Compensation and Benefits Essay

remuneration and benefit plans are life-or-death to the achievements of the company. Job seekers look for the best(p) art opportunity and compensation and benefits play a major role in the decision-making process. Compensation relates how employees are paid, hourly or salary, and benefits involve the type of medical, dental, vision and various plans offered much(prenominal) as a 401K for retirement. Organizations typically maximise in productivity with their business practices by providing benefits to their employees. Benefits usually attract candidates with paramount gift and experience that pass on lead the unfluctuating to the competitive advantage.Compensation and benefits may be a measurement tool for the personal effects of productivity, company growth, and success. The effects could indirectly stir the recruitment and retention of labor. The allusion of the plan is for workers to confide the compensation plan is reasonable and uninfected (Cascio, 2010). Managers s hould incorporate cross-training to engage employees to excel in performing their job duties at the highest levels for the best outcome (Cascio, 2010). The Fair Labor Standards exertion (FLSA) established in 1938 set the standards for beg off and non-exempt positions.The FLSA ascertains the standards for minimum wage, recordkeeping, overtime pay ,and the standards for early days workers and how it affects worker in the private empyrean according to local, state, and federal guidelines. Effective July 24, 2009 non-exempt workers provide receive no less than $7. 25 per hour. Exempt staff will non receive overtime pay however, non-exempt workers will receive one hour and half(a) of pay after 40 hours per calendar week when required to work overtime. Management positions, much(prenominal) as administrative and professional staff, sales personnel, and IT staff classified as exempt.