Accountants are 50% more likely to be sick before your taxes are due
You’ve probably heard the old adage that “nothing in life is certain but death and taxes.
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Last week, the Department of Labor (DOL) finalized the new overtime pay rules. Effective December 1, employees earning less than $47,476 annually will receive time-and-a-half for time worked over 40 hours in a week. Today, the salary threshold is $23,660.
There are inevitable extra costs that your business will incur in assessing the impact and enforcing the new regulations – and we listed five of these potential areas in last week’s blog post.
As the warmer months quickly approach, you may also be looking to hire summer interns, with the possibility of employing them later for entry-level positions. The average graduate salary is $45,478 – still below the new salary threshold – yet many of these hires work above the standard 40-hour workweek.
Before you hire summer interns, it’s important to know the changes to the overtime pay rules – as by the time you are looking to potentially hire them as full-time employees, the new rules will be close to taking effect. Ahead of finalizing that graduate salary, you should be aware of these options when it comes to compensation:
Before you solidify which approach – or combination of options – work best for your business, make sure you do a comprehensive assessment on its implications. For example, while reclassifying entry-level positions so that they are eligible for overtime hours may seem like a potential bump in pay, the reality is that these workers would lose out on salaried worker benefits such as paid vacation. For human resources and recruitment executives, this will also affect how to hire and discuss benefits to potential candidates.
Summer interns and graduates are a great addition to any business (check out our 10 tips to establishing an effective paid internship program). Offering internships provides students with valuable, hands-on experience, while allowing your company to nurture the next generation of top talent. As you invest the time and effort into training and managing these employees, however, it’s also critical to evaluate your long-term recruitment policies.
While there are still a few months until the overtime rules are enforced, it makes sense to prepare for the changes now, to give you ample time to plan, budget, communicate and respond to how the rules will impact your business.
If you’re in the midst of evaluating how the Department of Labor’s new rule could impact you, Replicon can help you and your team navigate the right processes and systems to suit your business. Contact us for more information.
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You’ve probably heard the old adage that “nothing in life is certain but death and taxes.
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