Warning: 1 in 3 companies sued for their pay practices
Chances are you’re looking at every possible cost-cutting opportunity that presents itself. But there’s one area in which you can’t afford to scale back your budget.
The area: Complying with all federal and state wage-and-hour laws.
Reason: One-third of employers reported being hit with a wage-and-hour claim within the past year. That’s according to a recent study by the ethics and compliance training company ELT, Inc.
In fact, wage-and-hour class action lawsuits outnumber all discrimination suits combined, found the study. Fortunately, the severity of this legal trend isn’t lost on employers – most are taking this growing threat seriously.
According to the ELT study, 54% of companies have increased spending on wage-and-hour compliance in 2010.
However, it appears that most companies still have work to do.
The study cited some unnerving statistics from the Department of Labor (DOL), which should serve as a wake-up call for employers.
According to the DOL, more than 80% of companies are out of compliance with federal and state wage-and-hour laws.
- Share on
Free Training & Resources
Further Reading
Year-end close is when many finance teams are vulnerable to burnout from a seemingly endless, high-priority to-do list of generating annual...
Excel financial formulas allow users to process accounting data quickly and easily. To use a financial formula in Excel, click on the â€...
Brace yourself: About a third of accountants are making multiple errors every week. Fifty-nine percent are goofing up on a monthly basis, i...
There’s an old joke in the corporate world: Accountants are the people who tell you exactly where you’ve been — but never whe...
Companies are now complying with the Securities & Exchange Commission’s (SEC) cybersecurity breach rule. Or maybe over-complying ...
Spirit Airlines didn’t fail overnight. The collapse was years in the making – a compounding sequence of financial decisions that an...
