The most important benefits that employees are looking for which are offered by biotech companies include medical, k plan and flexible spending. Being a federal contractor with employees, BioTeq has additional regulations that would not affect organizations that are not federal contractors.
Pearson Education More essays like this: Get Access Organizational Objectives and Total Compensation in Different Markets Essay Sample Total compensation plays a significant role for a Human Resource consultant as it the key objective for the company to provide knowledge of laws and regulation that effect compensation.
Contextual Influences on Compensation Practice.
However, those glitches were resolved and now about A human resource management approach 5th ed. The total compensation package being offered has been compared to two different biotech companies which are quite similar and adequate in this particular industry.
When creating a compensation plan BioTeq must take several factors into consideration. The reason being is that both are intended for contractors, which BioTeq is. Conclusion For any organization to retain their current employees and to create an appeal to prospective employees they must consider the importance of creating an attractive total compensation package.
The difference between each is that United Therapeutics offers onsite daycare, stock purchase plan and employee referral bonus.
Upper Saddle River, NJ: As previously mentioned both of these regulations affect contractors, one affects contractors with 50 plus employees, and the other affects federal contractors. As an organization within the biotechnology industry, Bioteq must take their employees job functions into consideration.
The Affordable Health Care Act The Affordable Health Care Act became into law over five years ago opening doors to affordable, quality health insurance for millions of children, young adults, adults and seniors.
Health Care, Retrieved from http: Although there are several options that may be included in compensation packages, the two most important options to employees are health benefits and pay.
References Martocchio, J By presenting other fringe benefits will benefit in retaining the current staff of employees and any future prospects that join the organization. When first introduced, the Affordable Health Care Act was not well received as many individuals thought it was not very affordable and was difficult to obtain.
People that work in the biotechnology industry tend to work with chemicals and other products that may be potentially hazardous to their health, thus BioTeq must provide their employees with high-quality health benefits. Similarities among these benefits have been constructed with two biotech organizations — United Therapeutics and Amicus Therapeutics.
These factors include the type of work required by employees, and the hazards involved in the work being performed.
The majority of benefits that will be proposed will be centered on the extent and setting of an organization. Get Full Essay Get access to this section to get all help you need with your essay and educational issues.
According to The White House n. Overall, BioTeq has several determining factors that need to be contemplated when establishing a compensation plan. The Affordable Health Care Act is one of the laws that is currently being thought of when constructing a total compensation package.
The organizations total compensation package will entail a selection of benefits that each employee will be offered once they have been employed. References The White House, n. United Therapeutics The main focus at United Therapeutics is diversity within its operations and its mission of medicinal discoveries.
Amicus Therapeutics The main focus at Amicus Therapeutics is a commitment to improving the lives of patients and families affected by rare and orphan diseases. Being that BioTeq is a government contractor with employees, the Executive Order will be a requirement for the organization.
Being a federally contracted employer of over employees, a number of laws and regulation will alter the total compensation package within the organization.Organizational Objectives and Total Compensation in Different Markets Essay Sample Total compensation plays a significant role for a Human Resource consultant as it the key objective for the company to provide knowledge of laws and regulation that effect compensation.
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Organizational Objectives and Total Compensation As a human resources consultant, instilling knowledge into organizations regarding laws affecting compensation plan is asked of frequently - Organizational Objectives and Total Compensation in Different Markets introduction.
BioTeq Industries is no different; it is a biotech company that is in need of help with their compensation plan. Organizational Objectives and Total Compensation in Different Markets Posted on June 25, February 27, by toptutor2 Unsure of legal obligations in designing a total compensation plan, a client has asked you, as a human resources consultant, to explain how certain laws and regulations affect total compensation in their organization.
Organizational Objectives and Total Compensation in Different Markets Sheila E. O'Kane HRM/ March 25, Ken Zula Organizational Objectives and Total Compensation in Different Markets An analysis of current laws and regulations on organizational objectives and total compensation is the purpose of this paper.Download