The Department of Labor just dropped a bombshell: a proposed rule that would expand overtime eligibility for millions of workers.

This rule would expand overtime eligibility for 3.6 million workers and would guarantee overtime pay for most salaried workers earning less than $1,059 per week, or about $55,000 per year.

This is a big deal. The current overtime threshold is $35,568, and it hasn’t been raised in over a decade. As a result, millions of salaried workers have been classified as exempt from overtime, even though they often work long hours.

The DOL’s proposed rule would change all that. It would force employers to reclassify millions of workers as non-exempt, meaning they would be entitled to overtime pay.

The Department of Labor estimates that the new rule could cost businesses up to $664 million over a 10-year period. This is because businesses would have to pay overtime to more workers, or increase the salaries of workers who are currently exempt from overtime.

The proposed rule is a win for workers, who would be guaranteed more pay for their hard work. However, it is a cost for businesses, which will have to adjust their budgets to accommodate the new rule.

Here are some of the potential impacts of the new overtime rule on businesses:

• Increased labor costs: Businesses would have to pay overtime to more workers, or increase the salaries of workers who are currently exempt from overtime. This could lead to increased labor costs for businesses.
• Changes to compensation structures: Businesses may need to change their compensation structures to ensure that they are compliant with the new overtime rule. This could involve increasing salaries, offering bonuses, or providing other forms of compensation.
• Reduced profits: The increased labor costs associated with the new overtime rule could reduce businesses’ profits.
• Increased administrative burden: Businesses would need to spend time and resources to ensure that they are compliant with the new overtime rule. This could include reviewing employee salaries, updating payroll systems, and training managers.

Overall, the proposed overtime rule is a positive development for workers, but it could have a negative impact on businesses. Businesses will need to carefully consider the potential impacts of the rule and develop strategies to mitigate the costs.

This is sure to shake up the workplace. Employers will need to decide whether to raise salaries, reclassify workers, or find other ways to comply with the new rule.

Small businesses are especially concerned about the impact of the proposed rule. They argue that it would be too costly to comply, especially in the current economic climate.

But labor advocates say that the proposed rule is long overdue. They argue that it would help to ensure that all workers are paid fairly for their work.

Only time will tell whether the DOL’s proposed rule will be finalized. But one thing is for sure: it’s a major development that could have a significant impact on the workplace.

Company: Payday Payroll (1337073)
Package(s):
30-Day Job Posting
Premium Featured Job Package
ApartmentCareers Social Media Package
Posted: 03/23/2023
Closing: 04/23/2023

Title: Director of Construction Mixed Use
Job ID: 18365243
URL: https://jobs.apartmentcareers.com/jobs/18365243

Job Description:

Founded in 2003, Presidium is a Texas-based real estate developer, owner, and operator with a 17-year operating history and an existing real estate portfolio totaling approximately $2 billion AUM.

We represent a spectrum of disciplines including acquisitions, development, property management, asset management, construction, law, finance, accounting, special servicing, and public-private partnerships. Presidium is committed to providing best-in-class housing for individuals of all income levels and creating great spaces that enhance people’s lives.

This position will be in the exciting new Mixed-use and Master planned Development Division working on three new exciting large-scale projects in the Austin area.

We are looking for a Director of Construction Developer who will serve as the primary stakeholder and a point of contact for coordinating Construction responsibilities with third party consultants, contractors and vendors and will function as liaison between internal cross functional technical teams.

Compensation is in harmony with this executive level role.

Responsibilities:

• Provides construction and budgeting input for planning, design and engineering for master planned, mixed-use and commercial projects that follows the life cycle of the project
• Performs cost estimating and/or coordinates third party cost estimating.· Reviews engineering & architectural drawings for constructability, scope-gap and completeness
• Creates, issues, coordinates project consultant & GC RFPs when required.· Reviews and negotiates construction and consultant contracts.· With the Project Developer, drive an efficient and cost-effective process to plan, design and construct project with a keen sense of urgency.·
• Navigate and lead key pre-construction processes for urban development sites, such as franchise utility coordination, clearing and demo permits, temporary easements, and staging and phase planning.
• Oversee construction team(s) in executing infrastructure and commercial projects
• Coordinates project scoping with general contractor and major subs.· Coordinates owner construction and FF&E procurement, as necessary.
• Interviews general contractors and major subcontractors.·
• Key member involved in selecting general contractors and major subs and negotiating GMP contracts.
• Responsible for a creating, managing and repricing a project’s hard cost budget.
• Responsible for tracking and reporting construction costs via collaborative project management software.
• Creates project construction schedules and participates in the creation and management of overall development project schedules
• Creates monthly reporting to the Development Executive Team on construction planning, budgeting and execution
• Performs change order review/creation for scope accuracy, cost accuracy, schedule impact and budget impact.

Job Requirements:
Qualifications:

• Bachelor’s degree in construction management or related field.
• 10-year minimum experience in construction project management/ project executive role working with contractors and/or developers on large, retail, office, mixed-use and/or master planned projects, both for horizontal and vertical construction.
• Successfully worked with general contractors, City of Austin inspectors, site contractors, architects, civil engineers, landscape architects, parking structure consultants, dry utilities consultants, public utility providers is a plus.
• Familiarity with Public Private Partnerships and the process of management, reporting, reimbursements, draws, and general administration associated with TIF/TIRZ/PID/Grant or other forms of public private funds.
• Strong experience in constructing substantial infrastructure projects including roads, utilities and storm water management.
• Able to work with CAD and BIM files to review and notate desired changes. · Flexible and able to work with a lot of uncertainty and ambiguity but adaptable enough to create order in a project.
• Highly collaborative and communicative with good verbal and written skills.
• Self-starter with a keen sense of urgency, great organization and a can-do attitude
• Able to dream big and to work with those who think unconventionally to create new or updated real estate product types.
• Able to take large ambitious projects and break them down into digestible components to successfully execute a vision.
  EOE

 

December 27, 2022 | Updated January 3, 2023

Rental housing industry executives weigh in on what they have seen during the past 12 months and what they expect to see in 2023 regarding the economy, rent growth, construction developments and legislation, among other factors.

1. Given the continued strong job growth and in-migration to Texas’ major markets, the long-term picture for rents and revenue growth is strong, though we do have some markets where new supply will likely lead to some flattening of the growth curve, and even a few months of rent reductions in some submarkets.

— Ian Mattingly, President, Luma Residential 

 

2. I think we are already seeing prices come down.  Units are starting to sit a bit longer and we have just started some concessions in certain markets.  With the expected recession, I think pricing pressure will for sure cause a decrease in market rents.

— Curt Knabe, CFO, Realty Center Management, Inc.

 

3. Another positive movement in the industry is flexible payment programs and microloans. These platforms allow our residents to pay rent on time to us, while also providing the ability for them to pay back over time to the vendor.

— Amy Weissberger, Senior Vice President, Corporate Strategy, Morgan Properties 

 

4. Occupancy remained strong throughout 2022 with a small surge in move-outs toward Q3 as people felt safe and ready for a change. We budgeted for strong occupancy in 2023, especially in the Class B and C product. Class A markets may have the largest negative impact in tertiary markets as the economy pushes renters to more affordable options.

— Ronda Puryear, President, Management Services Corporation

 

5. With the ending of many rental assistance programs, we have seen our occupancy tick down 2 to 3 points. For 2023, we would like our occupancy to hold steady in the low 90s.

— Jamin Harkness, President, The Life Properties 

 

6. The top challenges facing the multifamily industry today are the lack of availability of debt and equity for both new developments and acquisitions. Successful developers will focus on their best deals and be realistic about securing financing.

— Peter DiCorpo, Co-Founder and COO, Brook Farm Group

 

7. There are two major headwinds that we see. First is recession risk. Wall St. is putting a 65% to 70% probability of a recession, and we think the risk is even higher. That brings slower income growth among renters, loss of income and less demand as people double back up or move in with family. The second headwind is supply.

— John Foresi, CEO, Venterra Realty 

 

8. In Florida, we have seen insurance premiums double over the last three years, even in non-coastal areas. We are expecting insurance increases in 2023 could be as high as 30%.

