Payroll is the most important aspect of any business. It leads to employee morale. It must be perfect and comply with all the rules. This webinar examines all the payroll rules of the FLSA and how to implement them to achieve perfection. It is a simple approach to payroll rules and administration and is guaranteed to give attendees a good working knowledge of payroll rules & administration in simple to understand and apply tools & techniques with associated new trends & technologies.
Why you should Attend
This webinar covers the complete context of payroll rules and administration made simple. It starts with the basic classification of workers properly classified as Contractors or Workers. Rules for Payment and administration of Contractors are outlined. Rules for workers classified as "Exempt" or "Non-exempt" based on DOL/FLSA.
Rules for payments to exempt and non-exempt employees are examined. Overtime rules are outlined for non-exempt employees in addition to record keeping & reporting for all employees.
The webinar will examine new future trends in payroll administration including:
- Use of cloud-based technology to universal data access
- The demand for payroll real-time data
- Goodbye to spreadsheets & hello to new payroll technology
- More payroll system flexibility in work from anywhere environment
- Combining payroll with HR on a common AI platform
- Payroll transparency
- Payment flexibility is customized to the individual
- Helping employees with money worries
- Proper classification & payment of Contractors, Exempt & non-exempt employees
- New DOL approved guidelines & rules on overtime
- Six steps implementation plan for the new DOL rules & guidelines
- "Work from anywhere" (WFA) trend on payroll & wages
- Impact & concern of inflation on payroll & wages
- COVID-19 concerns & challenges
- New payroll future trends & technologies
Webinar stresses that payroll administration is only accepted if perfect. Achieving perfection in payroll processing is the overall theme of this webinar. Special attention is paid to the understanding & implementation of the Dept of Labor's new proposed overtime rules.
New Rules will require a complete review of all jobs & descriptions, policies & procedures & handbooks. More employees will be eligible for overtime causing an increase in administration and costs. This major implementation will also have a cultural impact as employees must be moved to different classifications for compliance. COVID-19 concerns & challenges.
Areas Covered in the Session
- Proper classification of workers as contractors or employees based on new DOL rulings
- Impact of Contractor classifications under new DOL guidelines
- Proper classification of employees as exempt or non-exempt based on new DOL salary limits for Exempt employees
- Limit raised from $23,000 to $36,000 making more employees eligible for overtime and the administrative
- A complete section is devoted to the understanding & implementation of the new DOL overtime and salary rules
- The recent executive order on minimum wage for Federal workers is covered. Executive order 14026
- Importance of job description in implementation of new rules
- Proper implementation of FLSA rules
- Proper payment of exempt and non-exempt under FLSA rules
- Achieving perfection and prevention consistent with the implementation of FLSA rules. The overall goal of perfection and prevention in payroll administration
- Identifying workers as contractors vs. employees
- Identifying employees as exempt from overtime using FLSA rules in the categories of
- Computer professionals
- Outside Sales Professionals
- Salary and duties test under FLSA for exempt employees
- The value of the job description and its proper preparation
- Consideration of record keeping, accounting & reporting, policies & procedures
- Proper payment to newly classified exempt and those that by default fall into the non-exempt category
- How to handle non-discretionary bonuses consistent with paying overtime and the new overtime rules
- Achieving perfection & prevention in payroll consistent with new rules
- New Overtime rules are being proposed
- Involves possible reclassification of employees from exempt to non-exempt based on the salary threshold
- Companies must understand and implement these new rules
- This Webinar covers a six-step review & implementation of these new rules
- Specific review, understanding & implementation of the Dept of Labor's new proposed overtime rules are covered to provide a perfect path to compliance
- These payroll events & activities will be viewed through the lens of:
- Increased use of cloud-based technology
- Embracing Artificial Intelligence
- Integration of HR technology
- Increased demands from the Gig economy
- Financial wellness
- Pay Transparency
- Improved data security
All of these efforts are aimed at achieving the stated goal of perfection in payroll in a new normal environment aided by technology-based tools & techniques
Who Will Benefit
- HR Personnel
- PR Personnel
- Planning & Budgeting Professionals
- All positions involved in personnel or payroll administration and the supervision of personnel
Carl Young is an Author, Speaker, Trainer, Consultant, and Coach. He holds a MBA and completed graduate studies in Accounting and Taxation. He is a former CFO of a 275M, high growth technology based company. He has over 25 years of senior level business management experience. In addition, he has over 25 years of training experience in finance, accounting and business management. Former CEO of his own small parts manufacturing company as well as former Senior Financial Associate of major consulting firm.
Carl is a member of the following organizations: American Society of Corporate Controllers, Council of Experts (investment firm Gersen & Lehrman), Society of Industry Leaders (sponsored by Standard & Poors), and the National Association of Accountants.
An engaging and entertaining speaker and trainer who draws from his experience as a former CFO to make relevant teaching points. Sessions are rich in content, lively, full of energy and include plenty of audience interaction. He has branded himself as Mr. Simplicity! His goal is to make finance and accounting relevant to non-financial professionals using tools and techniques that are simple to understand and apply.