Get Ready: DOL’s New Salary Threshold Law Takes Effect July 1, 2024!

Duration: 90 minutes

Speaker: Margie Faulk

CREDITS:

Available On-Demand

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ABOUT THE EVENT

The U.S. Department of Labor released a final rule on April 23, 2024, raising the salary threshold to qualify for certain overtime exemptions under federal law. Most importantly, it significantly raises the minimum salary threshold for certain “white collar” workers—executives, professionals, and administrative personnel.

The rule implements a two-part increase to the standard minimum salary level applicable to the overtime exemptions for executive, administrative, and professional (EAP) employees under the Fair Labor Standards Act (FLSA). The first part increases the standard minimum salary level to $844 per week on July 1, 2024. The second part increases the standard minimum salary level to $1,128 per week on January 1, 2025, which represents a nearly 65 percent increase from the current level of $684 per week.

The final rule focuses on three key updates to the earnings thresholds for the EAP exemptions: (1) increasing the standard minimum salary level, (2) increasing the annual salary threshold for HCE employees, and (3) implementing an automatic update to the earnings thresholds every three years.

The DOL abandoned its proposals to apply the standard salary level to the U.S. territories subject to the federal minimum wage and update the special salary levels for American Samoa and the motion picture industry.

What are the Challenges with this new law?

Legal minds speculate that there will be legal challenges to the law. However, Employers need to make decisions on how they manage their options in preparation for the law and not wait for court cases to start their planning for compliance.

Why You Should Attend

Employers should learn that the previous overtime increase created severe complications regarding communications to impacted employees, a decrease in staff morale for those who believed that it was a demotion, loss of benefits when they decided to reduce hours, and costs, challenges with job descriptions and expected impact in Employer’s budget. It led to an increase in turnover and a decrease in retention.

Employers can take the time to review and prepare for setting guidelines on how they communicate the impact to employees, make effective decisions on how to cut costs without reducing employee hours or benefits and develop a training program for managers and newly non-exempt employees.

Areas Covered

Learn why Employers should learn to review the new DOL salary threshold and identify factors that will determine their way forward
Learn how the DOL came up with the numbers for the increases
Learn why the DOL used the 2-phased approach
Learn what the concerns are with the automatic increase
Learn why legal minds suspect that all the increases won’t happen
Learn how Employers need to develop a communication strategy for employees to reduce confusion about what the changes are for employees impacted
Learn what options are available for Employers based on the new law
Learn how these increases impact other state salary thresholds

Who Should Attend

All Employers
Business Owners
Company Leadership
Compliance professionals
Payroll Administrators
HR Professionals
Managers/Supervisors
Employers in all industries
Small Business Owners

Speaker(s)

Margie Faulk

Margie Faulk, PHR, SHRM-CP is a senior level human resources professional with over 14 years of HR management and compliance experience. A former Compliance Officer for Federal Defense Contracting Industry, Margie has worked as an HR and Compliance advisor for major corporations and small businesses in the small, large, private, public and Non-profit sectors. Margie is bilingual (Spanish) fluent and Bi-cultural.

Margie’s focus is on multi-state, national, state and local workplace compliance. Additionally, Margie is working on International compliance initiatives globally which includes workplace compliance in other countries like the UK, Canada, France, Brazil, China, Africa, Mexico and India, just to name a few.

Margie has created and presented seminars/webinars for many compliance institutes. These national training providers, offer compliance training to professionals, business owners and companies interested in having their company compliant with workplace and industry regulations.

Margie holds professional human resources certification (PHR) from the HR Certification Institution (HRCI) and SHRM-CP certification from Society for Human Resources Management. Margie has completed the Certified Compliance and Ethics Professional training and is a member of the Society of Corporate Compliance & Ethics (SCCE).

CEUs

The use of this seal confirms that this activity has met HR Certification Institute’s® (HRCI®) criteria for recertification credit pre-approval.

Credits: 1.5

Compliance Prime is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org

Credits: 1.5

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