Lea Strickland discusses the change in overtime eligibility will impact an estimated 4.1 million businesses. Both small and large across the United States will be impacted. Add to this the minimum wage increase and businesses have to get strategic fast.
Labor Costs and Rebalancing the Workforce
In the long run, every business will be impacted directly or indirectly by these changes. Your business will either be impacted. You will either have to raise wages and rebalance the workforce. You will certainly experience higher prices for goods and services. These two changes make the case for every business to invest in developing a strategic plan for compliance, staffing, and transforming their businesses. Every business will need to understand how these and other regulatory and economic changes impact how you do business.
The Elements and Key Questions on Overtime Eligibility Changes
In this hour I want to lay out the elements that answer three questions:
- What has changed with overtime?
- What will be the impact of minimum wage changes?
- How can businesses act strategically to minimize the financial and operational impact on their businesses?