Jeff Weber came into class today from Ancestry.com, he talked about the Fair Labor Act, and how compensation changes with the economy. With the Fair Labor Act he showed that there are a lot of issues with companies determining Exempt or non-Exempt accurately. He said that he's noticed the most problems with restaurants, although WalMart had to pay out around 3 mill in 2007. He showed us a slide from a presentation he showed in march of 2008, it was amazing to see the big changes since then in compensation including the use of big sign on bonuses and that now they are not used because the problem is not filling positions, its having positions open to fill.
I think that if you know the laws you will save yourself and your company a lot of headache and money so you don't have pay out later if you determined employees as Exempt when they shouldn't have been. It is also helpful to either know how to forecast fairly accurately or have someone who does so that you can see how compensation can help you recruit better or the best options in employees.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment