Wage and Hour Assessment

Assessment Introduction

Page 1

Welcome to the Wage and Hour IQRM!

Human capital related labor costs represent a significant organizational expenditure. Labor costs are often the largest expense for many organizations and can have significant cash flow implications. At the same time, human capital also represents a significant organizational asset. Human capital is the engine and the wellspring of innovation, production, and revenue.  Thus your organization’s decisions concerning the control of labor costs and the management of its human capital directly impact the bottom line and provide valuable insight into the importance it gives this asset. 

This IQRM assesses your wage and hour practices.  Click below to begin the 25 question assessment, and receive your IQRM Effectiveness Risk Audit Score for wage and hour.

Question 1

How effectively does your organization aligns your wage and hour policies, objectives, and practices with your strategic, business, and talent management objectives?

Question 2

To what degree do your organization’s wage and hour policies and practices help to enhance the value of your human capital, make your organization more competitive, and help your organization achieve its strategic and business objectives?

Question 3

How effective are your wage and hour policies and practices at making a positive impact on your organization’s financials (e.g., revenue, labor costs, profitability, and earnings per share)?

Question 4

How well do your organization’s wage and hour policies and practices demonstrate commitment to compliance with laws and regulations?

Question 5

How effective is your organization at assessing current and future external factors ― such as the economy, competition, technology, or laws and regulations ― for their impact on the purpose, scope, and effectiveness of your wage and hour policies, practices, and processes?

Question 6

How effective is your organization at assessing current and future internal factors ― such as changes in culture, values, or mission, organizational structure, strategic and business objectives, or work force diversity ― for their impact on the purpose, scope, and effectiveness of our wage and hour policies, practices, and processes?

Question 7

How effective is your organization at regularly assessing your wage and hour policies, practices, and processes to determine if they comply with federal, state, and local laws, regulations, and Executive Orders, professional standards, and, where appropriate, best practices?

Question 8

To what degree do your organization’s culture, values, and ethical standards support and enhance your wage and hour policies, practices, and processes?

Question 9

To what extent do your managers and supervisors have sufficient knowledge and play a pivotal role in your organization’s wage and hour policies, practices, and processes to answer routine employee questions?

Question 10

How effective is your organization at regularly surveying employees to determine if they feel your wage and hour policies, practices, and processes are fair and effectively communicated?

Question 11

How effective is your organization at identifying and assessing the financial and organizational risks associated with noncompliance of wage and hour laws, regulations and court decisions? 

Question 12

How effective is your organization at developing and monitoring Key Performance Indicators (KPIs) to ensure its performance is meeting your wage and hour objectives and obligations?

Question 13

How effective is your organization at aligning its wage and hour process with its business and talent management objectives and EEO and diversity goals?

Question 14

To what extent does your organization regularly review and update job descriptions and job performance standards?

Question 15

How proactive is your organization at disseminating compensation policies and practices that address such issues as external and internal equity, pay for performance equity, and your organization’s compensation communications?

Question 16

How effective is your organization at determining the impact that your compensation policies and practices have on the achievement of business objectives? 

Question 17

How effective is your organization at assessing the risks to the organization from ineffective, misaligned, or unlawful compensation policies and practices? 

Question 18

How proactive is your organization at surveying your employees, separated employees, as well as job applicants to determine their level of satisfaction with your compensation policies and practices?

Question 19

To what degree is your organization using compensation and wage and hour metrics to help measure and assess our compensation policy and practices?

Question 20

How effective is your organization at correctly engaging individuals to perform services as “independent contractors?”

Question 21

How effective is your organization at ensuring you pay each employee at least the current minimum wage?

Question 22

How effective is your organization at maintaining time and payroll records for our employees?

Question 23

How well and prominently does your organization display federal and state wage and hour posters?

Question 24

The FLSA exempts certain employees from overtime pay and the minimum wage. How would you assess your organization at treating certain employees as exempt from the overtime and minimum wage requirements of the FLSA?

Question 25

How effective is your organization at considering such factors as employees’ job classification, their profession, whether they are paid on a salary or hourly basis, or whether they agree to the exempt status in determining their payroll status?

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