Using credible sources, present your research findings on the requirements of today’s businesses that mandate compensation...

Using credible sources, present your research findings on the requirements of today’s businesses that mandate compensation benefits to their employees. Research and consider benefits in the form of Social Security contributions, Medicare contributions, retirement contributions, healthcare benefits, paid holidays, vacation time, overtime pay, family medical leave, training, and any other requirements employers must provide in order to comply with the law, and/or effective compete for valued personnel talent.

Expert Solution

The requirements of today’s businesses that mandate compensation benefits to their employees as below

The compensation is very essential in the today’ environment to retain the talent in the local and global market. Following are the key essential components of the compensation for the employees as below

Basic pay – This is the basic pay for the employee and it is legal requirements.
HRA Allowances – HRA allowances is also mandatory pay requirement. This is basically for the housing related allowances for employee
Managerial Allowances –This is new allowance that is mandatory for professional development point of view. This is a market driven pay category.
Benefits - Social Security contributions –This is the key mandatory pay category that is driven with the market and government. This is recently emerging mandatory pay category
Medicare contributions – Medical contribution is the preferred welfare benefit for the employee and it is almost mandatory legally as well as competitively.
Retirement contributions – These are the legal requirements that the business need to pay employee for their retirement plans like 401 plan etc. This I different for different nation, but it is legally mandatory at each nation.
Healthcare benefits –Healthcare benefits are legally mandatory benefit recently and this is become a legal act for the businesses to get healthcare benefits.
Paid holidays – This is also mandatory pay category and it is legally for various conditions and these conditions to be followed by the employer.
Vacation time – Vacation time is mandatory and legal requirements. Yearly or quarterly vacations to be provided by the employer to employees.
Overtime pay – Overtime pay is legal mandatory pay and it needs to be provided to the employees who are falling under the overtime pay criteria.
Family medical leave – Family medical leave to be provided as per the legal family leave act in the nation. This is legal requirements.
Training – Training is the requirement from the corporate as well as legal and this needs to meet the required target to meet corporate as well as legal requirements.

keosha answered 2 years ago

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