NFP Compensation Insights | October 2024
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The Latest FLSA Changes & What You Should Know
Staying up to date with labor laws is a major component in the HR function and compliance with Fair Labor Standards Act (FLSA) regulations is key to staying in alignment with Department of Labor guidelines. The FLSA has made recent changes to salary thresholds and classifications requiring accurate analysis to avoid legal and financial consequences. While some changes are already in effect, an additional salary threshold change is set to become effective January 1, 2025.
In our featured article, we share what you need to know about the latest FLSA changes and actionable guidance to ensure your organization is in compliance!
By Abby Clegg
Many organizations are facing the challenge today of needing to conduct an internal evaluation to ensure alignment with the Fair Labor Standards Act (FLSA) guidelines as defined by the Department of Labor. This review is crucial in ensuring fair labor practices and maintaining compliance with evolving labor laws. Here’s a broad look into the FLSA, its impact, recent changes, and actionable recommendations for businesses.
Nearly Half of Full-Time Workers Aren’t Making a Living Wage
Workers are struggling to make ends meet, with new data finding that nearly half are not making a living wage.
Only 56% of full-time workers in the U.S. are making a living wage, while 44% are not earning enough to cover their family’s basic needs, according to the inaugural Dayforce Living Wage Index, developed in partnership with the Living Wage Institute, an organization that launched last year.
Shifting Priorities? The Relative Importance of Pay to Job Candidates
While pay continues to be a leading factor in attracting top talent, some employees indicate other factors — such as a business’ brand and reputation or organizational culture — may weigh more heavily than compensation in their decision to work for a company.
NEWS & UPDATES
As previously announced, NFP is now an independent and connected platform within Aon. Our Compensation Consulting team has partnered with Aon to provide executive compensation and corporate governance services. This collaboration enhances our ability to offer you a broader range of expertise and solutions to meet your evolving needs. We remain committed to delivering the highest quality service and look forward to continuing to support your compensation and governance needs with our enhanced capabilities.
To learn more about our expanded capabilities in executive compensation and corporate governance, please visit our dedicated webpages below or reach out to Megan Nail.
Executive Compensation Consulting | Aon »
Corporate Governance and ESG | Aon »
As previously communicated, this newsletter has shifted to a quarterly publication schedule. We also invite you to subscribe to our Corporate Benefits newsletter, which offers complementary information and resources.
