We maintain that working in the reflected glow of Jamie Dimon, no matter how late at night, is a privilege, but others (e.g. actual employees) don’t necessarily see it that way.
Remaining non-exempt employees are being forced to go exempt. This means no overtime for anyone (not even for back- and middle-office peons). They are averaging the overtime that employees did over the last year, and that will be their new base rate. However, it looks like they will be cutting and consolidating more positions, so everyone will be working longer hours, for the same (or less) pay.
The things they can get away with in this labor market are pretty ridiculous.
ouch
Code Pink! FUCKYEA!!!
Non-exempt = eligible for overtime. Are you sure?
shouldn’t that read NONexempts are being forced to become exempt?
I smell a decent lawsuit – you can’t call EVERY piss-ant grunt a “manager” just to get around wage and hour laws.
@3- “Exempt” status is ostensibly for executives and certain farm and manufacturing workers, as they are exempt from certain labor laws.
I’ll agree with the rest, non-exempt ARE eligible for overtime. Middle and back office workers are likely doing repetitive tasks and should likely be classified as non-exempt. if they are upset about their re-classification they can complain to the Dept of Labor (or some similar org I forget which) and they will come in and do an investigation. it happened here a few years back and our company was forced to change them back to non-exempt.
a good article I found that discusses this http://www.ewin.com/articles/exneot.htm
“NYT: FEDS MAY CONVERT BANK BAILOUTS TO EQUITY SHARE…
Back door to nationalization? FT: Feds to put conditions on loan repayments…”http://tinyurl.com/brd6c
@7- thanks, that was in opening bell
@7 We landed on the moon!!
5,
Seriously? Associates/analysts (hardly “exec” classified) are exempt. WP/copy room/records/etc. are non-exempt (unless they’re directors/managers/etc.).
@all- yes, that was an error. we’ve updated.
@5 the executive exemption is just one of several categories. per the link
Executive Exemption
Administrative Exemption
Professional Exemption
Computer Employee Exemption
Outside Sales Exemption
sorry guys I guess I just can’t believe some of this stuff.
So let me get this right…
1) Overtime is gone for formerly non-exempt employees…
2) No 401K match
3) Prepare to work longer hours
Thank God I got out of that place when I did. What they’re doing to those guys over there is sinful…
@14- can you believe any of the stuff that’s happened over the last year?
Most Back Offices are simply a unpaid overtime lawsuit waiting to happen…
-@15
Yep, glad you quit.
“In a surprise move, the US Treasury Department has issued an immediate recall of all US currency. Treasury spokesman Ronald Schuler announced that officials will be sending Americans bags with $ signs on them to stuff the money into, and warns that all US bills have been coated with a secret dye that will “become extremely deadly Friday at exactly 12 noon.”
http://blogs.cqpolitics.com/politicsunseriously/2009/04/treasury-dept-recalls-all-amer.html
so this is why my admin has been so lazy lately and leaves at 4:30 pm on the dot
-@15
Yep, glad you quit.
this skirts too many labor laws. exempt / non-exmpt status is based on job title and description. this is probably just some upset worker, blowing off steam because his entire non-existant bonus is being made up in OT.
i call shenanigans
more class actions that will come home to roost after this bunch of execs go.
if it’s true, they should be contacting the Dept of Labor, not Dealbreaker (no offense)
http://www.dol.gov/esa/whd/contact_us.htm
http://www.dol.gov/esa/whd/america2.htm#NewYork
22 has it right. This will come back and bite them in the ass, as even factoring in “last year’s overtime” to base will do nothing but raise their claimed hourly when they get fired and lodge an action for back overtime.
P.S. You can’t contract away your right to claim overtime, by the way. DOL doesn’t care what you signed, if they rule you were non-exempt – and they will – your claim is good and the employer coughs up, period.
25 Duh… Don’t you think JPM consulted some experts in labor law before even considering this?
@22 Yeah, and his shenanigans are cruel and tragic.
25, I think that what is most likely is that they asked legal if they could do it, legal explained that they could but if an employee complained they’d probably win, and the beancounters crunched the numbers and decided that the risk of losing at DOL, even with penalties etc, was lower than the present value of the savings of conversion.
I think the second most likely thing is that the beancounters just did it without even asking legal. Don’t care how big the company is, it happens all the time. Seen it myself. Legal finds out about it and has a shit fit but it’s too late, and taking it back would just make things worse because you’d look like you were admitting you acted unlawfully and open yourself up to MORE claims. Plus your blip size goes up and you risk a DOL audit and even people who were quietly exempt for years are suddenly looking at five and six-figure windfalls and increased net going forward.
For all you budding Labor Lawyers out there, here are the summarized requirements from the DOL for exempt status:
For the FLSA section 13(a)(1) exemptions to apply, an employee generally must be paid on a salary basis of no less than $455 per week and perform certain types of work that:
* is directly related to the management of his or her employer’s business, or
* is directly related to the general business operations of his or her employer or the employer’s clients, or
requires specialized academic training for entry into a professional field, or
* is in the computer field, or
* is making sales away from his or her employer’s place of business, or
* is in a recognized field of artistic or creative endeavor.
FLSA Section 13(a)(17) exempts hourly paid employees who perform certain types of work in the computer field if they are paid at a rate of not less than $27.63 per hour.
Commence drafting lawsuits!
Harro, I am Chinese and own a factory in Chongqing. What is this ‘exempt’ and ‘non-expempt’ you speak of?
29 I’m not buying it. Financial services is all about the people. Firms devote a lot of time, energy and resources to HR issues cause its very important that they get them right. Its like keeping the factories up to speed in a manufacturing company.
I thought the financial gurus worked for free all year long anyway right? Isn’t that why they deserve the fat bonuses? Cause it really isn’t a bonus it is part of the salary and all…..
32, I’m not selling it. I gave my opinion and noted that it was backed by experience. Have I ever worked in a FS firm? No I have not. However, I’m thinking that if you’re in a position where the firm is prepared to convert you from NE to E of its own accord, you may not be at the tippy-top of the “must keep happy at all costs” list the VP of HR keeps in her special drawer.
@27.. “duh they ran it by labor lawyers” are you kidding? Clearly you’ve never had a company job.
AHEM. This is NOT TRUE; I just spoke with my recruiter. She has no idea where this is coming from. It may be certain groups, but there are absolutely groups who are still non-exempt. Jesus.
Thanks for giving me a heart attack, DB.
Bear had time punch magnetic cards for all these staff
Was like working in a 1950s factory…but sure did cut down on lateness/early leavers as it hit the hours/$ to the split second…..
“AHEM. This is NOT TRUE; I just spoke with my recruiter.”
stopped reading right there.