In recent years, numerous changes have taken place in the global job market. On the one hand, there has been increased competition for talent amongst employers. On the other hand, prospective employees’ are increasingly demanding for opportunities that live up to their expectations. Therefore, while experience and skills are vital in the process of applying for a job, they are not the only necessities. This paper will explore factors that influence the decision to apply for or accept a job, the role of compensation plans in the success of an organization and effects of external influences on an organization’s compensation plan. Lastly, the paper will explore the need for, and provisions of the Civil Rights Act of 1964, Executive Order 11246 and the Bennett Amendment.
Factors influenc ing an individual’s decision to apply for or accept a specific job
Firstly, an applicant would consider the type of management in place. In this case, an applicant would consider whether he or she is looking for a manager who is positive about working remotely or not. The applicant might want to consider his or her experience in the previous position and the ideal working environment. Another important factor is an organization's culture. This includes the leadership, office environment as well as the company values. The applicant will, therefore, seek to find out whether he or she agrees with the values. The stability of the company is yet another factor. This entails such factors as the company’s financial stability and its growth. In this case, a prospective employee might want to know whether the company is likely to shut down or lay off its employees in the near future. The two factors determine the job security. Other possible factors are the applicant’s personality type and desired work-life balance. Regarding the latter, the applicant would consider the number of working hours, transport to and fro work and possibilities of travel. The money factor is the other most important consideration. In this case, an applicant may consider whether he or she finds the compensation offered appealing and fair ( Forbath et al., 2009; Martocchio, 1998 ). Other issues to look at include the paid time off, health benefits and 401 (k) among others.
Delegate your assignment to our experts and they will do the rest.
Compensation plans, success of an organization and external influences
Compensation plans are aimed at ensuring that organizations make the most out of their human resources. Thus, these plans aid in aligning an organization’s employee behavior with its objectives ( Martocchio, 1998 ). Compensation plans entails of kinds of rewards and pay that are given to employees as rewards for their performance. They also include all perks, benefits, cash as well as the services offered. Compensation can be direct or indirect. Direct compensation includes wages and salaries, bonuses, stock options, and incentives and commission. Indirect compensation on the other hand entails numerous forms of protection programs. Notable among these include employee insurance, pension plans among others. Compensation plans influence the success of organizations by helping them to attract and retain talented employees, motivating the workforce and ensuring that their morale is maintained. Also, besides helping organizations meet the necessary legal requirements, compensation plans motive personal growth amongst the employees.
An organization’s compensation plan may be influenced by various external factors. One such factor is the existing labor market ( Martocchio, 1998 ). When the demand for labor is low compared to the supply, low wage may be given. However, when the demand is higher than supply, high pay is likely. Likewise, compensation may be determined by the particular industry’s prevailing rate. Increased productivity results in increased compensation. However, productivity can be as a result of such external factors as new technology, methods or superior management techniques. The cost of living may also influence compensation plans. For instance, with increase and decrease in the price levels as well as consumer price indices, the salaries and wages have to be revised accordingly. Other key external factors include labor unions and labor laws. The former are established when the demand for labour is higher than the supply or to agitate for better working conditions including remuneration ( Forbath et al., 2009). Thus, compensation plans in non-unionized organizations are likely to encounter less influence compared to their unionized counterparts. Regarding the latter, laws are passed by governments to cushion workers against exploitation.
Labor laws
In the U.S, notable labor laws include the Civil Rights Act of 1964, Executive Order 11246 and the Bennett Amendment . Proposed by President John F. Kennedy, the Civil Rights Act of 1964 was signed by Lyndon B. Johnson. The law was aimed at ending segregation in the American public places. It also banned the discrimination of individuals based on color, religion, race, national origin and sex ( Forbath et al., 2009). Similarly, the Executive Order 11246 was passed by President Lyndon B. Johnson in 1965. The law was aimed at putting a stop to discriminatory practices in employment and hiring. It was particularly targeted at the government contractors and prohibited the making of employment decisions based on such discriminatory factors as color, sex, race national origin and religion. The contractors were expected to take affirmative action in this pursuit. The Bennett Amendment, on the other hand, is a provision of the Civil Rights Act of 1964 ( Forbath et al., 2009). It was implemented in response to claims of sex discrimination, particularly with regard pay. Thus, it required employers to adhere to directives of the Equal Pay Act of 1963.
References
Forbath, W. E., & Forbath, W. E. (2009). Law and the shaping of the American labor movement . Harvard University Press.
Martocchio, J. J. (1998). Strategic compensation: A human resource management approach . Pearson Education India.
