In this episode I brought Rhamy Alajeal by to make sure you are aware of upcoming changes to the Fair Labor Standards Act's Overtime Exemption Rules in the United States. Starting in July 2024, any salaried employee making less than $43,888 per year MUST be paid overtime. In January 2025 that number will move up to $58,656. These changes will have a major financial impact on small businesses with employees. Businesses may have to raise salaries, reclassify employees as hourly, or risk costly legal issues if they don't adjust their overtime practices. Rhamy outlines several strategies businesses can use to address the new rules, as well as the importance of proper record-keeping and communication with employees.
What you'll learn:
A history of overtime exemptions from the FLSA (Fair Labor Standards Act)
New minimum salary thresholds coming in 2024 and 2025
Strategies for addressing the new rules
Potential impacts on salary compression and overall labor costs
Importance of tracking hours for non-exempt salaried employees
How to avoid a $1 million lawsuit due to misclassification of salaried employees
Listen to all episodes at https://profitablehomeservices.com/
Connect with Rhamy at https://peopleprocesses.com/
Get a free copy of the Path To Profits Book at https://yourpathtoprofitsbook.com
