Guided Response: In your responses, provide any additional information or examples that you are aware of that may contribute to your classmates' analyses. Challenge your peers by asking a question that may cause them to add additional information. You are encouraged to post your required replies early during the week to promote more meaningful interactive discourse in the discussion. Continue to monitor the discussion forum until 11:59 p.m. (Mountain Time) on Day 7. Respond to Hunter Hi Class, For this discussion I chose the Fair Labor Standards Act. "The Law provides for a minimum wage ($7.25 effective July 24, 2009), overtime pay for hours worked in excess of 40 hours in the workweek for nonexempt (hourly) employees, workweek standardization, child labor restrictions, and standardized record keeping" (Baack et al, 2014, Chapter 4.1). This law sets the ground rules for how a company should go about treating their employees. Before this law was in place you can imagine how unfair and difficult it could have been to be an employee. Companies setting their own wages, not paying overtime, taking advantage of child labor, and keeping bad records allowed them to run a business with little regulations regarding the employees. Once this law was in place, the employees had some protection against unfair employment. Companies had to rework compensation and budget for the amount of employees they could afford. They had to make sure employees were of proper age to work and make sure they had enough to complete their tasks based on the standard work week. This was a good law that made a lot of changes for the betterment of employee lives. Social security is another cost employers must think about when hiring employees. "The law requires certain benefits, including Social Security contributions, unemployment compensation, and workers compensation insurance" (Baack et al., 2014, Chapter 4.4). Social Security is in place to provide retirement money to employees once they reach the required age. Both the employer and employee must pay into this. "Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $168,000 (in 2024), while the self-employed pay 12.4 percent" (Social Security, 2024). Companies need to make sure they budget for this as well as many other required benefits. Reference: Baack, D., Reilly, M., & Minnick, C. (2014). The five functions of effective management (2nd ed.). Bridepoint Education. Social Security. (2024). How is social security financed?. https://www.ssa.gov/news/press/factsheets/HowAreSocialSecurity.htm#:~:text=Social%20Security%20is%20financed%20through,self%2Demployed%20pay%2012.4%20percent