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Cite this page: Compensation. PathologyOutlines.com website. http://www.pathologyoutlines.com/topic/managementlabcompensation.html. Accessed July 27th, 2017.
Definition / general
- Compensation is regulated by both Federal and State laws which address issues such as:
- Minimum wage
- Overtime
- Required meal and rest periods
- Permissible vacation
- Holidays
- Parental leave
- Assorted benefits including worker's compensation and other insurance
- An institution may have additional policies governing such things as shift differential and on-call pay
- The Human Resources department should assist the laboratory in assuring compliance with the Federal Fair Labor Standards Act and other pertinent laws
- Laboratory management must also be knowledgeable about compensation of the laboratory staff
Salaries
- Determined by Administration
- May utilize community standards for rate setting
- Should maintain internal equity with comparable salaries for comparable jobs
Benefits
- Often more important than salary to employees
- Insurance
- Health, Life, Disability
- Continuing Education
- Tuition reimbursement
- Uniforms
- Hiring bonus
- Child care
- Free parking
- Retirement and pension plans
Changing compensation
- Employees often feel they are not compensated adequately, but institutional salary structures are usually quite rigid
- When there is justification to increase an employee's salary the following are available:
- Annual cost of living increase
- Merit increases
- Promotion to a higher grade or step
- Reclassification to a new position
- Inequity adjustments
- e.g. is MT paid less than a RN?
- Incentive and profit sharing systems
- Spot bonuses
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