Running a business efficiently is no easy task. There are many elements involved and when there are issues with any one of them, they can negatively impact the company.
One common issue is with compensation. A small business may need employees but may not have the money to pay a lot. This can cause the business owner to cut corners, which can result in wage and hour violations, overtime violations, and more.
But small businesses are not the only ones with compensation issues. No matter how big or small your company is, retaining good talent can be difficult. That’s why pay and benefits are hot topics. Being in compliance is also an issue. Read on to learn more about compensation issues that businesses face.
Even if you pay your employees above minimum wage and time and a half for overtime, there are still compliance issues to worry about. For example, the pay must also be equitable within the company. To reward top employees, you may want to create pay differences. However, keep in mind the various discrimination laws that could come into play, such as ensuring that men and women are paid equally for the same work. Plus, you will want to make sure benefits packages are set up properly.
Human resources professionals are generally the ones who create programs to recognize and reward employees. However, it is ultimately the supervisors who work with the employees and therefore dole out the recognition. Therefore, everyone in a management position must be educated on how to best use these programs so they can reward employees and avoid illegal activity.
When people decide to take on a new position, salary is one of the main factors. Employees do not always take into consideration all their benefits, though, so their total compensation may be much more. This may include bonuses, health care benefits, retirement benefits, vacation time, and other benefits. The ability to work from home may also be an overlooked consideration. Companies would do well to provide employees with total compensation statements that show all the compensation an employee receives.
Besides making more money than other employees, executives also get other benefits. This may include retirement plans, bonuses, prime parking spots, and free lunches. While it’s important to offer attractive benefit plans for CEOs and other executive positions, there needs to be a balance. Other employees will want similar perks if they see that the executives are the ones getting all the benefits.
Even if a company complies with wage, hour, and overtime laws, they may still face compensation issues as employees complain about low pay or a lack of benefits.
What is required in terms of compensation? What do you need to stay legal and compliant? The employment law attorneys at Marshall Forman & Schlein can help you understand the laws that affect your business. To schedule a consultation, fill out the online form or call our office.
He settled a personal injury case for me for a $15000 settlement. My injuries were debilitating
The staff at this firm are incredibly kind! They also got back to me very quickly which I appreciated! Helen Robinson was absolutely wonderful and incredibly professional! She was clear and concise and answered every question I had with honesty. She made sure to explain everything in a way I…
My partner and I had worked together at a company that caused us many problems. Helen was very insightful and offered a solution to our unique problem. Everything went smoothly with Helen guiding us and the situation and we are beyond pleased with the results. We highly recommend her!
I got fantastic help from Maddie Rettig. I wish I could explain how great she was.
The staff at this firm are incredible. They want to know your story but, more than that, they want to know you. They get to know your heart and spirit so that they can serve you personally and effectively. My experience was refreshing and I felt cared for. Their work…
Would highly recommend Maddie Rettig! Very knowledgeable of all laws and regulations. She kept me informed every step of the way and was very transparent about what was going on. Very pleased customer and would refer anyone I know who needs legal counsel to Maddie!
John Marshall is a very skilled and competent attorney. I am very thankful for his professionalism, knowledge and guidance in dealing with a very difficult situation. John Marshall is someone I would highly recommend for any employment and civil rights needs.
I know, I put 5 stars on everything regarding Edward's evaluation and it seems unrealistic, but, believe me!- when you don't know whom to turn to, who can help you, and being pushed around from one attorney to another,- it is extremely satisfying to just get a moment of a…
Sam was my lawyer in a case where my employer harassed me and violated my FMLA rights. I recommend Sam because of course I won the case and got everything I wanted, but most importantly Sam will fight for you. He treated me with the highest level of respect. Sam…
Helen was excellent to work my case. She understood the circumstances and was very patient. She always kept me up to date on everything. I highly recommend her to anyone who has a similar case. Marshall Forman & Schlein LLC helped me get through a very tough situation. Very professional…
Attorney Advertising. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis. By providing certain contact information herein, you are expressly authorizing the recipient of this message to contact you via the methods of communication provided.