Total Compensation Methods Paper

526 words - 2 pages

Total Compensation Methods PAGE 1 Total Compensation Methods PAGE 1
Running head: TOTAL COMPENSATION METHODS PAPERTotal Compensation Methods PaperUniversity of PhoenixTotal Compensation Methods PaperMost compensation methods are a design by the organization to affect positively the bottom line of the business. Some methods permit quick change as markets, products, and services change. The compensation methods need to provide strong, measurable benefits to the organization and assist in achieving its future goals.An organization is constantly evaluating the impact of the compensation methods on employee performance. This ensures that the programs are developing the desired results and if not, what changes need to take place. The methods need to be flexible enough to change with the industry and as business grows. In addition, the compensation methods need to be competitive to make sure the organization can attract and retain the kind of talent needed to achieve the goals for the organization.Laws are been established to mandate certain compensation methods, which are required for all employers. Employers are required to recognize equal employment opportunities, minimum wage, and overtime pay. Child labor laws restrict employers from placing employed minors in hazardous situations. Labor laws also prevent employers from hiring children under the age of 14, unless it is a family business (Noe, Hollenbeck, Gerhart, & Wright, 2004). The Family and Medical Leave Act ensures qualified workers up to 12 weeks a year of unpaid leave to attend to certain family needs and medical issues.Social security and unemployment insurance are also mandated compensations. Unlike the Family and Medical Leave Act, expenses related to social security directly affect the bottom line of an organization....

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