— Bonnie Smetzer, CPM, HCCP, Executive Vice President, Asset Living

 

9. We’re not expecting much change in ’23, or at least until inflation, which tends to lag, comes in line closer to the Fed’s target objectives and interest rates or at least interest rate increases start to moderate.

— Jay Hiemenz, President/COO, Alliance Residential 

 

10. I think we will return to more normal rent increases and a departure from the double-digit new lease rents we have seen over the last two years.

— Lance Goss, Senior Vice President. HHHunt Apartment Living 

As originally published by the NAA: https://www.naahq.org/10-things-multifamily-executives-foresee-2023

Tracy Wood ~ October 24, 2022

Salary transparency is important to employees. According to a new survey by ResumeBuilder.com, the majority (88%) of workers would demand to know the salary range for their jobs if allowed under new salary transparency laws.

Of the 1,200 U.S. adults surveyed, over two-thirds (68%) said they would demand the highest end of the known salary range. More than 6 in 10 (63%) would demand equal pay if they found out their co-workers earn more money. A small percentage (4%) said they would quit upon learning this.

Pay transparency pays off for companies looking to hire new employees. The majority (85%) of workers say they are more likely to apply for a job that lists a salary range. Support for salary transparency laws is high (92%). Respondents believe that these laws will improve wage gaps (61%) and make it easier for job applicants (58%). Still, most (63%) feel it will be problematic to know how much their coworkers make.

According to Stacie Haller, career counselor and executive recruiter, top salaries are reserved for candidates who meet or possibly exceed every job requirement. “It remains to be seen if companies will list salary ranges in good faith and how candidates will use this information,” she said.

Tracy Wood ~ October 24, 2022

“Nobody wants to work anymore!”

We’ve all heard the phrase. Recently, it’s made its way back into common lingo–likely due to the large number of workers who left their jobs during the pandemic. 

According to the U.S. Bureau of Labor Statistics, more than 47 million Americans voluntarily quit their jobs in 2021. That year, nervous economists dubbed this mass exit from the workforce the “Great Resignation.” Today the labor market remains tight, meaning there is a surplus of vacant jobs and a shortage of available workers–seemingly supporting the argument that “nobody wants to work anymore!”

However, a recent viral Twitter thread, titled A Brief History of Nobody Wants to Work Anymore, featuring newspaper clippings that date back to 1894, exposed that the phrase has been in mainstream jargon for 100 years. What’s more, several leading economists researching the “nobody wants to work anymore” phenomenon have come forward to declare the “Great Resignation” a misnomer for recent labor trends. 

So what does all this mean, exactly? 

The Great Rethink 

At LinkedIn, they’ve renamed the “Great Resignation” to the “Great Reshuffle”calling out how workers aren’t actually leaving the workforce–they’re simply quitting their jobs for better jobs. Others have renamed it the  “Great Discontent”  or the “Great Upgrade” for the ways in which employees are raising their standards in qualitative areas (such as better mentorship, team culture, and mission) in addition to better pay. 

Most, however, have landed on the “Great Rethink,” pointing to how workers have been pushed to rethink their relationship with work and how it fits into their lives. For example, many employees (mostly women) have been forced to rethink their work-life balance to focus on childcare. For some, the “Great Rethink” is about finding more meaning and engagement in work. For others, it’s about switching industries to open up new pay opportunities.

Whatever the reason, the “Great Rethink” makes it clear: it’s not that nobody wants to work anymore, it’s that nobody wants to work the way they used to anymore. As a result of the massive disruption caused by COVID-19, employees’ priorities, attitudes, and behaviors have shifted–resulting in a tight labor market. 

This is likely what the recorded anecdotes in A Brief History of Nobody Wants to Work Anymore are signaling over and over again: a disruption. A shift. A rethink. A sign that people are working in new ways and leaving jobs that do not support their new priorities–and, most importantly, that employers have yet to catch up. 

