Wage and Overtime Increases for Businesses During the Holiday Season

Wage and Overtime Increases for Businesses During the Holiday Season

Overtime is a key part of labor laws in the United States. It’s a legal right that most employees value, as it allows them to have a 40-hour work week and earn extra pay for hours worked over the standard.

However, it can be a major headache for employers who aren’t familiar with how the rules apply to them and their employees. To avoid the hassle of overtime, it’s a good idea to have policies in place and keep accurate records of hours worked.

Increased Productivity

The economy can grow faster and more efficiently when productivity increases. This means that businesses can produce more goods and services with the same amount of labor.

There are many factors that can affect the growth of productivity. These include changes in physical capital, new technologies, and human capital.

In addition, policies that increase wages can also help boost productivity. Higher wages encourage employers to invest in capital and innovate.

However, wage increases can slow productivity growth if they are not coupled with increased investment in capital.

One way to increase productivity is through better employee management and communication. By reducing distractions and focusing on productivity, employees can complete their jobs in less time and more efficiently.

Holiday Season

The holiday season is a time of increased demand for workers. This can lead to a slew of benefits, including wages and overtime increases.

However, it is also a time of increased employee distractions and lower morale. Managers and leaders can reduce this negative impact by creating structures and policies that promote the positive aspects of the holiday season while minimizing the adverse impacts.

Wage and overtime laws can be complex, so it is important to keep them in mind as you set work schedules for your employees during the holiday season.

For example, if you have nonexempt employees working more hours than usual during the holiday season (but not on holidays themselves), they are entitled to overtime pay at a rate of time and a half. Some employers choose to offer holiday pay to motivate their employees to work on certain days, and this is often a good way to boost morale.

Personal Purchases

Many business credit cards require that you state that any purchases made with the card are for your business purposes and not personal. The statement is usually included in your application for a new card or at the time of reactivation. Even if you can’t tell whether a purchase was for your business or not, it’s important to be honest with yourself and the issuer. For example, if you buy toilet paper from an office supply store for your family, you could be breaking the business credit card’s no personal purchase policy, even if the business purchase was necessary to support the performance of assigned or extended duties.

Avoid Recruiting New Employees

Wage and overtime increases can make it difficult for business owners to find qualified candidates to fill vacancies. The cost to post job vacancies, conduct interviews, pay for background checks and drug screens, produce employee on-boarding materials and train new employees can add up quickly. It may be a good idea to rely on existing employees when possible or to offer overtime to those who show they are serious about working extra hours. This is especially true during seasonal periods when retailers need to hire additional staff to meet increased demand. It is also a good idea to consider hiring part-time workers when the need for full-time workers is less than peak demands.