to two separate pieces of legislation — the Patient Protection and Affordable Care Act (P.L. 111-148) and the Health Care and Education Reconciliation Act of 2010 (P.L. 111-152) — that, together expand Medicaid coverage to millions of low-income Americans and makes numerous improvements to both Medicaid and the Children 's Health Insurance Program (CHIP)” (Affordable Care...n.d.). There are several laws that relate to compensation plans and the different aspects of pay. The first being The Fair Labor Standards Act of 1938. “The Fair Labor Standards Act is responsible for establishing minimum wage, recordkeeping regulations, overtime pay rates and youth employment standards, which affect employees in both the private sector and in Federal, State and local governments” (What you should...n.d.). The Equal Pay Act (1963) was 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 …show more content…
These two combined areas will attract better quality applicants and keep those deserving of mention on-board. This company with only 200 employees will begin with a total compensation plan consisting of: competitive pay, health insurance, matching 401(k) contributions, bonus programs based on job performance. Eli Lilly & Company offers their employees so many benefits it makes it easy to choose them as an employer: financial wellness, career development, health insurance, time off, lifecare resource and referral service, on-site child development centers, support groups, no-stress dress code, food services, “free gym membership, Lilly fitness centers, Lilly recreational park & sports and hobby clubs” (One decision…2014) just to name a few. This list is very extensive and far too long to list on this
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