Establishing Strategic Pay Plans

In: Business and Management

Submitted By ninisputri
Words 2912
Pages 12
Human Resource Management
Assignment
(Establishing Strategic Pay Plans)

ALDO YUDA PUTRA
ARRY PANDOWO
CHAERUN NISA PUTRI

MANAGEMENT MAJOR
FACULTY OF ECONOMY AND SOCIAL SCIENCES
BAKRIE UNIVERSITY
JAKARTA
2013
Basic Factors in Determining Pay Rates
Employee compensation refers to all forms of pay going to employees and arising their employment. It has two main components, direct financial payments (wages, salaries, incentives, commissions, and bonuses) and indirect financial payments (financial benefits like employer-paid insurance and vacations).
Two basic ways to make direct financial payments to employees: 1. Time-based pay 2. Performance-based pay
Legal Considerations in Compensation
Various laws specify things like minimum wages, overtime rates, and benefits. For example: 1. 1931 Davis-Bacon Act allows the secretary of labor to set wage rates for labourers and mechanics employed by contractors working for the federal government 2. 1936 Walsh-Healey Public Contract Act sets basic labor standards for employees working on any government contract that amounts to more than $ 10.000 3. Title VII of the 1964 Civil Rights Acts makes it unlawful for employers to discriminate against any individual with respect to hiring, compensation, terms, conditions, or privileges of employment because of race, color, religion, sex, or national origin. 4. 1938 Fair Labor Standards Act contains minimum wage, maximum hours, overtime pay, equal pay, record-keeping, and child labor provisions that are familiar to most working people. One familiar provision governs overtime pay. It says employers must pay overtime at a rate of at least one-and-a-half times normal pay for any hours worked over 40 in a workweek. The FLSA also sets a minimum wage, which sets a floor for employees covered by the act (and usually bumps up wages for practically all…...

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