How 84% of small businesses are responding to the OT rule delay
Are the bulk of your peers using the new OT rule delay to avoid making the changes that were slated to kick in by December 1, or are they pushing ahead as if nothing has changed?
That’s a question Manta, an online resource for small businesses, attempted to answer with a recent study.
The study asked 1,170 small business owners about their reaction to the blocked overtime law as well as whether they planned to go forward with their firms’ compliance plans as if the injunction didn’t happen.
Full steam ahead
And the survey provided some surprising results.
An overwhelming majority (84%) of small business owners said they plan to go ahead with salary changes or reclassifying employees as if the overtime law took effect. Just 16% of the employers that crafted compliance plans to deal with the new regs won’t implement the changes now that the regs are on hold.
Another surprising find was employers’ feelings toward the injunction. When the OT regs were first introduced, most businesses had very strong opinions about the changes. In the study, however, 61% of small businesses said they were indifferent to the regs being blocked.
The remaining employers were either “relieved” (23%) or “frustrated” (15%) over the injunction.
Free Training & Resources
White Papers
Provided by UJET
White Papers
Provided by Anaplan
Further Reading
IRS told one employer that payments made to employees under its fixed-indemnity health insurance policy were subject to federal income, FIC...
A federal district court overturned the overtime rule that would have raised the minimum salary level for exempt employees on January 1, 20...
Brace yourself: About a third of accountants are making multiple errors every week. Fifty-nine percent are goofing up on a monthly basis, i...
It’s December, and month-end still isn’t closed. Day six drags on with bank recs unfinished and support scattered across spreadsheets w...
What’s contained in the federal budget proposal for FY 2024? For one thing, certain businesses would pay a higher income tax rate und...
Exporting ERP data into Excel and manually building financial reporting processes and reports is costing your team more than just time. Man...