The Labor Market is tight and 10,000 Baby Boomers are retiring every day. Your 3-5 year plan involves growing core competencies focused on customer demand. You are finding it more and more difficult to engage and retain your high potentials. And, your turnover has been nudging up gradually based on recruiters pulling your key people away. Sound familiar?
What if you looked at this new FLSA Change as a Driver to Your Organization’s Success?
- Increase Accountability of High Potentials focusing on Key Action Plans of Your Strategy: you could then provide a promotion + merit by Dec 1 (FLSA effective date) to meet the reg, while driving your mission & career development plans (retention) at the same time.
- Moved Your Average Group to Salaried Nonexempt: they would continue to get a regular salary to save morale and would turn in “exceptions” for overtime pay (get an OT policy in place focused on customer demand & work/life balance features).
- Review How Work Gets Down: Transfer higher complex work to newly promoted or other High Potentials. Focus others on specialized/customized work that drives customer demand. Outsource or have part-time, temps, interns handle the critical generic work (saving dollars on fixed salaries and benefits).
- Decrease Base Pay to Account for Annual OT: May be for organizations who need to control costs and all other budget areas have been tapped, have lower performers where morale may not be a concern, or find employees who were moved to an “exempt” status years ago who now may not fit the duties testing and this makes the most sense.
One Size Does Not Fit All: Be sure to take the time to review your long term strategy along with your current job positions (why they exist), comp/benefits and related policies (structure/cost), and how work gets done (after hours work, device usage after hours, etc), along with your communication and change management strategy to ensure a smooth, equitable, and transparent process.
This may be the driving force that you need to retain high performers and meet/exceed your business goals!