HR executives at banks and credit unions should be aware of a significant legal development regarding the U.S. Department of Labor’s (DOL) proposed salary threshold increases for exempt employees under the Fair Labor Standards Act (FLSA).
The labor market is starting to cool off after record-high pay raises in 2023 and 2024. Last year was the year of the outlier for the banking industry, with some jobs, like IT Business Analyst, seeming to have salary growth of up to 40% over the past two years in at least one national survey.
