Hans Riede Featured in Law360 Article Offering Tips for Dealing with New DOL Overtime Rule
Hans Riede, a partner in the Quarles & Brady Labor & Employment Practice Group and co-managing partner of the firm’s Washington office, was quoted in a Law360 article outlining suggestions for how employers should navigate likely changes that will result from the U.S. Department of Labor’s new rule on overtime for salaried employees.
The new rule, announced April 23, extends overtime to salaried workers earning the equivalent of $43,888 annually, effective July 1, and $58,656 beginning Jan. 1, 2025. Riede noted that how companies handle the lead-up to these dates could have a positive impact on employee morale.
An excerpt:
Employers should take the long view when evaluating how and when to reclassify employees, said Hans Riede, the co-managing partner of management-side firm Quarles & Brady LLP's Washington, D.C., office.
"Some employers, if they can afford it, I would think are going to want to just go ahead and at the very least comply through the January 1, 2025, increase," he said. "And saying, 'What's the worst thing that could happen is that I have a happier workforce that's better paid.'"
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Reclassification will likely have a cascading effect on morale, which is an important consideration in a job market in which employers are finding it difficult to recruit and keep workers who will grow with a company, Riede said.
Any reclassification decisions must be made keeping in mind that people are a company's No. 1 asset, Riede said.
"Keep your workforce happy and motivated," he said.