How does your compensation plan meet employment and labor law?
Think about a compensation and benefits plan you’ve had as an employee. Knowing what you know now about employment and labor law and compensation packages, did your plan meet those laws? In your mind, why did it or did it not meet the laws? What additional types of compensation could have made it better?
For this week’s discussion, incorporate the following concepts into your post:
- Provide a brief description of the compensation and benefits plan.
- Explain how this plan met or did not meet your needs.
- What additional types of compensation and benefits would have made the plan more favorable to employees?
- 1 page
Review another student’s response and offer a different type of compensation to apply to the situation.
HERS IS THE POST TO REPLY TO:
I work for a very large corporation that employs more than 20,000 employees so, they closely align with the laws and are very compliant with the regulations they must follow. Some the very basic benefits they offer that align with the laws are:
1.) A very generous and easy to understand leave system. It follows the laws of the FMLA and is handled by a third party so there is no biased involved.
2.) A generous cafeteria-style medical plan. As a younger person with few medical needs, I have a very basic plan that does not cover much but that works for me. Some employers offer the same generic plan for all their employees which could an issue with not having enough coverage or having too much for others.
3.) My company also offers a lot of other discretionary benefits. For example, if an employee in a leadership position is going to school, they will pay a certain amount of money towards financial assistance. We also receive corporate discounts with their corporate partners.
I have yet to face a benefit that does not meet legal standards and I believe that they offer the correct amount of benefits that offer a competitive advantage, especially for being a larger corporation. I would like to see a better system around incentive bonuses. I receive a yearly bonus by default but I believe it would be fun to have a bonus system that is reward based.