Top 4 Ways Timekeeping Can Assist with Overtime Compliance
Aug 1, 2016
Aug 1, 2016
The Department of Labor announced the final changes to “white collar” overtime exemptions, but now what? Employers should be able to transition with ease to meet these new rules because they are clear- cut and provide simple solutions, right? If it were that easy, this blog would be irrelevant. The truth is when talking about scheduling, payroll, overtime, exemptions, or employee classifications, the words simple, understandable, and quick are not typically a part of the conversation.
We know there’s more to payroll than just cutting the check. That’s why we’ve created customized solutions to improve your company’s time and labor costs, and through the DOL Overtime Final Ruling transition, HireLevel is here to help. Timekeeping services have the ability to accommodate many aspects of the new rule that may have you pulling out your hair.
1. Manage multiple overtime settings with one program
-Customized software will accommodate an assortment of additional overtime settings; meaning overtime calculations can automatically adjust for different hourly rates, employee classifications, overtime payment methods, etc.
2. Improve tracking overtime approval and occurrences
-By tracking late or early arrival and departures you can plan department coverage, enforce employee’s schedules and break times, and ensure the right people are getting paid for approved overtime.
3. Reduce human error and limit labor costs
-Inaccurate timekeeping due to data entry or estimated time provided by employees can greatly increase labor costs. An individual may spend hours or days inputting time, calculating pay and overtime, or reporting while automated system could complete payroll in a matter of minutes. Outsourcing your payroll could save you hours and dollars in labor costs.
4. Reduce wage and hour compliance claims
-Proper employee classification and accurate detailed reporting is of the essence to be in compliance with new overtime rules. With the new changes, reclassifying employees may be your first major step when coming into compliance. By outsourcing customized timekeeping services, the process can be automatic and error free and heavily reported on saving you money in compliance claims simply due to classification errors or lack of supporting documentation.
Wage and hour compliance claims as well as employer labor costs have been profoundly rising since 2004. The U.S. Department of Labor has issued a new rule in an effort to reduce claims and costs to employers! However, if you are not on board with the new changes you may see an increase in costs due to not being in compliance. You should review how these changes will impact your business, and make plans to better manage overtime. HireLevel offers customized payroll and timekeeping solutions that are the perfect medicine for the new overtime compliance rules, and our team has adapted our services to better accommodate you during this time.
For further information about how our timekeeping services can help you with overtime compliance, click the link below to register for our webinar Preparing for the New Overtime Rule: Challenges of Timekeeping and Attendance Tracking on August 24th at 9:30AM CST.