Review key federal laws related to compensation. Which do you feel is most important? Why? Which federal law has the greatest effect on your organization’s compensation plan? Provide an example that illustrates that effect. Some people feel there are too many laws and regulations guiding total compensation, and others say there are not enough. What is your opinion? Explain the purpose of the Fair Labor Standards Act and the main elements of the act. Describe the difference between exempt and not-exempt status. Within an organization, who sets the status on each job position? What are key human resources concerns and considerations related to compensation when an organization expands and moves into two or more geographical markets? Will total compensation in existing markets be affected by the organization’s expansion into different markets? Why or why not?