I’m sure you’ve heard, the Department of Labor’s updating the Fair Labor Standards Act. They’ve published a fact sheet here, but if you’re like me, the more research you do, the more everything starts sounding like one of Charlie Brown’s teachers.
That’s why we’ve brought the big guns in to help explain the changes in plain English, and help you determine how to take these changes in stride.
New Overtime Rule: How Dealerships Can Take the Changes in Stride
And joining Steve is Kynzie Sims, Compli’s Content Product Manager, whose in-house counsel experience helps direct the products we create.
Here’s your cliff notes to the rule:
There are four main FLSA requirements to the Overtime Rule
- A minimum wage (currently $7.25 an hour, federally).
- Premium pay for overtime work (at a rate of 1.5 times the “regular rate” of pay for over 40 hours worked in a single workweek).
- Certain recordkeeping, including accurate time records.
- Limitations on the employment of minors under 18.
Changes are looming. Thankfully, Steve and Kynzie are here to walk us through the extent of the changes and when they’ll take effect.
Exemptions…now, what are those again?
Breaking it down – you’ve got exempt and non-exempt employees. This is important to know, as it can impact your bottom line and also keep you on the right side of the law.
The default rule is that everybody is non-exempt, unless an exemption clearly applies. For dealerships, though, there are quite a few specific exemptions to the rules, and we’ll talk through them in detail.
The Big Question: How do I stay in compliance?
We’ll talk through some nice clear steps you can take within your dealership to make sure you’re in compliance with these regulations.
And an added bonus – these steps help bring some efficiency to many processes in your organization. Even better – it sets you up to take changes like these (and others regulators will throw at you) – and take them in stride…keeping you, as we like to say…cool, calm, and compliant!