WHAT ARE WE FORGETTING ABOUT?
As we connect with our clients and others in the business community, we have heard this question more than once.
While we aren't certain of all the areas we aren't focusing on at the moment, we do know one, in particular, should be on the top of your A - list priorities.
Compensation in Colorado is evolving and there is more regulation around how we pay people. Equal Pay for Equal Work has been on the radar, and we are now looking at the start of COMPS Order as of this week.
The COMPS Order addresses changes in exemption requirements and pay ranges for exempt employees, meal and rest period designated timelines, and deductions (for things like uniforms) and credits (such as tips).
It is accompanied by recordkeeping and posting requirements which include posting this poster, as well as addressing the information in handbooks or company policies. In addition, a signed acknowledgment of the new order is required.
Compliance would include reviewing your compensation structure, pay grades, performance, hiring practices, and market benchmarking to start. Having knowledgeable resources and teams to help guide you through this will be of utmost importance.
These regulations went into effect on March 16, 2020, with the exception of salary thresholds, which need to be aligned by July 1, 2020, with a jump planned for January 1, 2021.
There is a lot to this, and many changes in an already changing by the minute world. Please remember this is the time to lean on your partners, like HRx Services to help support your team through these changes.
If you need posters or help with creating the signed acknowledgment form – reach out to us directly at HR@HRxservices.com.