According to the Bureau of Labor Statistics, labor force participation rate is expected to fall over the next few years–due to natural changes in the population (such as Baby Boomers retiring from the workforce). This swing has the potential to further tighten the already tight U.S. labor market. 

“Nobody wants to work anymore” gets that part right: something is wrong. However, it ignores the most essential piece of the puzzle: why. Why are employees leaving jobs? The why gives us insight into the what: what will it take to get America back to work? 

Back to Work

In mainstream media and economics, the “Great Rethink” focuses on the employee; it’s about how employees are rethinking their relationship to work and how work fits into their lives. But here at S2Verify, we think it’s all about employers. 

It’s about employers digging into the “why” behind current labor trends so they can figure out what employees want and deliver on it–ultimately encouraging participation in the workforce over time. The “Great Rethink” puts the onus on employers to rethink their own relationship to work and how it fits into the lives of their employees. 

At S2Verify, we support employers–the recruiters, hiring managers, and HR leaders on the front lines of the current labor problem. From background checks to employment verifications, we help employers streamline the hiring process and serve the modern worker. Together, we’re dreaming up a future where companies are thriving, employees enjoy their jobs, and America is back to work. 

What Does the Modern Worker Want? 

But, what exactly will bring Americans back to work? We’ve covered a lot of the “why” behind current employee behavior in the U.S. labor market, but what exactly does the modern worker want? 

During the next few weeks, we’ll explore this question on our blog and through our America Back to Work: Expert Interview Series. Read along as we go deeper into the tastes, attitudes, and behaviors of the modern worker. Learn practical tips for delivering on employee demands. Hear from industry experts as they dig into the data and offer best practices for hiring and retention.

To start the series, we’re focusing on one of the hottest topics in the space: the hiring process. On the blog, we’ll dig into the pain points of hiring in the current labor climate and share how to design a hassle-free hiring process for the modern employee–with powerful tools such as professional license verifications.

Then, join us virtually on Twitter Spaces for our first America Back To Work: Expert Interview Series on

November 4 at 1:00pm ET

with William Tincup, editor-in-chief at Recruiting Daily. He and co-founder and chief strategy officer, Arnette Heintze, go deeper into the current hiring landscape and the human capital demands of the present and future. 

Click here to save your spot today! 

Each month we examine our job market data to discover trends worth sharing. Here are some recent highlights you might find interesting:

From U.S. Federal Reserve Chair Powell’s September 21, 2022 press conference:

RACHEL SIEGEL (Washington Post): Are [job] vacancies still at the top of your list in terms of understanding the labor market?

CHAIR POWELL: Yes

 

So job vacancies are all that matter – they are the single most potent metric that captures the balance between supply and demand in the labor market. Our job listings provide a real-time view of the labor market, pre-dating BLS employment data by more than a month. Job listings continued to recede in September with active job listings down 3.2% month-over-month in the U.S. and across a majority of industries, locations, and occupations. As we’ve been saying, the labor market, while still very strong, continues cooling off.

Since the peak in March, U.S. total job openings indexed directly from company websites by LinkUp have dropped 16.5%. New job openings have dropped even more dramatically, falling almost 25% in the past 6 months.

As the country and the economy move further into a post-covid environment, supply chain issues are fading, the world is beginning to adapt to the war in Europe, and the economy is down-shifting to a less torrid pace.

As things start to normalize, and temporary contributors to inflation subside, the labor market remains strong, and wages continue to rise. Until the BLS released its August JOLTS data this week, there had been a growing fear that the Fed was going to have to keep hiking rates until unemployment rose considerably.

Luckily, August’s JOLTS data has, just as we predicted, calmed things down and the narrative has abruptly shifted to the possibility of a less aggressive Fed and the growing possibility of a soft landing—a decline in job listings rather than an increase in unemployment.

---

Change by state

Job listings dropped throughout the country in September, with only 4 states avoiding a decline.

Hiring velocity slow down

As the time it takes to fill job openings keeps climbing, hiring velocity continues to slow down. The average closed duration for jobs in the U.S. rose to 48 days, and the rolling 90-day average rose to 47 days.

