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
White Papers
Provided by Anaplan
White Papers
Provided by UJET
Further Reading
Whether payroll professionals use the most current Excel in Microsoft 365 or an earlier version, they’ll never find enough time to us...
Federal rulemakers are requiring more transparency and detail in companies’ audits. Turns out all that extra detail is exactly what i...
Artificial Intelligence (AI) is perfect for a range of Finance tasks. Billing, analysis data processing and other mundane but critical duti...
Auditors sought a single principle for accounting of software costs. But after months of consideration, the Financial Accounting Standards ...
The IRS is about to put all of the the funding, personnel and technology advantages it now enjoys to use. Count on an upswing in audits of ...
Fully integrated, automated payments! A dream goal for many CFOs and controllers. Imagine how much more mission-critical work finance staff...
