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.
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