Organizational Objectives and Total Settlement in Different Markets Overall settlement is a crucial piece of the human resource puzzle. It is the thread that can connect valuable employees to the company and its total success. The laws and policies are substantial in knowing and comprehending in an attempt to apply that knowledge to the general style of the overall payment package a business offers. Working as a federally contracted company for more than 200 workers, particular laws and policies will impact the total payment package within the company.
One in particular is the Affordable Healthcare Act 2 biotech companies and their overall compensation package will be gone over.
The Affordable Health Care Act.
The Affordable Healthcare Act was developed to help all people get and maintain their health care coverage even in case of loss of employment. The development of the Afforadble Healthcare Act enables insurance provider “from victimizing anybody with a pre-existing condition, dropping your coverage if you get sick, billing you into personal bankruptcy due to the fact that of a health problem or injury, and limiting your annual or lifetime benefits” (www.
whitehouse.gov, 2013). The Affordable Health Care Act was not received well from some of the population. It appeared to be not quite so affordable and quite hard to acquire. After a few of these problems have actually been repaired, it is ending up being more appropriate to everyone it is meant for.
The above was just one law that is now to be considered when producing the total compensation bundle.
The majority of the benefits provided will be based upon the size and location of an organization. This organization’s total payment bundle will consist of a variety of advantages that each staff member will be offered once they have actually been worked with. These products consist of: Medical strategy (dental, vision).
LTD, Sexually Transmitted Disease strategies.
Versatile costs accounts.
401( k) strategies.
Tuition Compensation for continuing education.
Staff Member Support Programs.
Onsite health club.
Comparisons to these benefits have actually been made with other biotech organizations, particularly United Therapies and Amicus Therapies.
The first organization for comparison is United Therapeutics Corporation. This company focuses on diversity within its operations and its quest of medicinal discoveries. “United Therapeutics Corporation is a biotechnology company focused on the development and commercialization of unique products to address the unmet medical needs of patients with chronic and life-threatening conditions” (www.unitedtherapeutics.com, n.d.). Some of the benefits United Therapeutics offers is: Medical Plan (medical, prescription, dental, vision)
Onsite daycare center
Spouse/Domestic partner coverage
Stock Purchase Plan
Employee Referral Bonus
Amicus Therapeutics is also a biotechnology organization that employees over 200 employees. Their main focus is to engineer and develop treatments for rare and orphan diseases. Their total compensation package includes: Medical, dental, vision
Flexible spending accounts
The packages offered by these companies are very similar. The differences would be that United offers onsite daycare, stock purchase options and employee referral bonuses. Many of the basic benefits such as medical, flex spending and 401k usually is the most important benefit for most employees. Offering other fringe benefits will just help to retain the current pool of employees and any future employees that join the organization.
An attractive compensation package is important to appeal to prospective employees and to retain current employees. The total compensation package that is being offered has been compared to two other biotech organizations and is fairly similar and acceptable in this particular industry.
http://www.amicusrx.com. (n.d.). Retrieved from http://www.amicusrx.com/careers.aspx http://www.unither.com. (n.d.). Retrieved from http://www.unither.com/careers-benefits.html http://www.whitehouse.gov. (2013). Retrieved from http://www.whitehouse.gov/sites/default/files/uploads/careact.pdf
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