That's exactly what IBM did. It even ended pager-pay... since we were always on the clock.
Information technology professionals are not entitled to overtime pay.
And my favourite:
Information technology professionals are not covered by the daily and weekly limits on hours of work
From what I could find, these were laws meant to cover fisheries and agriculture, where the seasonal nature of the work meant that the only time you would work on a harvest or catch was when there would be work. It was understood that the nature of the work was feast-or-famine, and it was paid hourly. If they had to pay overtime, they would be paying nothing but overtime. Strangely, the rules also included accounting, some screwball argument that month-end and year end was a busy period and that people could take time in lieu or have downtime between busy periods.
Somehow this slippery slope was extended to IT. As a salaried employee, it meant they could pay you *nothing*.
Thank you Dalton McGuinty.