The Department of Labor is changing the rules for who can get overtime pay …AGAIN. Starting July 1, 2024 as part of the Fair Labor Standards Act (FLSA), most salaried workers making less $43,888 annually became eligible for overtime if they worked over 40 hours in one week. The next increase, effective January 1, 2025, will include most salaried workers making less than $58,656 annually.
Not sure what this means for your business?
You’re not alone. Pro-business organizations have said that these new rules, though intended to raise wages, don’t consider the diverse employer markets or employer sizes across the country, and risk hurting small business and employees by reducing flexibility and increasing costs. Most small businesses don’t have teams of lawyers or compliance officers on-site to help implement changes every time a new government standard is enacted.
With one increase already creating anxiety within many business communities, and another big increase on the way, our next Lunch N’ Learn Series aims to bring awareness to these new rules so your business can stay compliant (avoiding potential fines) and navigate the complexities of these updated regulations under the FLSA.
Join us for our next Lunch N’ Learn - Overtime Overhaul: What the Next Salary Threshold Increase Means for Your Team, featuring a panel of local experts with decades of experience who can discuss the legal, financial, and operational aspects of the new overtime rules so you can optimize your workforce management and adapt to the new rules effectively. There will also be an open conversation during the program to talk through any questions or potential hurdles you may have has a Tennessee Business Owner.
FEATURED PANELIST:
Tab Burkhalter - The Burkhalter Group
- Tab Burkhalter is the owner of The Burkhalter Group. A multi-discipline tax strategy practice firm with clients from start-up to $15m annual revenue. he is dual licensed as an attorney and CPA and holds a master's in Business Administration with an emphasis in International Human Resources. He serves as a guest speaker in instructor for NBI, Entrepreneurs Organization, SCORE, the Knox Area Urban League, and local Bar Associations. He is currently on the global finance board for Entrepreneurs Organization and has previously served as a board of director for the regional chapters of the American Red Cross and Untied Way and was a founding organizer of Family Promise of Blount County.
Becca Boyd - SmartBank
- Becca Boyd serves as the Executive Vice President and Chief People Officer for SmartBank. She has more than 20 years of experience in human resources, including four years as SmartBank’s Director of Human Resources. Boyd is a graduate of Tusculum College, where she earned a Bachelor of Science in Organizational Management and is a Senior Certified Professional through the Society of Human Resources Management. As Chief People Officer, Boyd will lead the human resources department and all aspects of people management including training and development, payroll, benefits, recruiting, talent management, associate engagement, and HR technology. She is a 2019 graduate of Leadership Knoxville, a Make-A-Wish East Tennessee board member and is President-Elect of the East Tennessee Compensation and Benefits Association.
Chad Hatmaker - Woolf, McClane, Bright, Allen & Carpenter, PLLC
- Chad Hatmaker is a member of Woolf, McClane, Bright, Allen & Carpenter, PLLC in Knoxville, Tennessee. His primary areas of practice are employment law and commercial litigation. He represents his clients in proceedings before various administrative agencies and state and federal trial and appellate courts. He is AV rated by Martindale-Hubbell in the areas of Labor, Employment and Torts. He is also listed in the Best Lawyers in America in Employment Law – Management; Litigation – Labor and Employment; and Commercial Litigation. He has a very active mediation and arbitration practice which focuses on employment and commercial disputes.
Lee Ann Sanford - P&L Business Services
- Lea Ann Sanford, MAcc, is the owner of P&L Business Services, a full-service bookkeeping, payroll, tax, and consulting firm for small to mid-sized businesses, located in Oak Ridge. Lea Ann’s 25+ year career in accounting started as a teenager doing payrolls on ledger paper and grew into writing multimillion dollar, operating, building and renovation budgets for Sevier County’s timeshare industry in the early 2000’s. After several years in Sevier County, she went back to her roots and worked for a large payroll company in Knoxville for many years. Public accounting was always her goal, in early 2012, she started working for a CPA firm in Knoxville, taking over most of the payrolls for the firm. She brings a vast knowledge base to the table, if it’s happened, she’s probably seen it.
