Author: Andie Gordman
On Tuesday, September 24, 2019, the Department of Labor issued a final rule regarding overtime pay under the Fair Labor Standards Act (FLSA). Under the new rule, which will be effective January 1, 2020, any employee who makes less than $684 per week ($35,568 per year) will automatically be eligible to earn overtime pay.
Employees have spoken – paid time off (PTO) is important. In fact, a good PTO policy is one of the most valued benefits among job seekers. According to a recent survey, flexible hours and more vacation time ranked among the top three job perks people look for – right behind better health insurance.¹
Now is the time to rethink your approach if your organization has not transitioned from a traditional compensation and benefits plan to a total rewards strategy. Historically low unemployment rates continue to create a competitive labor market, and the talent pool is rapidly changing as baby boomers retire and millennials join the workforce. In response to this staffing environment, employers are beginning to modify their total rewards strategies and offer things like chef-prepared meals, yoga classes, massages, student loan repayment programs, unlimited paid time off (PTO) and sabbaticals.
Is Your HR Function Changing with It?
For years we’ve known that millennials would eventually make up the majority of the workforce. In April 2016, millennials surpassed baby boomers as the largest living generation. The Pew Research Center defines millennials as individuals born between 1981 and 1997 (or those who are presently between 20 and 36 years of age).¹ As the makeup of the workforce shifts, so do employee needs.
When onboarding new employees, we often rush through the paperwork so employees can get started with training and on to performing their jobs. They are often handed stacks of paper that include requests for basic demographic information, W-4s and benefit enrollment forms. However, one of the most important forms that new employees need to complete is Form I-9. This form is used for verifying the identity and employment authorization of individuals hired in the United States. A revised version of Form I-9 has been released. Here Is What You Need to Know!