- TypeWebinar
- Location New York, United States
- Date 09-08-2017
Business Development
Employment/Jobs/Recruitment
Placement/Carriers
Key Take Away
The proposed FLSA overtime rule changes have a significant potential impact for organizations, managers and individual workers. With short timelines expected for implementation, it’s important to have a clear strategic plan to evaluate how their companies will be impacted and take proactive steps now to mitigate that risk. This webinar will help you navigate these significant changes and prepare your organization for meeting its obligations before the deadline of December 1, 2016.
Overview
The deadline for meeting the New Fair Labor Standards Act (FLSA) regulations is on the horizon and the outcome will dramatically impact organizations – operating budgets, staffing levels and employee morale. Without a doubt Human Resources professionals are feeling overwhelmed, uneasy and unprepared.
The Fair Labor Standards Act (FLSA) governs minimum wage and overtime laws, as well as other labor standards as they pertain to both full-time and part-time employees, in both the public and private sectors.
On May 18, 2016, the DOL released the FLSA status final rule updating the overtime regulations which automatically extends overtime to over 4 million workers. The rules raise the salary threshold and a change in the FLSA exempt classification of employees eligible for overtime.
The Final Rule focuses primarily on updating the salary and compensation levels needed for Executive, Administrative and Professional workers to be exempt. Specifically, the Final Rule:
Additionally, the Final Rule amends the federal labor laws salary basis test to allow employers to use nondiscretionary bonuses and incentive payments (including commissions) to satisfy up to 10 percent of the new standard salary level.
Why Should You Attend
With employee reclassification, some employees will now be eligible for federal overtime laws. Employers may also choose to raise the salary of employees below the threshold, rather than pay them overtime.
The U.S. Department of Labor “estimates the average annualized direct employer costs will total between $239.6 and $255.3 million per year, depending on the updating methodology.” They anticipate costs to fall into the following buckets: regulatory familiarization, adjustment and managerial. Additionally, annualized higher earnings are estimated to cost employers between $1.18 and $1.27 billion.
Almost immediately, employers will feel the financial pain of federal regulations increasing salaries for exempt employees, as well as making overtime payments to employees newly classified as non-exempt. There will likely be a need to hire additional staff to combat resource and financial constraints.
While employers are rightfully concerned about how these new rules will impact those affected employees, it’s equally important to consider the negative impact on employee morale by those unaffected.
Organizationally, there’s plenty to do before the FLSA regulations deadline. From changes to the timekeeping system to track hours to updating job descriptions to clearly identify exempt or non-exempt jobs, employers will need to be timely and consistent in how they approach the challenge ahead.
Areas Covered In This Webinar
Learning Objectives
Who Will Benefit
Email: [email protected]
Toll Free: +1- 844-414-1400
Tel: +1-516-900-5509
Fax: +1-516-300-1584
This webinar will help to navigate the new FLSA Overtime Rules changes and prepare your organization for meeting its obligations before the deadline. Book now!
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