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Do you know if your organization’s payroll is in compliance with the Fair Labor Standards Act (FLSA) overtime rules? It pays to be sure, as leaving potential errors to be uncovered by the Department of Labor or a class action lawsuit is playing with fire. Mitigate your hospital’s compliance risks by implementing a comprehensive payroll plan, safeguarding it against payroll disputes that could deal a devastating blow to staff morale and create tension among employees. #FairLaborStandardsAct #FLSA #HospitalPayroll

Are you debating whether to pay your hourly employees bi-weekly or semi-monthly? 💸 Let's break down the benefits of each option: Bi-weekly pay: 1️⃣ Employees receive a paycheck every two weeks, providing a more consistent cash flow. 2️⃣ Easier to track hours worked and calculate overtime on a weekly basis. 3️⃣ Aligns with many employees' budgeting cycles. Semi-monthly pay: 1️⃣ Employees receive two paychecks per month on set dates, making it easier to plan bills and expenses. 2️⃣ Simplifies payroll processing with only two pay runs per month. 3️⃣ Aligns with monthly budgeting for employees with fixed expenses. Ultimately, the decision between bi-weekly and semi-monthly pay will depend on your employees' preferences and your company's payroll process. Consider what works best for both parties to ensure a smooth and efficient pay system. 💰 #Payroll #EmployeeBenefits #BiWeeklyVsSemiMonthly If you decide to go semi-monthly and will have hourly employees check out the blog below. https://hubs.li/Q02nCMMg0

Exempt Going Into Overtime One of the largest and most stressful expenses for businesses is payroll. New legislation going into effect July 1st of this year has the potential to impact the payroll of businesses in all industries. On August 30th, 2023, the Department of Labor (DOL) published a notice to raise the minimum salary for exempt and highly compensated employees under the Fair Labor Standards Act. Effective July 1st, 2024, the exempt employee salary threshold, which sits at $35,568, will increase to the equivalent of an annual salary of $43,888 and will further increase to $58,656 on January 1st, 2025. This means that any salaried employee who works more than 40 hours during a given week and falls below the above salary threshold will be entitled to time and a half compensation for every additional hour.... Continue reading here: https://lnkd.in/e562cryV

"Fasten your seatbelts, it’s going to be a bumpy 𝚗̶𝚒̶𝚐̶𝚑̶𝚝̶ [week & year]." 👀 Margo Channing may have brought the drama in 𝘈𝘭𝘭 𝘈𝘣𝘰𝘶𝘵 𝘌𝘷𝘦, but the federal government is bringing the drama to HR compliance this week and in the months to come. In addition to the FTC announcement prohibiting non-compete agreements this week, the DOL announced it will publish its final rule on raising the FLSA's salary threshold. Here we go! WHO Most employees and employers are impacted. While independent contractors are not considered employees by the FLSA, recent debate on this topic confuses the situation. Check out the DOL website for more details on the current guidelines. WHAT The new rule means that millions of U.S. workers who weren't eligible for overtime pay before are now included. Until now, some workers were left out of overtime pay because their salary level was too high. But with this change, more employees will get compensated for any extra hours they put in. WHEN Start prepping today! 1️⃣ Phase 1: July 1, 2024 - Threshold increases to $43,888/year 2️⃣ Phase 2: January 1, 2025 - Threshold increases to $58,656/year. 🔁 Ongoing: Auto-updates every three years WHY The FLSA's purpose is to protect workers' rights, ensure fair practices at work, and promote economic stability. This change in rule was made to strengthen the protections against workers being overworked and underpaid. According to Secretary of Labor, Julie Su, "Too often, lower-paid salaried workers are doing the same job as their hourly counterparts but are spending more time away from their families for no additional pay. That is unacceptable.” HOW ➰ Stay in the Loop: Stay up-to-date with any changes in labor laws and regulations. 💰 Check Your Pay: Take a good look at how your company pays its employees. Review roles and employees with pay in the range of the new limits. Make sure they match up with the new rules. ▶ Get Ahead of the Game: Start planning for future changes now. That way, you'll be ready to adapt without any surprises down the line. Do NOT wait to see what happens. The new rule likely will go through legal battles, but the best strategy is to move to the new rule so you're company and employees are not wavering indefinitely. https://lnkd.in/dQXX777U

The article sets forth 3 actions employers can take to proactively manage pay compliance in light of the pending DOL change around FLSA overtime requirements. The suggested actions are: 👉 Perform a classification audit. 👉 Perform a cost-benefit analysis to maintain exemption.  👉 Audit time tracking policies for exempt employees. As the article notes, employers should not delay taking action due to anticipation that the rule will be blocked before it takes effect in less than 2 months. Check out the article for details about the impacts of the new overtime rule. Anything with the potential to impact an employer's payroll should be viewed as a significant workforce risk. Therefore, taking action now to come into alignment with the new rule should be prioritized as a business and a compliance necessity. #FLSA #Overtime #PayCompliance #PayAccuracy #WorkforceRisk #RiskManagememt #PeopleRisks #CHRO #CFO #SalaryBasis #JobDuties #WorkerClassification #Payroll #RegulatoryCompliance #CostAvoidance #CostSavings #SafeguardingBusinessOutcomes  https://lnkd.in/efpZEExx

📘 Resource Alert: Timesheet Rounding - Rules & Best Practices As a business owner, you aim to simplify processes while complying with labor laws. However, Timesheet Rounding can be a minefield if not executed correctly. According to the FLSA, non-compliance can result in penalties, unpaid overtime, and even legal charges. Our comprehensive guide helps you navigate this complex practice while highlighting how ClockShark can eliminate time rounding errors, increase profitability, and streamline your payroll process. 👇 Get your copy now to stay ahead of the curve. https://hubs.la/Q0237Rm90

Are you confident that your payroll practices will be compliant with the Fair Labor Standards Act (FLSA) changes? Effective July 1, 2024, the minimum salary for exempt employees will increase to $844 per week, which is approximately $43,888 annually. This threshold will rise again on January 1, 2025, to $1,128 per week, or roughly $58,656 annually. These changes are designed to expand overtime eligibility to more workers, ensuring that those working over 40 hours per week are compensated fairly unless they meet the new salary thresholds At HR NOLA, we understand the complexity and importance of staying compliant with labor laws. Our team will conduct detailed reviews of your wage and hour practices to ensure they meet federal standards.You will receive recommendations and actionable insights tailored to your specific needs to avoid costly penalties and lawsuits.

Are your salaries in line with the DOL’s new rule on #overtime salary thresholds for exempt employees? Time is running out to make adjustments—see what you can do now! #HR #humanresources #overtime

Are your salaries in line with the DOL’s new rule on #overtime salary thresholds for exempt employees? Time is running out to make adjustments—see what you can do now! #HR #humanresources #overtime