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Payroll Sales Pro Issue #19--New DOL Overtime Rules Will Impact YOUR Clients
May 23, 2016
May 23, 2016
Monday Morning Pick Me Up
Inspiration and Information to start your week right
“The Chinese use two brush strokes to write the word 'crisis.' One brush stroke stands for danger; the other for opportunity. In a crisis, be aware of the danger--but recognize the opportunity.” ― John F. Kennedy
Payroll Talking Points--New DOL Overtime Rules Will Impact YOUR Clients
The Department of Labor recently announced changes to the overtime laws and how they impact salaried workers who make under $47,892, and many of your clients will be directly impacted—thus giving you an opportunity to help them solve this “crisis” with a payroll solution that can help them navigate these changes (ok, maybe not a crisis, but a problem they need to address).
Below is a fact sheet published by the Department of Labor last week. This is something that all of your prospects and clients are talking about now, so it would be useful if you knew what all the fuss is about. Essentially, these major changes to the federal rules means millions of employees across the country are now eligible for overtime pay. What industries are most affected? Well, to be blunt the ones that most passionately opposed the legislation as it made its way through Congress: hospitality and retail.
While I was still in college, I worked in a large hotel. Even after I graduated, I still worked at the hotel while I tried to get my first “real job”. At one point, I was offered a “promotion” to Assistant Restaurant Manager. I turned it down. The reason that promotion is in quotes is because even back then, I knew that a lot of managerial positions in hospitality were “slave labor,” meaning they worked long hours and only received a paltry salary because they were “exempt” from overtime pay. These new rules simply move the needle from the minimum of $23,660 and up to $47,892. So now employers must pay someone at least $47,892 in order to exempt them from overtime.
Because many of these people have not qualified for overtime pay before, some of your clients are going to need to adjust the way they account for, calculate, and pay these salaried employees when the changes go into effect on December 1, 2016. PayPros can help them do this, and you can use this opportunity to create new prospects to refer.
Remember, be careful if you are excited about this rule: your clients (business owners) are probably not, so you may want to find a way to commiserate with them concerning this “bad” news, and offer them a solution to help them comply with the new laws.
All it takes to refer payroll is to obtain a payroll invoice from the client, then send it to us and we’ll take it from there. When the client signs up with payroll, you get paid a residual commission for the life of the client.
Remember, PayPros can typically save them 20-25% over what they are currently paying and they will get a dedicated customer service rep that really knows them and the ins and outs of their business.
Ask them for a current invoice, send it to us, and when it closes you get residual commission for the life of the client.
For more detailed payroll Talking Points tips and information, see Payroll Tips and Techniques
Think you’re ready to earn Residual Commission for the life of your clients as a Payroll Referral Rep? Contact us by calling (888) 693-4611 or filling out the form at Best Business Payroll--How to Make Residual Commission
We’ll be glad to answer any questions you may have and look forward to helping you become successful in any way we can.
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