What Small Business Owners Need to Know About New Overtime Laws
Transcript of What Small Business Owners Need to Know About New Overtime Laws
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“51% of small business owners don’t know whether their salaried employees are exempt from overtime pay under current federal rules.”
Source: Manta poll of 1,343 small business owners, 4/18 – 4/21 2016
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Manta CEO
Meet John Swanciger
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Overview
When does the change take effect? Who is affected? New salary requirement What should you do to prepare? Why does it matter?
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Are You Ready?
The deadline to comply with the new overtime rule is December 1, 2016
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Federal law requiring employers in the United States to pay employees at least the federal minimum wage, plus time and one-half for hours worked beyond the standard 40-hour workweek
Fair Labor Standards Act
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Who Is Affected?
Businesses with at least two employees and more than $500,000 gross annual sales
Exempt employees
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Exempt employees do not earn overtime Must earn a minimum salary Must pass a duties test
New minimum salary for overtime-exempt workers: $47,476 annually
Overtime Exemption
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Increase salary of employees who meet the duties test to the new minimum
Pay employees for overtime hours Reduce or eliminate overtime hours Some combination of the above
What Are Your Options?
Source: U.S. Department of Labor
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Conduct an employee audit Find an attorney or HR consultant Set and communicate new policies Manage overtime costs with time
tracking and part-time or contract workers
What Should You Do?
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Why Does it Matter?
Violating the FLSA opens your business to legal and financial risk.
Penalty:Employee back-pay and attorney fees
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Q&A Session
John SwancigerManta CEO
Use the “Ask a Question” tab to submit a question
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