bio-tech industry
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Assume the role of an HR consultant. Unsure of their legal obligations in designing a total compensation plan, the client has enlisted your help in explaining how laws and regulations effect total compensation in their organization. The client organization employs 200 people, is a federal contractor, and operates in the bio-tech industry.
Analyze the similarities and differences in total compensation between this company and other companies in different markets. Provide at least two examples that illustrate the similarities and differences of compensation in the different markets. (response = 638 words)
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Solution Summary
The response addresses the queries posted in 638 words with references.
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The response addresses the queries posted in 638 words with references.
//The compensation laws are defined in order to create non-discrimination 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 all the industries. In case of a company that works in the field of biotechnology industry, special care concerning the compensation plan is required to be done. This is the outcome of the fact that 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 (FLSA): It is one of the most important legislations concerning the total compensation plan for the small ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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