FOR EMPLOYERS

Hold onto your hats, employers! The FLSA salary threshold is getting a major upgrade, and it's bringing a whole new set of responsibilities your way. Here’s the lowdown:

1. Payroll Adjustments Galore: With the salary threshold rising to $844 per week starting July 1, 2024, you’ll need to reassess which employees qualify as exempt. If you’ve got staff currently earning between $684 and $844 per week, it’s time to decide whether to bump their pay or start calculating overtime.

2. Compliance is King: Failing to comply with these new thresholds isn’t just a slap on the wrist—it could lead to hefty fines and back pay. Keeping up with these changes ensures you stay on the right side of the law and avoid those dreaded legal headaches.

3. Communication is Key: Your employees need to know what’s happening. Clear, transparent communication about these changes can help manage expectations and reduce confusion. Whether it’s a team meeting or a detailed email, keep everyone in the loop.

4. HR and Legal Check-ins:

Now is the optimal moment to consult your HR team and legal advisors or schedule a meeting with Epiphany Consulting. Ensure thorough organization from job classifications to pay structures. Early preparation can prevent future complications.

5. Stay Informed and Prepared: The business landscape is always evolving, and so are labor laws. Keep an eye on future updates to stay ahead of the curve. Download our guide and watch our video series to get the full scoop and ensure you're ready for anything.

FOR SALARY EXEMPT EMPLOYEES

Hey employees, get ready to celebrate (or at least breathe a sigh of relief)! The FLSA salary threshold changes coming on July 1, 2024, mean big things for your paycheck and work-life balance. Here’s what you need to know:

1. More Money, Honey: If you're currently earning between $684 and $844 per week, congrats! Starting July 1, 2024, you might be eligible for overtime pay. That means extra cash in your pocket for those late nights and weekend shifts.

2. Fairer Compensation: These changes aim to ensure you’re fairly compensated for your hard work. If you’re putting in the hours, it’s only right that you see the rewards. The new threshold is all about making sure your time and effort are valued.

3. Improved Work-Life Balance: No more burning the midnight oil without proper compensation. With the new thresholds, employers are incentivized to either pay you for those extra hours or encourage a better balance to avoid the extra costs. Win-win!

4. Job Reclassification: Some roles might get a bump in salary to maintain exempt status, while others might see changes in how overtime is handled. Either way, there’s a chance your job could be re-evaluated, potentially leading to better clarity and fairness in your role and responsibilities.

5. Stay Informed: Knowledge is power. Keep an eye on communications from your HR department about how these changes will affect you. Make sure you understand your rights and how the new thresholds apply to your position.

6. Advocate for Yourself: If you think you’re entitled to overtime under the new rules, don’t be shy about bringing it up. Employers are adapting to these changes too, and a proactive approach can ensure you’re getting what you deserve.

So, there you have it—more money, better work-life balance, and a fair shake at compensation. These changes are designed to benefit you, so make sure you’re informed and ready to take advantage!

Stay savvy, stay informed, and enjoy the perks of the new FLSA changes!