Terra Maher

🚨 HR Leaders - Brace for Impact! 🚨 On April 23, 2024, the DOL announced a final OT rule, which will take effect on July 1, 2024. In summary, the final rule updates and revises the regulations issued under section 13(a)(1) of the FLSA implementing the exemption from minimum wage and overtime pay requirements for executive, administrative, and professional (EAP) employees. 🔎 Highlights: New Salary Thresholds: The minimum salary for most overtime-exempt employees is set to increase from $35,568 to $43,888, effective July 1. This will rise further to $58,656, effective January 1. New HCE Thresholds: The minimum highly compensated employee total annual compensation threshold is set to increase from $107,432 to $132,964, effective July 1. This will rise further to $151,164, effective January 1. Who's Affected? Businesses employing white-collar workers currently exempt from overtime who earn under $58,656 will need to make significant decisions, and quickly! 📈 Industry Impact: The Department of Labor identifies the professional and technical services, non-hospital health care services, and retail trade as the sectors most impacted by this change. And will affect roughly 4 million workers in the first year of implementation and will be broken into two checkpoints. The first will be on July 1, with an impact on 1 million workers, and another on Jan. 1, 2025, affecting 3 million workers. 👥 HR Professionals: This adjustment requires strategic consideration, proactive communication and training to manage transitions effectively. Consider the broader implications such as pay equity and benefits adjustments in your strategic planning. Employers will need to consider increasing salaries to maintain the exemption or reclassifying employees as nonexempt. Each option comes with its own set of challenges and considerations. As a reminder, in order for an exemption to apply, an employee’s specific job duties and salary must meet ALL the requirements of the Department’s regulations. 💡 Plan Ahead: Now is the time to evaluate your workforce, budget for potential salary adjustments, and update your payroll/HRIS systems. Don’t sleep on this new rule! 🔗 Need Help? We’ve got you! If you’d like to discuss how this ruling impacts your organization, or your need help creating a strategic response plan, feel free to reach out or comment below. [email protected] #HR #LaborLaw #OvertimeRule #Compliance #HumanResources #WorkforceManagement #SalaryUpdate #DOL

7

The recent DOL ruling has employers scrambling to make decisions regarding employee classification and pay. This new article from SHRM reviews what employers should consider as they make these decisions. Still have questions? Contact AccuPay's team of experts at [email protected]. #DOL #FLSA #Overtime

4

1 Comment

The Fair Labor Standards Act (FLSA) provides minimum wage and overtime pay protections to most employees. Employees generally must be classified as “non-exempt” and, therefore, be eligible for such minimum wage and overtime protections unless they meet the criteria to be classified as “exempt” from minimum wage and overtime requirements. Typically, only employees in certain positions who meet certain salary and job duties criteria set forth under the FLSA may qualify for an exemption. Check out our blog to read our HR compliance bulletin on "Best Practices for Reclassifying Employees as Non-exempt." And contact us for support with your company’s evaluation of employees’ exempt status or other wage and hour topics, [email protected]. #flsa #fairlaborstandardsact #minimumwage #overtimepay #exemptemployees #nonexemptemployees #hrcompliance #employeeclassification #wageandhour #humanresources #hr

7

Headed to #SHRM24 in Chicago? Plan on attending Carol Henriques' and Gina Max's Strategic HR session: Resist the Org Chart: Building a New Blueprint for Org Design. Learn how to avoid common pitfalls and align your organization’s roles, culture, and structure with strategic objectives. Don’t miss this chance to gain insights that will shape your organization’s success! https://hubs.ly/Q02CrMsr0

56

6 Comments

Check out three steps you can take to start cultivating the professional growth of your people. https://lnkd.in/g4EMWa7b #leadershipdevelopment #retention #growth

2