Payroll Technologies and FLSA Rules in 2022
This training will examine the future trends in the payroll administration 2022 to include:-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 a work from anywhere environment
-Combining payroll with HR on a common AI platform
-Payment flexibility customized to the individual
-Helping employees with the money worries
Payroll Administration is critical to any enterprise. The world is changing with more technology and demands on payroll to cope in the work from anywhere environment prompted by COVID-19. Substantial Artificial Intelligence exists in the form of tools, techniques, and technology to substantially enhance the administration of payroll. However, many companies are still stuck in legacy systems and inefficient ways of processing payroll. Employee demands for payroll transparency, online data, flexible payments including cryptocurrency and not being met due to outdated & antiquated payroll procedures & systems.
Payroll, too often, is done in a vacuum for HR management. These should be combined and integrated in common technology platforms. The essence of payroll is perfection in payments and prevention of fees & fines for non-compliance with statutory rules & regulations. Payroll administration can be significantly improved by employing the tools & techniques of technology available from a variety of sources. This training explores all the efforts to improve payroll administration in a technology-based environment using lessons learned for COVID-19 to create new norms policies and procedures for successful payroll administration
We'll start with how you can classify workers as Contractors or Workers on the basis of DOL rulings and what impact does it make? You'll then learn about the rules for administration and payment of Contractors, along with the rules for payments to "Exempt" and "Nonexempt" workers based on DOL/ FLSA. We'll also discuss the record-keeping and reporting for all employees.
Why is payroll administration only accepted if perfect, and how can we achieve that perfection? We'll consider the understanding and implementation of the Dept of Labor's new proposed overtime rules. You'll see how these overtime rules work for the nonexempt classification, as now more employees will be eligible for overtime causing an increase in administration and costs.
With workplaces still dealing with employee retention and onboarding while COVID-19 challenges stay into the picture, we'll learn how things will change from March 2022 onwards. This includes regulations of all jobs and descriptions, policies and procedures, and handbooks. This major implementation will also have a cultural impact as employees must be moved to different classifications for compliance.
What are the new federal employee minimum wage guidelines and what impact will they create? What's the new guidance DOD salary limits for Exempt employees and the consequences of more employees being classified as non-exempt? On Compliancevent, you'll get answers to all these through a 6-step review and much more.
Why is it Necessary to Attend?
Having a just payroll system is essential for any business and your employees' morale. In this training, you'll learn the payroll rules under the FLSA and how to effectively implement them to achieve perfection. It is a simple approach to administration and is guaranteed to give attendees a good working and industry knowledge in an easy-to-understand way to help them apply these tools and techniques with associated new trends & technologies.
What will You Learn?
-Technology for Advanced Payroll Administration with Artificial Intelligence
-Proper classification of workers as contractors or employees based on new DOL rulings
-Impact of Contractor classifications under the 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 Executive, Administration, Professional, Computer professionals, and 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 to 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 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
-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
-Planning and budgeting professionals
-All positions involved in personnel or payroll administration and the supervision of personnel
-All with the function and responsibility for payroll (payment of employees, contractors and administration).
You may ask your Question directly to our expert during the Q&A session.
Carl Young is an experienced keynote speaker on Compliancevent with expertise in accounting, taxation, payroll, and finance. 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 a major consulting firm.
Carl is a member of the following organizations: American Society of Corporate Controllers, Council of Experts (investment firm Gerson & Lehrman), Society of Industry Leaders (sponsored by Standard & Poors), and the National Association of Accountants. He's an engaging and entertaining speaker and trainer who draws from his experience as a former CFO to make relevant teaching points.
Carl is also an author, trainer, consultant, and coach. He holds an MBA and completed graduate studies in Accounting and Taxation. His sessions are rich in content, lively, full of energy and include plenty of audience interaction. His goal is to make finance and accounting relevant to non-financial professionals using tools and techniques that are simple to understand and apply. His entire working career has involved the administration of payroll to employees.