New overtime rules are coming out of D.C. that may impact your business and revamp regulation for exempt status, overtime pay, and other employee classification issues. HCC’s Susan Rider and Cassandra Faurote of Total Reward Solutions talk about the proposed overtime rules for employers as part of the regulatory changes to exempt status.
Susan Rider of Human Capital Concepts and Cassandra Fuarote of Total Reward Solutions discuss key considerations for employers regarding their compensation strategies.
The conversation begins with a focus on the importance of having a compensation philosophy in place that aligns with the organization’s values and goals. This philosophy should guide all compensation decisions and ensure consistency across the company.
The COVID-19 pandemic had an impact on compensation strategies, including the shift towards remote work and the need for flexibility in compensation plans. Key points include emphasizing the importance of being transparent with employees about any changes to compensation and ensuring that employees feel valued and supported.
The conversation then turns to the topic of equity in compensation, with the speakers discussing the importance of conducting regular pay equity analyses to ensure that employees are being paid fairly and without discrimination.
Finally, the speakers touch on the topic of executive compensation and the need for transparency and alignment with company goals. They emphasize the importance of having a robust performance management system in place to ensure that executive compensation is tied to the achievement of specific goals and objectives.
If you are looking for valuable insights into the key considerations and best practices for employers when it comes to designing and implementing effective compensation strategies, contact Human Capital Concepts today and start the conversation.