In less than six months business owners – of large and small enterprises- will have to prepare for a new law, the Overtime Rule. Effective December 1, the regulation seeks to create a fairness for employees by being provided greater compensation for their workload, or shift their workload allowing for greater free time.

In plain language, this Rule will encourage employers to pay overtime after 40 hours or increase employee compensation to nearly $50,000 year. Of course, it is not quite that simple so business owners are encouraged to seek counsel from their attorney or accountant.

However, what is clear is the intention behind the law. It will work to improve company culture and enhance quality of life.  The extra time off work will give people more time to participate in extracurricular activities, personal development, and familial tasks that will lead to a more productive team member.

As we prepare for the new rule to take effect, we should also consider reviewing our overall Human Resources process. This is a great time to review the five mistakes below, according to Entrepreneur.com, and make some necessary adjustments.

  1. Rushing through the hiring process

The reason small businesses speed through the hiring process is to get the work done. There are times when the job description is vague and policies and procedures are not outlined.  Taking your time allows for analysis of the current process – identifying what works and what should be nixed. Slowing down the process also creates a culture of efficiency over speed. “27% of more than 6,000 HR professionals reported a single bad hire costing more than $50,000” according to a 2013 CareerBuilder survey. That money could go to increasing salaries of your current team, and adding greater responsibility.

  1. Employees and contractors are misclassified

Boy, oh boy the blurred line of employee versus contractor can get your business into serious trouble. Do you know how your current team is classified? Knowing the differences between the two could save you thousands. So what should you do? Be very clear in the beginning about the terms of the relationship you are engaging in. For now, you should take an inventory of all of your current relationships and set boundaries going forward.

  1. Employee handbook is outdated

Somewhere on your computer you have an employee manual that has not been revised in several years and probably doesn’t reflect the company you have today.  Behind accounting and having your legal affairs in order, the policies and procedures manual can drastically cut out a lot of employee confusion and violations. As an example, your book should explicitly outline the way overtime is handled. Does it need to be approved? How does your team keep up with their hours? What happens when someone works more than their allocated hours? See! You need an updated employee manual. To do that effectively conduct regular meetings to discuss new terms, receive feedback, and update everyone on the changes.

  1. Little or no employee training

In a small business employees are sometimes asked to dive in head first without understanding their role, company culture, or office politics. As an employer take the time to invest in your employees through a uniform onboarding. The employees will appreciate your investment in them and channel their productivity for the benefit of the work environment.

  1. Inadequate documentation

Put everything in writing. Are you having some employee challenges? Write it up for your own records. Do you have an evaluation process? If not, create one that provides feedback – constructive and positive. But when having things in writing is most important is when an employee leaves or is terminated. Having a record of performance, or lack thereof, can be the difference between spending any extra revenue on bonuses or a lawsuit.

Does this all seem so complicated? Well, it is. And as a small business owner you should have support as rules, regulations, and laws directly impact your business and its finances. The Nashville Business Incubation Center provides mentoring, accountability, and consulting with subject matter experts that can carefully guide you through this type of process. To learn more about how your business can participate in the traditional incubator or Incubator Without Walls, virtual incubation, visit www.NBIConline.com.

