Published December 2016, Greenville Business Magazine
Just 10 days before they were set to go into effect on Dec. 1, new Department of Labor (DOL) regulations governing the mandatory payment of overtime have been blocked. These regulations would have required major changes in the way companies do business, assign duties, and approach hiring and payroll management. Not surprisingly, many companies were not ready for this dramatic change, especially considering the tight 6-month timeframe from the announcement of the new rule and its implementation deadline.
While this ruling may be extremely beneficial for the companies who were unprepared for the transition, the situation could be a bit sticker for those who have already reclassified workers or made changes to compensation packages to meet these new regulatory requirements.
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