Job data by industry

Our September data shows 95% of industries decreased their job listings since August. Only the Utilities Industry showed subtle growth at 0.4%. Labor demand fell slightly in both goods-producing industries as well as service-based industries.

As reported last month, the Information Industry continues to tighten hiring, and is again the industry taking the largest cuts to their listings, down 13% for the second month in a row. This tech trend isn’t driven by just one company (although jobs at Dish were down big), or a single location. Standing out as one of the few big names actually adding jobs: Salesforce.

New: Get weekly macro job reports

The buzz and intense interest around job opening data is growing—from renewed interest in the Beveridge curve, and monitoring public and private sector jobs, to exploring the tie between remote work and the house-price surge. Instead of waiting for this monthly email, or data from other sources that is even more delayed, we are pleased to offer a new data package available for purchase via subscription.

The LinkUp U.S. Macro Data Package is a collection of weekly and monthly curated job reports containing timely, accurate, and predictive data. The reports provide deeper insights into the job market—from a high-level all the way down to individual occupations, industries, and MSAs. Learn more »

Report: Signals from job listing data generate alpha
>Download the new LinkUp Job Market Data Performance Report. Leveraging our LinkUp Insights Platform powered by Exabel, allowed for rapid testing of our investment strategy hypotheses. Download the PDF to see more details, graphs, and results for our tested strategies for yourself.

 

AI driven insights + LinkUp job data

We have joined forces with RavenPack, the leading provider of Natural Language Processing (NLP) technology, and just last week we announced the release of RavenPack Job Analytics powered by LinkUp.

The new offering leverages NLP technology over our entire job listing database of 200 million job listings to provide actionable insights from macro to company trends, with knowledge graph of 5,000 roles and more than 3,000 skills, qualifications and benefits.

We’ll be showing this off more next week at the London RavenPack Research Symposium on October 11th. There’s still a chance to register if you haven’t done so already.

September 19, 2022 | 1 minute read
The apartment job market remained strong in the second quarter of 2022, because of the robust U.S labor market fueling apartment demand. In this edition of NAAEI’s Apartment Jobs Snapshot, employers posted more than 41,600 openings. Although the apartment market has begun to cool, job growth in the apartment industry is expected to outperform competing sectors by the end of 2022. Dallas, Los Angeles, Phoenix, Seattle and Denver were the top-ranking markets for apartment job demand. Leasing and maintenance postings increased compared to last year. In contrast, property management job postings fell by 1.1 percentage points.

The CARES Act moratorium ended in July 2020, but did you know that a drafting error in the law has allowed the temporary notice to vacate requirement to remain in place? It’s time for #Congress to provide a clear sunset date for the notice to vacate provision. #NAAadvocates [INSERT GRAPHIC]

The upcoming midterm #elections are too important to stay home. Your #vote will have a major impact on #housing policy for years to come! #NAAadvocates #NAAvotes

?Make sure you’re registered to vote today? https://naahq.quorum.us/campaign/41385/

Thank a Teammate Tuesday: July 19 Take a photo of your mentor or an awesome teammate. Then submit it with a caption about the impact they have had on your community.

Rental housing professionals, especially onsite team members, have been committing themselves to performing the vital work necessary to keep the community together and moving forward during these challenging times. The rental housing industry is taking time to celebrate our vital, onsite teams throughout the country for their dedication to keeping residents in our communities well served and safely housed during the COVID-19 pandemic.

Rental housing professionals, especially onsite team members, have been committing themselves to performing the vital work necessary to keep the community together and moving forward during these challenging times. The rental housing industry is taking time to celebrate our vital, onsite teams throughout the country for their dedication to keeping residents in our communities well served and safely housed during the COVID-19 pandemic.

To thank our onsite property teams, we are designating Wednesday, July 20 as Apartment Onsite Teams Day. The celebration will take place during RPM Careers Week, where we’ll be celebrating careers in residential property management.

Apartment Onsite Teams Day Toolkit

Here are ways to show your appreciation and spread the word about Apartment Onsite Teams Day.

Regardless of how you choose to celebrate our onsite team members, share your celebration with us on social media using the official hashtag: #APTeamsDay.