10/23/2024
Imagine paying your full-time scheduling coordinator $35,000 a year. They're salaried, exempt from overtime, and a key part of your service business operations.
The new overtime law just changed everything. You now have two choices: raise their salary to $43,888 to keep them overtime exempt, or start paying them overtime when they work more than 40 hours. And in January, the required salary jumps again to $58,656.
This change affects millions of workers nationwide, and service businesses are feeling the impact most. With labor typically being your highest expense, you need a plan.
Key strategies to consider:
🗝️Review all salaried positions and their current pay rates
🗝️Analyze the cost impact of raises vs. potential overtime
🗝️Implement timekeeping systems to track and control overtime hours
Want to learn more about managing these changes?
Check out our complete guide: https://hubs.li/Q02Vwn_k0