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As an employer, you know the Fair Labor Standards Act (FLSA) requires you to track how long your hourly employees work and what they earn. How you do it, though, is up to you.
Each method has its share of pitfalls:
Think you don't need automated timekeeping? Think again. But what exactly is it and how can it help your business?
The restaurant industry is known for its high employee turnover rates. According to the National Restaurant Association, "the turnover rate in the hospitality sector topped 70 percent for the second consecutive year" in 2016.
Restaurants aren’t the only businesses experiencing high turnover. Industries like tourism, lodging, healthcare and entertainment struggle with high turnover every day. It's difficult to calculate the true cost of turnover, but estimates from the Center for American Progress show that each new employee earning less that $30,000 per year costs around $4000 to replace. Management positions can cost more than double that amount. Is there a solution?
You've probably heard a lot lately about the FLSA rule changes. I know we've blogged about it (along with many others). We've also heard that the rule changes are confusing. So - we're setting out to set the record straight, along with a few survival tips, so we're all ready on December 1st.
What It Is:
As we said, the Department of Labor (DOL) recently unveiled the newest addition to the Fair Labor Standards Act, a law that has been updated multiple times over the last several decades. With the new rule, the DOL raises the minimum salary threshold for overtime exempt workers within companies with over $500,000 in annual revenue. The two main types of salaries are:
Although many employees believe they belong to the first group, salary exempt, a lot fall under the salary non-exempt category. This is usually because they do not fall under the true definition of a manager (see the What It Boils Down To section below).
You've probably heard about the recent changes to the FLSA (Fair Labor Standards Act). As Forbes puts it, these changes will make millions more employees eligible for overtime while making compliance more challenging for business leaders. This new rule is just one reason you should be thinking about automated timekeeping and scheduling.
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We have the best people, from our friendly sales staff to our tech experts and payroll specialists. They all work hard to make sure there are no disruptions to your business.
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