Margie Faulk is a senior-level human resources professional with over 15 years of workplace compliance experience and HR...
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This session is approved for 1.5HRCI and 1.5 SHRM CEU Credits
Description
Unified Agenda of Federal Regulatory and Deregulatory Actions is a semiannual compilation of information about regulations under development by federal agencies, published in the spring and fall. The government’s fall regulatory agenda just dropped. Highlights include overtime regulations slated for April 2024.
The DOL plans to finalize updates to the executive, administrative and professional exemption for overtime pay under the Fair Labor Standards Act.
The sizable hike means that, if the rule goes into effect as proposed, employers may have many employees whose salary falls between the current threshold and the proposed new threshold, Coburn noted. Employers "will have to decide whether to increase the salaries for those employees to get them up over the new salary threshold, or to convert the employees to nonexempt and start paying them overtime.
Based on the Regulatory Agenda highlights, DOL plans to move swiftly through regulations now that the Comments Period (11/7/23) has closed. The DOL is required to take each comment into account and then determine whether to adjust the proposed rule before it becomes final. The agency will then issue a final rule taking the comments into account, and it will then take effect within a few weeks of the final proposal being issued. Employers must start preparing for what could be big changes to your compensation plans.
Why you should Attend
Employers should learn that the previous overtime increase created severe complications regarding communications to impacted employees, a decrease in staff morale for those who believed that it was a demotion, loss of benefits when they decided to reduce hours, and costs, challenges with job descriptions and expected impact in Employer’s budget. It led to an increase in turnover and a decrease in retention.
Employers can take the time to review and prepare for setting guidelines on how they communicate the impact to employees, make effective decisions on how to cut costs without reducing employee hours or benefits, and develop a training program for managers and newly non-exempt employees.
Session Highlights
Who Should Attend
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