Discuss several laws that influence compensation programs in your current or former organization compensation and benefits strategies recommendations hrm-531 december 16, 2013 karin ml wagner compensation and benefits strategies recommendations a strategic plan for employee compensation determines how much you want to pay employees and what type of employees you want to attract. The department of labor (dol) administers and enforces more than 180 federal laws these mandates and the regulations that implement them cover many workplace activities for about 10 million employers and 125 million workers.
The many business laws can be divided into several primary groups, depending on what aspect of the business they affect states also have laws for employee insurance and benefit programs. Factors influencing employee compensation compensation management oversee merit pay, benefits and retirement programs and ensure that all employees and applicants are treated fairly and according to the law having good academic qualifications from reputed and standard educational institution influence the compensation of the. The organisation's strategy regarding wages also influences employee compensation for example, an organisation, which wants rapid growth, will set higher wages than competitors on the other hand, organisations that want smooth going and just maintain the current earning will pay average or below average.
Update your information on the laws impact on compensation this helps you to formulate or review a compensation system based on current legal provisions. In this essay, you will discuss how compensation programs are developed and how laws can affect compensation practices your essay should be a minimum of two pages in length, using at least your textbook as a source. There are several internal and external factors affecting employee compensation , which are discussed in this article the compensation is the monetary and non-monetary rewards given to the employees in return of their work done for the organization basically, the compensation is in the form of salaries and wages.
Regulates the establishment and implementation of various fringe compensation programs these include medical, life, disability insurance programs, and pension programs companies must provide employees with program description and any updates.
Discuss several laws that influence compensation programs in your current or former organization compensation and benefits strategies recommendations hrm-531 december 16, 2013 karin ml wagner compensation and benefits strategies recommendations a strategic plan for employee compensation determines how much you want to pay employees and.
Week 7 discussion 1 compensation programs are managed within a legal and regulatory environment 8/17/14 - what are several laws that influence compensation programs in your organization within the organization i am employed, laws which influence compensation programs are: fair labor standards act. The importance of compensation plan in an organization diana coker may 11, 2015 compensation, featured a proper procedure to measure the success of the organization’s compensation program by determining if the compensation results into favorable retention numbers, workforce performance and motivation current issue the hr digest.