RKL’s Workforce Strategies team is here to help you navigate the complexities of today's HR environment with the updates, reminders and insights you need to maximize your most important asset — your people. We value your feedback, so let us know what you think of this newsletter!
FTC Bans Non-Compete Agreements: Action Required for Compliance
In a decisive move to promote market competition and worker mobility, the FTC has finalized a rule banning non-compete agreements nationwide. As an HR leader, you’ll want to review your organization’s employment contracts and prepare to notify affected employees, as most existing non-competes will soon be unenforceable. This rule, slated to take effect 120 days post-publication in the Federal Register, opens a critical window for employers to ensure compliance.
Need help navigating these changes? Your Workforce Strategies advisor can advise on exploring alternative strategies, such as NDAs, to protect your business interests while supporting your workforce's career freedom.
Effective September 30, Florida's minimum wage rose from $12 to $13 per hour, marking steady progress toward the $15 hourly goal set for 2026 as mandated by a 2020 constitutional amendment. This amendment outlined annual dollar increases from the $8.65 rate in 2020, jumping to $10 in 2021, with a history tracing back to a significant increase from $4.21 in 2008. Post-2026, adjustments will align with the Consumer Price Index. Tipped workers in the state will also see an increase to $9.98 hourly, moving towards $11.98 by 2026, as employers are permitted to pay a lower base wage, provided tips cover the gap to meet the standard minimum wage.
New Pay and Benefits Information Posting Requirements for Maryland
Effective October 1, Maryland employers must include a pay range for their open position, a general description of benefits and any other compensation elements available to the position. The new rules apply to any position that will physically perform work in Maryland, in full or in part.
Leverage Salary Surveys to Ensure Fair and Competitive Compensation for Your Team
Salary surveys are an indispensable tool to benchmark competitive compensation, ensure fair pay, maintain legal compliance and attract talent. A well-designed salary survey will prioritize industry relevance, job match precision, sample size and data recency. Whether you’re looking to analyze trends, benchmark pay, revise salary structures or inform stakeholders, tapping into salary surveys is a smart way to maintain fair and competitive salaries for your organization.
Interested in learning more about salary surveys or other approaches to ensuring fair and competitive compensation structures? Learn more at the link below.
Companies are Increasingly Connecting Cyber Security with Executive Compensation
As digital transformation accelerates, organizations are increasingly linking executive compensation to cybersecurity efforts to mitigate rising cyber risks, according to a recent report. This strategy incentivizes top management to prioritize cybersecurity, ensuring that digital advancements do not compromise data integrity or business continuity. By tying financial rewards to effective cyber risk management, companies aim to align executive interests with robust security practices, fostering a culture of proactive protection and swift recovery from cyber incidents, thereby safeguarding their digital and financial assets.
Considering an HR and Payroll Technology Upgrade for 2024?
Join the RKL Virtual's Workforce Strategies team for an Open Demo of our HR and Payroll platform on Tuesday, October 22 at 2 p.m. We'll take you inside our technology, which is designed to enhance user experience by integrating advanced AI and automation technologies. This platform pairs payroll processing, time tracking, employee onboarding and benefits management. Additionally, partnering with RKL Virtual provides access to a trusted and experienced team of HR advisors.
