The whole reason your employees work for you is to receive a paycheck. Yes, I know they said in their job interview it’s all about contributing to a better society and finding self-fulfillment, but if you stopped paying them, they’d walk.
As they should.
Pay isn’t as simple as agreeing on an amount; there are laws that govern how and when you pay people, and sometimes these rules can get a bit complicated. In recognition of this, the Department of Labor just released six opinion letters that can help you with some of your pay dilemmas.
While all are worth looking into, two caught my eye as something that every employer should be aware of.
Salary exempt status
Most businesses are subject to the Fair Labor Standards Act, and as such there are two different types of employees: Exempt and non-exempt.
Non-exempt employees are eligible for overtime if they work more than 40 hours per week. Overtime is 1.5 times the hourly rate.
To keep reading, click here: These 2 New Labor Department Guidelines Could Keep Your Company From Costly Lawsuits
