Source: HRsoft
MAITLAND, Fla. – In an effort to support clients’ need to compensate for the new changes to the U.S. Department of Labor’s (DOL) Overtime eligibility rule, HRsoft has configured a new cost modeling tool, which will be integrated into it’s industry leading compensation planning software, COMPview.
According to the DOL, the key provisions of the final rule include increasing the salary threshold for overtime exemption to $47,476 annually (previously $23,600 annually). To facilitate for the change, which will take effect on Dec. 1, HRsoft has introduced a new cost modeling tool which will automatically flag all employees set to make less than $47,476 in annualized salary.
This automated tool is designed to help HR and Compensation Managers determine employees’ total salary cost based upon various levels of overtime, and identify those for whom it makes financial sense to simply give an adjustment to increase pay beyond the new threshold. The tool will also help to identify employees whose overtime hours must be limited.
“The new cost modeling tool will simplify the steps for identifying employees who could be affected by the new DOL overtime provisions,” said S. Austin Muzumdar, SVP of Products and Services of HRsoft. “This will allow them to make timely and appropriate decisions to accommodate for the new regulations while providing the greatest possible benefit to both the organization and its employees.”
COMPview(TM) is a best-of-breed compensation planning software system that automates, streamlines and simplifies complex compensation planning by giving managers an intuitive, decision support tool to help optimize budget allocations, increase accuracy and align compensation decisions with organizational guidelines. To learn more, visit: https://hrsoft.com/products/employee-compensation-management-software/.
About HRsoft:
HRsoft is a cloud-based, talent management software company that specializes in best of breed HR software modules that help managers improve efficiency and effectiveness. Discover more about HRsoft at https://www.HRsoft.com
For more information:
Brian Sharp
Chief Marketing Officer
Email: brian.sharp@hrsoft.com
Direct: 407-475-5500 ext. 771