Being a human resource specialist, we are confronted with several issues relating to the employee compensation form different employers in different organizations. Some of the employers do not seem to understand the labor laws that stipulate on the remuneration of the employees. Being a federal contractor with an average of 200 employees, Biotech management need to understand the compensation plans with regard to their plans. There are regulations stipulated in the constitution that must be followed to the letter when compensating the employees (Jackson, et el 2012). The compensation should be based on the amount of work done, therefore, providing for the payment of overtime. No employee should be exploited by being underpaid by their employers.
The laws and regulation affecting the total compensation include; the Civil Rights Act and the Fair Labor Standards Act. Both acts aim at protecting the employees form mistreatment from their employers. The Civil Rights Act came into existence in the year 1964. The act was against the discrimination most the employees would face with regard to their skin color, ethnicity, race and the gender. The act provided an equal opportunity for all people to be subjected to the same benefits at the work place. Employment opportunities were availed to anyone who had the academic qualifications and the skills. The Fair Labor Standards Act provides guidelines and laws on the minimum remuneration an employer should give the employee. It also introduced the element of overtime on the workers so as to be compensated for the time they ought not to have been working (Jackson, et el 2012). The employers could be held liable by law if they happened to underpay the women. Both sexes had to be subjected to an even pay. The organization should also embark on the provision of the protective gear to their employees 6o reduce work place accidents.
There exist some differences and similarities between the bio tech industry and other industries with regard to their compensation. Some of the differences are; higher remuneration rates of the employees in the bio tech industry. The attribute has been contributed by the gradual growth of their profits while, some other organizations might be at their initial stage in establishing their products leading to low compensation rates of the employees (Jackson, et el 2012). Most of the employees in the bio tech industry constitute the high profile individuals enriched with the academic qualifications resulting to their hefty salaries. Other organizations do not require the advanced leaders in terms of qualification thereby creating the distinction between the employees from both parties.
The similarities entail; provision of the fringe benefits to the employees. The employees are provided with the pension funds, social security funds, health insurance funds and retirement benefits. The adoption of this plan has helped the organizations in the retention of their employees. They also provide a sense of belonging to the employees making it possible for them to keep the interests of the organizations a heart, and at the same time it motivates them. The end result is maximum profits received due to the increase in the productivity level (Jackson, et el 2012). Payment of overtime to workers is common in many organizations as the employees have come to know of their rights. It is a way of complying with the rules provided by the acts to avoid conflict with the law enforcers and the human rights activists.
Nevertheless, the employees might be so empowered by the law leading to the exploitation of the employers through salary increments. The bargaining power of the employees has increased because of the existence of trade unions which fight for their member employees. The employers should also be protected by the law to restrict malicious employees from manipulating their employers. Compensation in different markets varies depending on the amount of work done, the academic qualifications of the employees and the prevailing market prices.
References:
Jackson, S. E., Schuler, R. S., & Werner, S. (2012). Managing human resources. Mason, Ohio: South
Western cengage learning.
