The Department of Labor has issued the final version of its new overtime exemption rule. The overtime salary level exemption will be raised from $23,660 to $47,476 beginning December 1, 2016. That means that any exempt employees between these two salary levels will then be paid overtime rates for working over 40 hours in a week.
You can access the entire rule here: DOL – new overtime exemption rule.
You should assess the impact of the new regulations now so that you can plan ahead to minimize the financial impact to your business while maintaining productivity and good employee relationships.
Once you understand who is affected and how large the impact might be, you can plan for the change. Here are some options for you to consider:
This list of options is not complete, but it offers ideas as starting points. Of course, each option may have effects on labor costs, hours worked by these employees, and employee relationships. Trade-offs exist and should be carefully considered.
Contact Sam Agresti, Brady Ware’s Dealership Advisors Team Leader, if you would like some help examining the various alternatives and the impact on your business — email@example.com or 614.384.8410.