Business Insider is changing how it pays some of its staff
Rob Schrool, senior vice president of talent at Business Insider, sent out the following announcement to the staff on Wednesday:
I hope you all are taking some time to enjoy the holiday season as the year quickly comes to an end. As we plan for the new year, I would like to announce some changes that will impact some of you.
Next year marks the final phase of New York State’s recent changes in salary requirements for New York City. In response to these changes, we recently completed a thorough review of employee compensation and job classifications across all departments.
Based on our review, we are making some changes with respect to compensation and job classification. Specifically, we are reclassifying some positions from salaried to hourly – overtime (OT) eligible. The reclassification is not a demotion and has nothing to do with job performance. If your position is being reclassified, you will receive an email today letting you know, and you will be given more details by your manager. If you are a manager of someone who has been reclassified, you will be trained how to track hours and approve time cards (if you have not already been trained on doing so).
It’s important to note that this change will have no effect on an employee’s overall compensation, except that reclassified hourly employees who work overtime may now have the opportunity to earn more. The reclassification also will not affect benefit eligibility. For a few employees, there is a possibility of a change in title. Again, these changes are not a demotion and will in no way change your job level or prospects for advancement at the company.
The effect of these changes should be minimal. Overtime-eligible employees will now have to fill out a simple weekly electronic time sheet. They will have the opportunity to earn overtime if working more than 40 hours per week. Overtime must be approved by a manager in advance. This reclassification will take effect beginning December 31, 2018.
I will be having office hours over the coming days to explain this all in further detail and answer any questions you may have.