Compensation and Benefit Midterm Essay

1134 WordsMay 1, 20155 Pages
Anusarga Shrestha Midterm Essay John Cook 04/19/15 Strategic Compensation Strategic Compensation plays a vital role in Human Recourse system and it regulates how company wants to pay employees and what type of employees, the company wants to attract. Employees are attracted with the company with their benefits package, reward programs, pay scale etc. It is very important for the company to make a successful strategic compensation plan which allows the business to compete in the market with the best and qualified employees. In this essay I am going to talk about, how Strategic Compensation had benefited the company and its employees. Compensation professionals goals, HR department were thought of as an administrative or support function for the company because the financial or market value of HR was not as readily apparent as sakes, manufacturing, or marketing function. First, Some of the HR professionals design and implement a Varity of HR practices that advance the objective. HR practice includes * Recruitment * Selection * Performance appraisal * Training * Career development * Labor- management relation * Employment terminations * Managing HR within the context of legislation (Martocchio 13) Federal laws that apply to compensation practices are grouped according to key themes * Income continuity, safety, and work hours * Pay discrimination * Accommodation disabilities and family needs * Prevailing wage laws. Fair labor standards Act of 1938 address three broad issues: * Minimum wage -The minimum wage provision is to ensure a minimally acceptable standard of living. Congress passed an increase in the federal minimum wage from $5.15 in increments to $ 7.25 in 2009 (Marticchio 26) * Overtime pay- The FLSA requires employers to pay worker at rate equal to time and one-half for all hours worked in excess of 40 hours

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