320 Compensation

320 Compensation - Compensation Wages and Benefits in the...

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Compensation Wages and Benefits in the Corporation
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Compensation Is made up of financial component (wages) and non-financial component (benefits). Doctrine of Constructive Receipt Fair-Exchange Laws FLSA – Fair Labor Standards Minimum Pay and Overtime Exempt and Nonexempt Equal Pay Act
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Legal Themes in Compensation Income Continuity – Providing some sort of minimum income as a result of injury or disability Social Security – disabilities off the job Worker’s Compensation – for injuries or disabilities incurred on the job Retirement ERISA Social Security
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Factors affecting Pay Unions Occupational Status Medical and Legal fields Comparable Worth Paying dissimilar jobs equally if they are worth the same to the company
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Pay in Organizations Pay is the financial aspect of Compensation Must have both external and internal equity External Equity Survey your competitors – the ones that will compete for your labor Wage data is sensitive, employers may not release it without some reciprocity
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320 Compensation - Compensation Wages and Benefits in the...

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