This webinar will discuss the impending new regulations from the Department of Labor (DOL) related to white collar salaried exemptions. Instructor will discuss the resultant re-classification of employees, reduction of employees’ hours and increase salary. Participants will also learn how to counter the financial impact of new regulations.
This Webinar will discuss the new proposed DOL regulations and why are they being proposed Actions for employers to take now - reclassify employees, reduce hours, or increase salary to threshold If re-classify to hourly, how can employer appropriately calculate so that employee receives approximately same amount of money. What is the financial impact of new regulations and process to explain new regulations to employees?
Why are they being proposed?
Why Should You Attend:
DOL has proposed to increase the minimum amount of salary to qualify for an exemption from $23,660 to $50,440.This Webinar will discuss the new proposed DOL regulations and why are they being proposed Actions for employers to take now - reclassify employees, reduce hours, or increase salary to threshold If re-classify to hourly, how can employer appropriately calculate so that employee receives approximately same amount of money. What is the financial impact of new regulations and process to explain new regulations to employees?
Learning Objectives:
What are the new proposed DOL regulations?Why are they being proposed?
- Actions for employers to take now - reclassify employees, reduce hours, or increase salary to threshold
- If re-classify to hourly, how can employer appropriately calculate so that employee receives approximately same amount of money
- Financial impact of new regulations
- Explaining new regulations to employees
Areas Covered in the Webinar:
- Department of Labor’s July 2015 Proposal
- Expand threshold salary from $455/week to $970/week for Executives, Administrative & Professional Employees.
- Expand threshold salary for “Highly Compensated Employees” from $100,000 to $122,148 per year
- Why Proposal?
- Weekly salary threshold was eroded due to inflation
- Last raised in 2004
- Estimated 4.6 million currently exempt employees would be impacted
How Employers May Respond to New Regulations
- Reclassify salaried workers as hourly workers
- Reduce hours to reduce overtime
- Increase salary of employees near threshold
What Should Employers be Doing Now
- Review salaries of all salaried employees
- Review job descriptions & job duties
- Review potential financial impact
- If reclassified to non-exempt, identify appropriate hourly wage rate, hours worked
- Be ready to explain to employees being reclassified as to why and what impact
Who Will Benefit:
- HR Managers
- Office Managers
- Payroll Managers
- Compliance Officers
- Owners
- CFOs
Course Provider
Bruce Buchanan,
