Importance Of Compensation To Human Resource
Human resources are an important part of the company. They are the one who are responsible for getting profits in the company. Nowadays, human resource development is the concept upon which every company works and human resource manager is employed for the welfare of human resources working in a company. There are certain benefits that an employee expects from the company so that he can work better and to his full potential. Many companies offer their services regarding the awareness of rights of an employee and giving them compensation for their own services. These companies follow certain rules and strategies so that they can help people out with their issues regarding compensation or their employment rights in the organization. These consultation companies give financial, medical and legal aid to the people who are suffering from such problems. There are many compensation survey companies that conduct surveys for such issues.
Compensation is a tool used by management authorities to make human resource more effective and efficient in working. If they know about what benefits they would get while working in an organization, one of them that they would expect is the compensation in terms of financial as well as medical aid. They may be adjusted to the management goals, situations and resources available to them. Various companies all around the world conduct compensation surveys and would identify people who would need them. it is basically to increase the morale or level of satisfaction of the employees. In New York, many companies offer such companies and follows the FLSA audit. FLSA means Fair Labor Standard Act, which was enforced and currently administered by department of labor according to which the workers are paid minimum amount of money according to hours.
FLSA audit establishes fair standard of working hours and wages paid to the workers. it keeps the records of hours of working as well as concerns with the overtime and minimum wage that should be given to the workers. This gives a fair deal to be enforced for the people who had suffered before this act so. The standards that are set by them are fair enough for the workers and this increases their morale or level of satisfaction to work in an organization. The compensation surveys by companies have helped to identify needy people in such context.
In the globalized world, no one can deny the rights of an employee. This has been proved by the companies that look out to the human resources and takes care of their rights in an organization. With the FLSA audit that has been enforced and administered by the labor department in New York has given a boost to the organization as people are willing to work with efficiency. The FLSA defines anytime as overtime that has crossed 40 hours of an employee and as it records the time, the compensation is not gone anywhere. If any employee has worked overtime, then he would be given compensation without any hassle. These companies have offered tremendous services.