Overtime suits up 77%! How to avoid getting hit
Facing salary freezes and reduced hours, employees are going to great lengths to make ends meet — often at your expense.
One area to watch out for: overtime lawsuits.
According to the National Employment Lawyers’ Association, Fair Labor Standards Act (FLSA) lawsuits regarding wage and hour disputes have risen 77% since 2004.
And with approximately 85% of the country’s workforce eligible for overtime, there’s a good chance your firm could be affected.
It’s a good idea to get together with department managers and encourage them to go over time sheets and time cards with a fine-toothed comb.
Why? The area in which most companies falter when it comes to FLSA compliance is over-relying on time cards/sheets to determine when someone qualifies for time and a half.
The Department of Labor offers a vast amount of resources on the Fair Labor Standards Act, which can be found here.
Free Training & Resources
Further Reading
In case your finance team had been in cruise control heading into year-end because IRS’s quarterly interest rates hadn’t change...
When commission structures go wrong, the financial impact can be far-reaching. Oracle’s recent $15.5 million settlement highlights th...
Reorganizing data layouts is a common challenge for financial professionals. Excel’s Transpose feature lets you quickly switch rows and c...
Sales tax compliance is a demanding job for finance teams like yours. For example, comparing the number of tax rate changes across the U...
Gov. J.B. Pritzker signed HB 4844, which requires Illinois employers with more than 25 employees to pay workers their regular rate of pay f...
Which Fair Labor Standards Act (FLSA) provision cost employers the most in back wages, according to the latest stats? If you guessed ove...