What is the category of workers that are generally exempt?
What is an exempt employee? Employees exempt from the FLSA typically must be paid a salary above a certain level and work in an administrative, professional, executive, computer or outside sales role.
How often should you do a compensation study?
These studies determine the market value of each job, benchmark salary ranges, propose equitable salary ranges for managers and ensure internal parity. In order to remain competitive, it is recommended that organizations conduct compensation studies every three years.
What is the best website to compare salaries?
The best salary research sites are Glassdoor, SalaryExpert, Salary.com, Indeed, and the Bureau of Labor Statistics (BLS).
What are exempt employees in Canada?
Exempt employees are usually: Paid on a salary rather than an hourly basis, and their work is either executive or professional. Distinguished from non-exempt employees, who are required to be paid at least the minimum wage and overtime when working more than the standard 40-hour workweek.
How do I avoid salary compression?
If you see salary compression at your organization, here are some steps you may take to correct it: Update your salary bands and make appropriate adjustments. Build an approver chain for compensation stakeholders. Consider total compensation and benefits. Red-circle team members, as needed. Plan career ladders.
How much does a compensation study cost?
Companies with fewer than 500 employees spend an average of $2,000 annually on salary surveys, and companies with more than 5,000 employees spend up to $15,000 or more each year on these important data sources.
What qualifies an exempt employee in NY?
Employees who are exempt from the FLSAs minimum wage and overtime laws include: executive, administrative, and professional employees and some computer workers; outside salespeople such as those who do sales away from the employers place of business, like a door-to-door salesperson.
How do you handle salary compression?
If you see salary compression at your organization, here are some steps you may take to correct it: Update your salary bands and make appropriate adjustments. Build an approver chain for compensation stakeholders. Consider total compensation and benefits. Red-circle team members, as needed. Plan career ladders.
How long does it take to complete a compensation study?
Explore the current state of compensation An up to date job description for every job in the organization. This should include job titles, roles and responsibilities, level, experience needed, and education. This step could take up to six to eight weeks, depending on the size of your organization.
Which group of employees is exempt from the Fair Labor Standards Act?
Executive, administrative, professional and outside sales employees: (as defined in Department of Labor regulations) and who are paid on a salary basis are exempt from both the minimum wage and overtime provisions of the FLSA.
