There are three steps employers must follow to comply with the Fair Labor Standards Act and overtime regulations: calculate the hours worked, which requires an understanding of what is deemed working time by the FLSA; calculate the regular rate of pay, which goes beyond the employee’s hourly rate to include bonuses and other payments; and calculate the overtime rate, which is based on the previous two calculations. Employers cannot accurately calculate the regular rate of pay and then the overtime rate without first capturing all work time, including off-site, at home, and travel, as well as hours worked outside the regular work day, and considering such things as on-call time and on-call policies, training time, and meals and rest periods.
Exclusive Guide to Factoring for Staffing Companies
Whether your firm needs working capital to hire new talent, maximize a marketing opportunity, or extend client payment terms, factoring allows staffing companies to convert unpaid invoices into cash today. Download now to get answers to the top 10 questions related to accessing working capital via invoice financing.