3 Ways Potential Overtime Law Changes Could Impact Your Small BusinessJul 06, 2022
On June 21, the U.S. Department of Labor announced its proposed overtime rule is planned for release in October. So, how does this potential law change impact small businesses?
The good news is that these rules don't pass overnight; there's a process involving proposals, final rulings, and a waiting period in which the government allows you to get in compliance. So, you've got to be asleep at the wheel for a very long time before something happens, but it's still essential to know what these law changes entail and when they will come into effect.
For instance, a very high priority on the Department of Labor's list is addressing the minimum wage for workers currently in an exempt status.
Right now, the minimum salary level it's at $35,568. There's a significant possibility that they may be raising the minimum salary level for those that are in an executive, administrative and professional exemption to as high as $47,000.
If you want to learn more about how these law changes could impact your small business, tune in to this week's episode of 'While We Were Working'!
Joey and Sommer explain all you need to know about the potential overtime law changes and what you should be paying attention to. You'll also learn the importance of having a system for tracking and authorizing overtime and a few tips on remaining compliant.
As a founder, your dream is to create a great product or deliver excellent service - yet none of that happens without people. And while it's certainly possible for founders to run a startup and manage HR affairs themselves, there are several challenges they often ignore or overlook.
Joey and Sommer also discuss the benefits of HR for small businesses: how having an HR department can help startups navigate compliance regulations and become more profitable as they scale.
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Hosts: Joey Price and Sommer Ketron
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