I have done business with Bauman Associates for over 25 years!
The work is excellent!
J. Cook
Chandler, Arizona
The work is excellent!
J. Cook
Chandler, Arizona
Thank you.
M. Rausch
Mark Rausch Funeral Service, Inc.
Chippewa Falls, Wisconsin
We were able to get past a few barriers – we were about 80% there on our own, but you gave us what we needed to get the job done. You were very easy to work with and made it understandable for non-geeks. We really appreciate the service. Thank you.
J. Abt
Action Signs
Eau Claire, Wisconsin
You are always friendly, helpful and thorough.
Dr. M. & Mrs. J. Schimke
Eau Claire, Wisconsin
After much anticipation, the Department of Labor (DOL) recently released a new rule which will change how employers compensate employees. Effective December 1, 2016, workers who earn above the previous threshold but below the new one will qualify to receive time-and-a-half for each hour they work surpassing 40 hours a week. An estimated 4.2 million salaried workers will become eligible for overtime pay under the new rule.
According to the DOL, the new rule will:
It should also be noted that, under the new rule, an employee’s nondiscretionary bonus/incentive payments can count toward up to 10% of the salary threshold, provided that the incentives are paid on a quarterly or more frequent basis.
Job titles do not determine exempt status. In order for an exemption for overtime to apply, an employee’s specific job duties and salary must meet all the requirements set by Department of Labor regulations. If you are unfamiliar with the criteria, more details are available on the Department of Labor website (www.dol.gov).
Many businesses will be affected and must comply with the new rule. According to the DOL, “employers may:
Below are four steps you can implement which will help integrate the changes successfully into your workflow.
3. Evaluate timekeeping practices.
Anticipate more time to track for employees transitioning from exempt to nonexempt status. Establish a formal policy to help track and record time. The policy should define:
4. Communicate changes internally.
The final step is to communicate and educate staff of any policy changes. Don’t forget to include employees who are already nonexempt; they will also need a refresher. Communications and training programs must be timely. Consider having supervisors regularly review employee time-keeping practices to ensure employees are properly reporting their time worked.
Employers have a few months to prepare for the new rule. Our firm’s professionals can help you develop a strategy to ensure your business is in compliance. Call us today.
Bauman has not disappointed—they are clear specialists in the area. What makes them great though is they take an interest beyond the audit and our industry and have taken the time to get to know our company.
Former General Manager
Polk-Burnett Electric Cooperative