It’s hard to believe, but 2017 is right around the corner. And now that we’re in the fourth quarter of 2016, many companies are focused on budgeting for the year ahead. Planning for the distribution of next year’s compensation budgets can be particularly difficult, and isn’t as simple as just adding 3% to the previous year. Without a solid compensation strategy, it will be difficult to retain current staff and attract new, top-tier candidates.
Since its introduction in 1938, the Fair Labor Standards Act, or FLSA, has had a significant impact on the way we work. This landmark legislation established many of the things we take for granted today – a national minimum wage, the 40-hour work week, guaranteed overtime pay for certain jobs and child labor prohibition. And as the needs of the workforce continue to change, the FLSA has evolved in turn, amending regulations to protect today’s workers and impacting the way organizations manage, schedule, deploy and compensate employees.
Interviews are an essential part of the hiring process. They give employers the chance to have far-reaching, insightful conversations with their job candidates about what they can bring to the company. In addition to talking about an individual’s education, experience, skills and ideas, the conversation will often turn to salary – and the interviewer must be prepared to have a meaningful, two-way conversation about the topic.