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Assume the role of a human resources (HR) consultant. Unsure of legal obligations in designing a total compensation plan, a client has asked you 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 550-word paper providing examples of laws and regulations influencing total compensation.
•Analyze similarities and differences in total compensation between this organization and other organizations in different markets.
•Provide at least two examples that illustrate such similarities and differences.
Length: 2 pages (550 Words)
Total compensation in the modern world goes beyond salaries to include benefits such as healthcare, retirement, good working conditions, paid holidays, and schedule flexibility for workers (Jackson, Schuler,& Werner, 2011, pp. 354-355). Total compensation differs across industries following the state, local, and tax laws, which determine the amount that people in different industries earn and influence their subsequent comprehensive benefit plans. Total compensation laws and regulations therefore dictate the pay structure for workers in different industries and their benefits, which include disability protection, leaves, and health insurance among others. This paper seeks to establish the laws and regulations that govern total compensation in the labour market and the differences that exist between different industries with regard to total compensation.