OKLAHOMA CITY--(BUSINESS WIRE)--
Paycom Software, Inc. (NYSE:PAYC), a leading provider of comprehensive,
cloud-based human capital management software delivered as
Software-as-a-Service, today announced the release of a Fair Labor
Standards Act (FLSA) Toolkit to help businesses navigate overtime
expansion.
“Our current and future clients are striving to better understand how
overtime expansion will impact their business and our solution provides
the insights they need to make the best strategic decisions,” said
Paycom’s chief executive officer, Chad Richison. “The changes to
overtime rules make it more important than ever for employers to have
reliable analytics, and our robust toolkit provides companies the
crucial data they need.”
The toolkit is available to Paycom clients through its Government and
Compliance application. As part of the FLSA Toolkit, Paycom provides a
labor cost analysis that helps businesses evaluate the estimated cost of
each decision, and identify the course of action that is right for their
business regarding how employees are classified, paid and scheduled.
Using employee data already in the Paycom system, this analysis compares
the cost of major workforce restructuring strategies and generates the
results in a side-by-side display for easy comparison.
Paycom’s FLSA Toolkit aids businesses in their efforts to:
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evaluate restructuring tactics and costs,
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determine which positions may cost employers the most under the new
regulations and
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find potential salary compression issues.
Changes to Overtime Expansion
The U.S. Department of Labor announced the details of its final rule on
overtime expansion on May 18, with an effective date of Dec. 1, which
will make certain employees whose annual salaries are less than $47,476
eligible for overtime pay. The rule raised the current minimum salary
threshold from $455 per week, or $23,660 annually for a full-year
worker, to $913 per week, or $47,476 annually. The new rule affects
wage-and-hour compliance and likely will impact organizations of all
sizes and in every industry.
To learn more about Paycom’s FLSA Toolkit, visit Paycom.com/Overtime.
The content of this press release is intended to keep interested
parties informed of legal and industry developments for informational
purposes only. It is not intended as legal opinion or tax advice and
should not be regarded as a substitute for legal or tax advice. For full
details of the new rule, please visit the Department of Labor’s website.
About Paycom
As a leader in payroll and HR technology, Oklahoma City-based Paycom
redefines the human capital management industry by allowing companies to
effectively navigate a rapidly changing business environment. Its
cloud-based software solution is based on a core system of record
maintained in a single database for all human capital management
functions, providing the functionality that businesses need to manage
the complete employment life cycle, from recruitment to retirement.
Paycom has the ability to serve businesses of all sizes and in every
industry. As one of the leading human capital management providers,
Paycom serves clients in all 50 states from offices across the country.
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Source: Paycom Software, Inc.