The DOL Predicts That The Overtime Rule Would Be Launched in April 2024! Employers Need to Prepare for Compliance!
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.
In addition to being a costly proposed rule for businesses, there might be nonmonetary impacts on employees whose salary is between the current threshold and the proposed new one.
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 their compensation plans.
Now is the time for Employers to make preparations for this impactful process.
Areas Covered:-
Why Should You 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.
Who will Benefit:-
Any Organization, Institution or Group User can register
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Margie Faulk is a senior-level human resource professional with over 15 years of HR management and compliance experience. A current Compliance Advisor for HR Compliance Solutions, LLC, Margie, has worked as an HR Compliance advisor for major corporations and small businesses in the small, large, private, public and Non-profit sectors.
Margie has provided small to large businesses with risk management strategies that protect companies and reduces potential workplace fines and penalties for violation of employment regulations. Margie is bilingual (Spanish) fluent and Bi-cultural.
Margie’s area of expertise includes Criminal Background Screening Policies and auditing, I-9 document correction and storage compliance, Immigration compliance, employee handbook development, policy development, sexual harassment investigations/certified training, SOX regulations, payroll compliance, compliance consulting, monitoring US-based federal, state and local regulations, employee relations issues, internal investigations, HR management, compliance consulting, internal/external audits, and performance management.
Margie is a speaker and accomplished trainer and has created and presented compliance seminars/webinars for over 16 US and International compliance institutes. Margie has testified as a compliance subject matter expert (SME) for several regulatory agencies and against regulatory agencies, thank goodness not on the same day. Margie offers compliance training to HR professionals, business owners, and leadership to ensure compliance with workplace regulations.
Margie’s unique training philosophy includes providing free customized tools for all attendees. These tools are customized and have been proven to be part of an effective risk management strategy. Some of the customized tools include the I-9 Self Audit. Correction and Storage program, Ban the Box Decision Matrix Policy that Employers can provide in a dispute for allegations, Family Medical Leave Act (FMLA) Compliance Guide, Drug-Free Workplace Volatile Termination E-Book, and other compliance program tools when attendees register and attend Margie’s training.
Margie holds professional human resources certification (PHR) from the HR Certification Institution (HRCI) and SHRM-CP certification from the Society for Human Resources Management. Margie is a member of the Society of Corporate Compliance & Ethics (SCCE).
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