Organizational Objectives and Total Compensation in Different Markets Essay

Organizational Objectives and sum up Compensation in Different Markets Total pay is an important piece of the human resource puzzle. It is the thread that toilette tie valuable employees to the company and its boilers suit success. The laws and regulations are significant in k instantaneouslying and understanding in an attempt to apply that knowledge to the over wholly design of the total compensation package a company offers. running(a) as a federally contracted employer for more than than 200 employees, original laws and regulations will affect the total compensation package within the arrangement. matchless in particular is the Affordable Healthcare figure. Two biotech organizations and their total compensation package will be discussed.The Affordable Health Care ActThe Affordable Health Care Act was designed to help all people obtain and maintain their healthcare coverage even in the event of loss of employment. The creation of the Afforadble Health Care Act allows in demnity companies from discriminating against anyone with a pre-existing condition, dropping your coverage if you get sick, boot you into bankruptcy because of an illness or injury, and limiting your annual or aliveness benefits (www.whitehouse.gov, 2013). The Affordable Health Care Act was not received hale from some of the population. It seemed to be not preferably so affordable and quite difficult to obtain. After a few of these glitches have been repaired, it is becoming more acceptable to everyone it is intended for.The above was just one law that is now to be considered when creating the total compensation package. Most of the benefits offered will be found on the size and location of an organization. This organizations total compensation package will include an array of benefits that each employee will be offered once they have been hired. These items include Medical cast (dental, vision)LTD, STD plansFlexible pass accounts401(k) plansTuition Reimbursement for continui ng educationEmployee Assistance ProgramsOnsite gymComparisons to these benefits have been make with other biotech organizations, namely United Therapeutics and Amicus Therapeutics.United TherapeuticsThe first organization for similarity is United Therapeutics Corporation. This company focuses on diversity within its operations and its call for of medicinal discoveries. United Therapeutics Corporation is a biotechnology company cerebrate on the development and commercialization of unique products to address the unmet medical inevitably 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)401k planOnsite daycare centerSTD/LTD plansSpouse/Domestic partner coverageEAP credit line Purchase PlanEmployee Referral BonusAmicus TherapeuticsAmicus Therapeutics is also a biotechnology organization that employees over 200 employees. Their main focus i s to engineer and develop treatments for rarefied and orphan diseases. Their total compensation package includes Medical, dental, visionFlexible disbursal accounts401(k) plansEducation assistanceIncentive awardsEmployee programsThe 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 just about important benefit for most employees. Offering other fringe benefits will just help to keep back the underway pool of employees and any future employees that join the organization.ConclusionAn showy 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.Referenceshttp//www.amicus rx.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