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Abigail DaSilva
Abigail DaSilva is the marketing coordinator at NBIC, channeling her passion and creativity to support the organization’s mission of leveling the playing field for entrepreneurs. A proud graduate of Tennessee State University, Abigail holds a degree in design, which fuels her artistic sensibilities and impeccable eye for aesthetics. Before joining NBIC, Abigail embarked on her own entrepreneurial journey alongside her brother, where she spearheaded the sales and marketing efforts of their own venture. This experience honed her skills in strategic promotion, customer engagement, and marketing media. Abigail has played a crucial role in the company, transforming their media marketing strategies, specifically towards a more video-driven approach. Recognizing the power of visual storytelling, she has created compelling content and innovative campaigns that have amplified NBIC’s reach and engagement, strengthening their online presence and impact. Outside of her professional endeavors, Abigail is an avid art buff, frequently visiting museums and exploring immersive experiences that combine technology and creativity. She also has a deep love for travel, shopping, and anything that allows her to utilize her creative mind. With her unwavering commitment and broad range of experience, Abigail is a valuable asset to NBIC. She remains eager to push boundaries, elevate engagement, and empower entrepreneurs through her exceptional marketing expertise.
Anne-Marie Tanner
Anne-Marie Tanner is the Programs Coordinator at NBIC. With a Master’s degree in strategic marketing from Midway University and a Bachelor’s degree in design from University of Kentucky, she brings a unique blend of business experience and creativity to her work. Prior to joining NBIC in March of 2023, Anne-Marie worked as a small business and startup consultant, where she gained valuable experience in guiding entrepreneurs through the challenges and opportunities of launching and growing their businesses. Her expertise in strategic planning and her ability to quickly grasp new concepts makes her a strong asset to the NBIC team. As the Programs Coordinator at NBIC, Anne-Marie manages multiple components, including Foundations, E-Myth, Framework, and Groundwork. Anne-Marie values collaboration and strives to align her work with the vision and expectations of her colleagues. Beyond her professional career, Anne-Marie has a wide range of hobbies and passions. She is an accomplished Olympic weight-lifter. Additionally, with her husband, she started a medical clinic in Martin, TN, a brewery and events center in Paris, TN, and an airbnb property. Their goal is not only to build successful businesses, but also to provide economic stability and job opportunities to as many people as possible. With her extensive background in business, her entrepreneurial spirit, and her commitment to personal growth, Anne-Marie Tanner is an extremely valuable asset to NBIC. Her diverse skill set and positive mindset make her a catalyst for success, both for herself and the new businesses she assists.
Saturnie Antoine
Saturnie Antoine has been a part of NBIC since November 2021, serving as the R.I.S.E. UP Program Manager. She holds a Bachelor’s degree and has obtained a professional certification in coaching skills. With a diverse background in corporate work spanning over 15 years, Saturnie has worked in various sectors. As the R.I.S.E. UP Program Manager, Saturnie oversees the entire program. Her responsibilities include structuring the curriculum, sourcing speakers, and organizing the launch campaign. Additionally, Saturnie provides personalized professional coaching to the program participants, offering guidance and support to help them scale their businesses to $1 million plus level. Since the commencement of the program in March 2023, under Saturnie’s leadership, R.I.S.E. UP has witnessed numerous accomplishments and successes. Additionally, the program’s focus on emotional intelligence has helped participants navigate internal challenges and overcome obstacles inhibiting their growth. Outside of work, Saturnie values personal time spent with her family and loved ones. Her true passion lies in her role as a professional coach, where she finds fulfillment in assisting women on their journey towards personal and professional growth. Saturnie’s commitment to her clients and her extensive experience, coupled with her excellent coaching skills, allows her to provide comprehensive support to program participants, enabling them to achieve their goals and reach new heights. Under Saturnie’s leadership, the R.I.S.E. UP Program continues to flourish and make a lasting impact on the lives of female entrepreneurs.
Leroy Cunningham
Leroy Cunningham currently occupies the role of Community and Capacity Building Manager at NBIC. He holds a major degree in Business Administration from Carroll University in Waukesha, Wisconsin, along with minor degrees in Accounting and Economics. Leroy’s prior engagement with business development consulting brings great strength to the NBIC team. He has worked at three of the largest market capitalization companies in the world – Emerson Electric, General Electric, and Berkshire Hathaway. In his current role as the Community and Capacity Building Manager at NBIC, Leroy wears many hats. One of his primary objectives at NBIC is to increase the number of small minority-, women-, and veteran-owned businesses qualified to undertake contracts from prime contractors and government entities. By fostering relationships with community partners and engaging with prime contractors and government entities, Leroy works tirelessly to bridge the gap and provide opportunities for these businesses to flourish. Additionally, Leroy dedicates his time to consulting with business owners, providing them with valuable insights and guidance. By helping businesses at their current stage and empowering them to reach their goals, Leroy greatly contributes to the growth and success of NBIC’s clients. Outside of work, Leroy indulges in his love for reading, sports, and travel. With his vast knowledge, dedication, and passion for community empowerment, Leroy is committed to making a meaningful impact at NBIC. His wealth of certifications and global business experience lends a unique perspective and expertise to NBIC’s initiatives, which will undoubtedly drive the organization forward.
Octavia Wilson-Simmons
Octavia Wilson-Simmons is the Special Project Coordinator at NBIC. With a background as a tank storage broker, Octavia acted as a vital liaison between storage terminals and cargo owners, facilitating contracts for the transportation and storage of products. Prior to NBIC, she also worked as a chemical operator at a chemical company, further enhancing her expertise in the industry. Joining NBIC in early 2022, Octavia initially served as an assistant to Angela before transitioning to her current position as a Special Project Coordinator. In this role, Octavia plays a crucial part in various projects, including MNAA and Elevate 615. She also provides invaluable support to the team, assisting with grants and streamlining processes to ensure efficient collaboration and coordination. Outside of her professional endeavors, Octavia is extremely family-oriented and cherishes family outings and spending quality time with her loved ones. Octavia is also a dedicated DIY enthusiast and seeks to immerse herself in various projects. Octavia embraces the opportunity to collaborate with the NBIC team, support Angela, and contribute to the company’s mission. Having witnessed the growth of businesses firsthand gives Octavia special insight into the entrepreneurial world and the hard work that goes into operating and expanding your business. With her extensive background in the oil industry and her unwavering dedication to assisting others, Octavia continues to make a positive impact within NBIC, among her peers, and within the entrepreneurial community as a whole.