Impact Of DOL’s Final Overtime Rule On Compensation Strategy And Employee Benefits: Total Reward And Workforce Engagement Concerns
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The Department of Labor’s (DOL) final overtime exemption rule, which takes effect December 1, 2016, will more than double the salary threshold, from $23,660 to $47,476, for an estimated 4.2 million workers nationwide. Anyone earning less than the new salary threshold who works over 40 hours in a workweek will become eligible for overtime. And the salary threshold for highly paid executives is increasing, too, from $100,000 to $134,000.
If you’re an employer with employees who now fall over the cutoff for overtime, but won’t come December 1, you’ve probably given the new overtime rule plenty of thought. But have you thought about the opportunities it presents?
There’s no better time than the present to rethink staffing, manage workforce hours, distinguish between the employee and his or her job assignment, communicate with management and employees, and reflect on (and possibly even improve) your compensation strategy.
Your strategic response to the new rule could have a significant impact on your company’s payroll expense and profitability. It could also have a strong impact on the perceptions and attitude of particular employee groups, such as Millennials. For instance, will changes in pay status impact their perception of their worth to their employers, the value they place on work flexibility, and opportunities to work autonomously?
Join us for an all-new webinar on how to manage your compensation strategy, the issue of pay compression, employee benefits and more, in light of the DOL’s final rule. David W. Jones, CCP and Daniel T. Steelman of Matthews Young Management Consulting, will provide real-life examples on how companies are dealing with the tough challenges that lie ahead, and expert insights into how to address payroll and benefits concerns tied to the new rule.
About Your Presenters
- How the new rule follows the original intent of the Fair Labor Standards Act.
- What the DOL’s final overtime exemption rule means for pay compression, and practical strategies for managing the ripple effect to your pay structure
- The types of job categories most affected by the DOL’s final overtime exemption rule
- How commissions, nondiscretionary bonuses, and incentive-based compensation will factor into the salary threshold
- Alternative strategies for dealing with employees paid near the threshold and corresponding strengths and weaknesses of each approach
- How to distinguish between employees and their pay rates versus their job assignments
- How the rule may impact organizations’ total rewards strategies
- Best practices for conducting quarterly and end-of-year pay reviews for meeting the minimum pay threshold
- Recommendations on how to develop a cohesive pay strategy that factors in the costly implications this final rule could have on organizations across the country
- Communications opportunities and challenges to expect depending on your “audience”
- Real-life stories on how companies are managing their compensation strategy and employee benefits in light of the impending rule change
David W. Jones, CCP
Principal, Director of Executive Compensation Services
Matthews Young Management Consulting
David W. Jones began his consulting career with Matthews Young over 30 years ago and returned in 2008 as a Principal consultant, leading the firm’s compensation consulting practice. For nearly 20 years, David was also a Principal in the executive compensation consulting practice at MERCER, the international HR consulting arm of Marsh & McLennan Companies. He is a member of WorldatWork and has held accreditation as a Certified Compensation Professional since 1983. Mr. Jones has worked in a variety of industries, addressing the particular needs of SEC-reporting and privately-held companies as well as for-profit and not-for-profit organizations. He specializes in the evaluation, design, and implementation of all aspects of direct compensation programs. Mr. Jones is frequently retained to evaluate the appropriateness of executive compensation and equity arrangements in light of business performance and returns to shareholders. A cum laude graduate of Davidson College, Mr. Jones holds an MBA from the Fuqua School at Duke University. The U.S. Tax Court has accepted Mr. Jones credentials as an expert witness on the reasonableness of compensation.
Daniel T. Steelman
Matthews Young Management Consulting
Daniel Steelman joined Matthews, Young in early 2014 following several years of business and sales management experience in the alternative energy and healthcare industries. At Matthews, Young, Mr. Steelman has conducted assignments addressing executive, workforce, and board compensation as well as analyzing business performance for client organizations. His consulting industry experience includes for-profit as well as non-profit clients in banking, insurance, manufacturing, healthcare, and utilities. Daniel holds a BS degree from North Carolina State University and an MBA from Lenoir Rhyne University.
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