Organizational Objectives and Total Compensation in Different Markets

Compensation laws and regulations are established with the aim of protecting and safeguarding the rights of works within various departments of work. In other words, these laws play the key role of creating non-discrimination in the benefits provided to workers in terms of compensation.Advertising We will write a custom essay sample on Organizational Objectives and Total Compensation in Different Markets specifically for you for only $16.05 $11/page Learn More In that regard, there is need for organizations to come up with effective administration strategies that would ensure there is a total compensation for all their workers. One of the major strategies here is compensation in terms of benefits or allowances, which has become more common in the compensation administration of many employment sectors. The laws and regulations governing total compensation are almost similar in many workplaces, since they address the same issues regarding workers in those organizations (Martocchio, 2010). The main objective of this paper is to offer an analytical view of the regulations, along with the differences and similarities that would tend to influence compensation of workers in a Biotechnology Organization and other companies in the market. There are certain laws and regulations affecting the concept of total compensation in different business organizations. One good example of these laws is the Equal Pay Act that was enacted in the year 1963, to protect workers against any form of discrimination regarding their salary or wages on the basis of aspects such as gender, race, or their status at work. This law offers a restriction against any form of discrimination based on gender differences for persons serving in similar positions within the same organization (Frye, 2004). Another common example of a law attached to total compensation for federal organizations is the Fair Labor Standards Act, which covers things such as equal pay, minimum wages , underage labor regulations and overtime compensation, among other key issues of concern that affect employees in their jobs. Employees serving in the Biotechnology sector share the same benefits with other workers from other organizations, as it is dictated by various labor laws and regulations under the federal umbrella. For instance, just like employees from other organizations, workers serving in the biotechnology company are entitled to the demands of the Equal Pay Act, since their working particulars are not any different from those of other organizations, where the issue of gender prevails. Similarly, employees in the biotechnology are also entitled to the demands of the Retirement Income Security Act, 1974, just like other employees from other companies in the market. The main goal of this law is to ensure that workers’ pension plans are well regulated and observed across various organizations.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, companies operating within the biotechnology industry would tend to indulge in matters involving special hazards to health, in the development of useful products. Other noteworthy issues which may affect biotechnology employees are ethical and moral-related aspects that are likely to be realized in their working conditions and processes. Unlike other employees, workers in the biotechnology sector are always exposed to many environmental and social issues, and in that regard, their compensation plans deserve special care and attention. In this respect, the provisions of Old Age, Survivors, Disability and Health Insurance Program (OASDHI) would be necessary for anyone working in the industry. This program would guarantee the workers supplementary security income and medical concern among other benefits, thus helping to boost employees’ motivation. Another law which may be relevant to biotechnology emp loyees is the Health Insurance Portability and Accountability Act, 1996. This regulation provides many provisions which address the working conditions of these people. References Frye, M. (2004). Equity-based compensation for employees: firm performance and determinants. Journal of Financial Research, 27(1), 31-54. Martocchio, J. (2010). Strategic Compensation: A Human Resource Management  Approach. New York: Pearson Prentice Hall. This essay on Organizational Objectives and Total Compensation in Different Markets was written and submitted by user D'KenNeraman1 to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.