The Department of Labor’s update to the overtime exemptions rules could cost you thousands in higher wages or employee lawsuits if you’re not prepared.

According to Paycor data, 64% of organizations have at least one employee who earns a salary of less than $47,476 a year. These employees could now be eligible to receive overtime pay.

Watch our 3-minute video to learn what these changes mean, how you will be affected, and what you can do now to prepare.