Bigger Paychecks Ahead

Author

Spiggle Law
April 26, 2024

In this edition, we’re diving into pivotal changes in employment law, sharing insights from top legal experts, and unveiling new rules that could mean more money for your hours. Let’s get straight to what you need to know!

🚀 Study Reveals: Job Loss May Be a Catalyst for Career Transformation

Schitts Creek Comedy GIF by CBC

Losing your job isn't just a setback—it's increasingly becoming a slingshot to new career opportunities. Recent research highlights a whopping elevenfold increase in the likelihood of changing careers post-job loss. Here’s what you need to know:

  • Career Shifts: The jump to a new occupational galaxy isn't easy, but it's becoming more common.

  • Economic Impact: Earnings can take a hit, with losses ranging from 4% to 16.5% a decade after displacement.

  • Skill Mismatch: Picking a new career path? Be wary of the skill mismatch black holes—they’re the biggest culprits in earnings loss.

Think of it as a forced career upgrade—sometimes it takes a jolt to jump us out of our orbits. Read more about this study.

📜 Breaking Chains: The FTC Strikes Down Noncompete Agreements

The Federal Trade Commission.

In a bold move to free the workforce from invisible shackles, the FTC has voted to ban nearly all noncompete agreements. Here’s the scoop:

  • Freedom to Move: About 30 million workers will soon navigate their career paths without these contractual barriers.

  • Economic Boost: Eliminating noncompetes could inflate wages by nearly $300 billion annually.

  • Political Divides: The decision split the FTC commissioners and sparked immediate backlash, including a lawsuit threat from the U.S. Chamber of Commerce.

Noncompetes? More like non-completes. It's about time we let talent roam free! Learn more about the FTC's decision.

💵 Cash In on Extra Hours: New Overtime Rules Mean Bigger Paychecks Ahead

Super League Money GIF by Anderson .Paak

Clocking extra hours is about to pay off big time for millions of salaried workers, thanks to new rules from the U.S. Department of Labor:

  • Who Benefits: An estimated 4 million workers will qualify for overtime under these rules.

  • Salary Thresholds: The bar is set to rise to $43,888 annually this July, and then to $58,656 by 2025.

  • Business Impact: While workers celebrate, some businesses brace for increased costs and potential operational headaches.

Work more, earn more—it’s only fair, right? Dive deeper into the overtime rule changes.

In a Snapshot: Job Market Report

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 High-growth areas for full-time freelancers

Fiverr's recently released Business Trends Index 2024 noted that the main trends included for job searches were (1) business consulting, (2) A.I. implementation, and (3) designer packaging. These areas saw significant growth as companies wanted to elevate their current performance through business analytics, A.I. marketing and operations, and reaching global audiences.  

Fiverr's search terms show U.S. job seekers want to optimize their job search

Within Fiverr's search engine, they found that U.S. job seekers seek professional help to optimize their job search. There was a +139% growth in LinkedIn profile optimization, +134% growth in creating a personal LinkedIn banner, and +109% hiring for professional resumes.

Employment rates in families remain relatively stable in 2023

With unemployment rates remaining relatively stable, the percentage of families, including those unemployed, is up by only .1% from 4.8% the year before. Within the 83.8 million families in the U.S., 80.2% had at least 1 family member employed in 2023. Only 4 million families had at least one member of the family who was unemployed in 2023.

🕵️‍♂️ 5 Secrets of the Workforce from Our Top Employment Law Lawyer

Curious about the hidden rules that could make or break your career success? We went straight to the source and asked our top employment law lawyer to share the insider secrets of the workforce. These aren't just tips; they're crucial strategies for navigating the corporate seas. Here are the five key secrets you need to know:

  1. Document Everything: Building a "proof portfolio" can save your career. In any legal or professional dispute, your documentation can be your strongest ally. Keep detailed records of your accomplishments, feedback, and any conflicts. It's your career's black box.

  2. Understand Your Contract Inside and Out: Over 63% of employees do not fully understand their employment contracts, as per Deloitte. Knowing each clause is crucial for understanding your rights and obligations, especially during layoffs or disputes.

  3. Know Your Rights Regarding Workplace Safety: OSHA regulations protect over 130 million workers in the U.S. Understanding these laws is essential for demanding safe and fair working conditions. Many workers aren’t aware that they could legally refuse unsafe work conditions without fear of retaliation. Knowing your rights can save your life and livelihood.

  4. Leverage the Law for Work-Life Balance: Familiarize yourself with regulations like the Fair Labor Standards Act (FLSA), which mandates overtime pay for over 40 weekly hours of work in the U.S., helping you negotiate better work-life balance. Many clients are able to adjust their working hours or secure overtime pay once they understood what the law entitles them to. It’s a game-changer for work-life balance.

  5. Stay Informed About Changes in Employment Law: With the recent updates, such as the increased salary threshold for overtime eligibility, staying informed could empower you to advocate effectively for higher pay or better conditions based on new legal standards.

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Fly high,

The Career Rocket by The Spiggle Law Firm