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Compensation & Benefits

Heed this $42 million wage-and-hour lesson

If you are a mid-sized to large employer, making even basic wage-and-hour mistakes can be massively expensive. To make matters worse, the Fair Labor Standards Act authorizes courts to double what’s due to punish employers for mistakes. So do most state wage-and-hour laws.

Inflation effect: Employees expect raises of at least 5%

Money is more valuable than time these days. When the CareerBuilder job-search board surveyed working adults last month, 66% said they would rather receive a 10% pay raise than an additional week of paid time off.

Survey: Pandemic has had lasting effects on benefits

The lingering effects of the coronavirus pandemic continue to influence the benefits employers offer, according to the latest annual survey on the topic by the Society for Human Resource Management.

Friday wrap: standard mileage rate, Social Security taxable wage base, more

Your Friday round-up of payroll-related news

Beware ‘salaries’ that stiff hourly employees

Most employers comply with the FLSA in a straightforward way by tracking all time worked and calculating each week’s paychecks down to the minute. But every now and then, an employer tries to play fast and loose with the FLSA rules. That usually spells trouble if the Department of Labor finds out.

Benefits get more vital in recruiting, retention

While pay continues to be the number one reason that Americans decide to remain with or join an employer, people are looking at health and retirement benefits as a more significant factor in recent years. As a result, employers are boosting those benefits to compete.

$5k is a magic salary number

On average, U.S. employees say a raise of $5,780 would make a difference in their mental and physical health, according to a new survey of 1,100 workers by CouponFollow.

Remind employees: Don’t panic about market losses

U.S. stocks have lost nearly 20% of their value this year, with the S&P 500 flirting with bear-market territory and the Dow Jones Average down nearly 15%. Employees invested in your retirement plan are undoubtedly nervous.

The wage-and-hour risks of rounding time

The DOL says employers should discourage “major discrepancies” between “clock records and actual hours worked.” In other words, frequent and repeated rounding could call into question the accuracy of an employer’s overall time records. So what’s an employer to do?

Most employers expanded paid sick leave in recent years

More than two-thirds of U.S. employers (68%) say they’ve expanded their paid sick-leave policies during the past two years, according to a new Littler survey of 1,300 employers.