Organizational Objectives and Total Compensation in Different Markets

645 Words Apr 14th, 2012 3 Pages
Organizational Objectives and Total Compensation in Different Markets
HRM/324
University of Phoenix

Compensation laws are defined to create nondiscrimination in the compensation provided to employees in the organizations. This paper will help in explaining the laws and regulations, along with the similarities and differences influencing compensation for a biotechnology company and the companies in other markets.
The compensation laws and regulations are almost the same in the industries. In the case of a company that works in the biotechnology industry, special care concerning the compensation plan is required. This industry is believed to be involved in special hazards to health and security and is also inclusive of some
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Along with these, there are other laws and regulations as well that constitutes the total compensation plan of a firm.
In the above text laws concerning the total compensation were highlighted. Next highlight is the discussion of the compensation laws of a biotechnology firm and how the laws that differ or matches the laws of the other firms.
Biotechnology Company’s usually deal with the use of micro-organisms such as bacteria or enzymes, to perform some industrial and manufacturing processes for the production of substances like insulin or antibiotics. This makes the industry involved in greater risk to health of people working in it as compared to any other industry. The compensation plan for such a firm involves the laws that give special emphasis on ensuring the fixed monetary awards. These awards go to the workers who get injured during work and also to provide special benefits for the dependents of the workers who get injured or killed because of the work related illness and accidents (Biotechnology Laws, 2010).
A biotechnology firm also needs to review carefully and modify the compensation plans that prevent officers and directors from taking future loans. The firm should also address corporate governance issues that are currently in trend and are required to be considered by a biotechnology
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