ORGANIZATIONAL OBJECTIVES AND TOTAL COMPENSATION IN DIFFERENT MARKETS
Organizational Objectives and Total Compensation in Different Markets
HRM 420
Organizational Objectives and Total Compensation in Different Markets
Total compensation is an important piece of the human resource puzzle. It is the thread that can tie valuable employees to the company and its overall success. The laws and regulations are significant in knowing and understanding in an attempt to apply that knowledge to the overall design of the total compensation package a company offers. Working as a federally contracted employer for more than 200 employees, certain laws and regulations will affect the total compensation package within the organization. One in particular is the Affordable Healthcare Act. Two biotech organizations and their total compensation package will be discussed.
The Affordable Health Care Act
The Affordable Health Care Act was designed to help all people obtain and maintain their healthcare coverage even in the event of loss of employment. The creation of the Afforadble Health Care Act allows insurance companies “from discriminating against anyone with a pre-existing condition, dropping your coverage if you get sick, billing you into bankruptcy because of an illness or injury, and limiting your annual or lifetime benefits” (www.whitehouse.gov, 2013).
The Affordable Health Care Act was not received well from some of the population. It seemed to be not quite so affordable and quite difficult to obtain. After a few of these glitches have been repaired, it is becoming more acceptable to everyone it is intended for. The above was just one law that is now to be considered when creating the total compensation package. Most of the benefits offered will be based on the size and location of an organization. This organization’s total compensation package will include an array of benefits that each employee will be offered once they have been hired. These items include:
Medical plan (dental, vision)
LTD, STD plans
HRM 420
Organizational Objectives and Total Compensation in Different Markets
Total compensation is an important piece of the human resource puzzle. It is the thread that can tie valuable employees to the company and its overall success. The laws and regulations are significant in knowing and understanding in an attempt to apply that knowledge to the overall design of the total compensation package a company offers. Working as a federally contracted employer for more than 200 employees, certain laws and regulations will affect the total compensation package within the organization. One in particular is the Affordable Healthcare Act. Two biotech organizations and their total compensation package will be discussed.
The Affordable Health Care Act
The Affordable Health Care Act was designed to help all people obtain and maintain their healthcare coverage even in the event of loss of employment. The creation of the Afforadble Health Care Act allows insurance companies “from discriminating against anyone with a pre-existing condition, dropping your coverage if you get sick, billing you into bankruptcy because of an illness or injury, and limiting your annual or lifetime benefits” (www.whitehouse.gov, 2013).
The Affordable Health Care Act was not received well from some of the population. It seemed to be not quite so affordable and quite difficult to obtain. After a few of these glitches have been repaired, it is becoming more acceptable to everyone it is intended for. The above was just one law that is now to be considered when creating the total compensation package. Most of the benefits offered will be based on the size and location of an organization. This organization’s total compensation package will include an array of benefits that each employee will be offered once they have been hired. These items include:
Medical plan (dental, vision)
LTD, STD plans