The Federal Department of Labor (DOL) has finalized changes to the overtime regulations, extending the salary requirement required for exemption from overtime to $47,476. The final rule is scheduled to take effect on December 1, 2016, so businesses have just a few months to prepare for these changes. Technology can support your efforts to manage these new rules and control costs. Put the technology you need into place today so you are ready when the overtime regulations become effective later this year.
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These changes can put employers who are attempting to control overtime costs while ensuring work is getting completed in a challenging position. It may be advantageous to increase the salaries for certain employees in order to avoid paying overtime costs. Another strategy to consider is reducing the salary of newly nonexempt employees so that when you pay overtime, total compensation is similar to the salary they were paid when exempt. Controlling overtime hours by hiring part-time employees or preventing employees from working unauthorized overtime are other options for managing overtime costs. However, you can improve the effectiveness of these new policies and procedures by putting the right technology into place.
Improve Effectiveness of Overtime Policies with the Right Technology
Many enterprise resource planning (ERP) solutions, including Microsoft Dynamics® GP, offer powerful payroll and human resources enhancements. However, in some cases, these features aren’t enough to address changes in regulatory requirements. An affordable and easy-to-use add-on solution, like
Don’t wait until the new overtime rules go into effect. Deploy the technology you need to manage these upcoming changes today. Contact Integrity Data for more information about Overtime Hours Rules and other payroll enhancements.