This webinar will cover the proposed rules and what they mean to employers salary budgets and general operations. These regulations will affect even high paying employers in skilled industries with few non-exempt employees. However for some employers they also need to begin planning for what, is not just a change to their salary budgets but a game changer for how they conduct their overall business operations.
If the Department of Labor (DOL) regulations are implemented as written, there is one certain takeaway. The regulations will mean higher salaries for exempt employees, even those who are highly compensated. Employers will be faced with choosing to pay currently exempt employees overtime vs hiring more people vs the unlikely occurrence of giving some employees up to 100% raises.
Since the DOL plans to “rely on data from the first quarter of 2016”, the DOL estimates that the Final Rule will not be released until mid-2016. However, employers should start planning now for the impact on their salary budgets.
It’s unknown, albeit unexpected that the DOL will grant employers a lengthy grace period in which to comply. Therefore, employers should start planning now for how they will implement what will certainly be some of the biggest changes ever to the FLSA.
Areas Covered in the Session :
What are the proposed rules.
How the proposed rules will affect ALL employers. Which employers can be expected to be hardest hit.
How BLS data will automatically affect your annual salary and compensation levels.
Why employers will be paying even “highly compensated” employees more.
Who is excluded from the proposed regulations.
What doesn’t change, for now.
Why hiring more people may not be the best move.
Unexpected ways these proposed regulations will affect your business operations.
Who Will Benefit:
Small to Midsized Businesses