Last week, the Federal Government announced changes to overtime regulations. Many employers must decide on how to comply with these changes. With the advent of TV commercials from law firms offering workers a chance to report wage and hour issues, FLSA overtime regulations must be followed closely.
I called one of our favorite clients to ensure they understood the overtime changes and implications to their business. They are a premier, dynamic IT Consultancy; once we covered the regulatory stuff, our chat shifted to technology changes that may be triggered by the regulatory change. We discussed timekeeping systems for a while; companies are figuring out the best way to handle impacted employees, and their timekeeping systems will (or should) have the data managers need to support decisions.
For example, salaries below the threshold ($47,476 effective December 1, 2016) don't have to be increased. You may decide to calculate the equivalent hourly rate that would pay the same dollar amount...with the same work schedule (including typical overtime hours). Having a history of hours worked would be invaluable in that analysis.
Anyway, consider the following functions of a great time keeping system.