Hear timely insights on marketplace conditions, proposed legislation, innovations, research, and success strategies from industry leaders, lawmakers, experts, and icons to help you propel your business forward and THRIVE.
Episodes
7 days ago
7 days ago
Small businesses expressed that inflation is their top concern with 93% of those surveyed indicating that for the past three years that it has been their primary focal point. Gene Marks shares the other concerns businesses have ahead of the election. This episode also focuses on how employers plan to use AI in hiring and the impact that could have. And for those who have pushed for a shorter work week, look to Iceland for the positive impacts such a move could produce. Listen to the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Oct 29, 2024
Tuesday Oct 29, 2024
We conclude our series live from the floor of HR Tech 2024 with John Phillips, vice president and general manager of Findem, an AI-driven talent acquisition platform. John explores how AI is reshaping the way businesses of all sizes connect with top talent — and it’s not just about speed and efficiency. The traditional "post and pray" model is being replaced by a more dynamic, targeted, and human-centric process. Curious how AI can help build stronger connections, reduce bias, and find the perfect fit beyond the resume? It’s all in this episode of Paychex THRIVE.
Topics include:
00:00 – Episode preview and welcome
01:21 – Introduction of John Phillips
01:46 – HR Tech 2024 highlights and trends
02:33 – Discussion on changing workforce demographics
03:46 – Impact of data consumption on younger generations
04:12 – Recruiting evolution and technology
05:17 – How AI enhances recruitment processes
07:00 – Speed and efficiency in hiring
08:12 – AI's role in inclusivity and reducing bias
12:16 – Creating a talent-first culture
13:29 – Benefits of efficient recruitment processes
13:57 – Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Oct 24, 2024
Thursday Oct 24, 2024
A study by the Small Business Administration reveals that breached records can cost as much as $164 per record and the cost of a breach to businesses with less than 500 employees can be as high as $3 million. Gene Marks shares some tips during Cybersecurity Month to help your businesses understand and mitigate threats. Gene also shares the skinny on the latest healthcare benefit employees seek; weight loss drugs. However, only 18% of businesses are offering it on their plans. Gene shares insights on the trend, as well as why one retail association predicts growth for the holiday season. Listen to the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Oct 22, 2024
Tuesday Oct 22, 2024
Feeling workplace dynamics shift under your feet? With at least five generations now sharing office space, the old one-size-fits-all approach just doesn’t cut it anymore. On this episode of Paychex THRIVE, live from HR Tech 2024, we chat with Pete Tiliakos from GxT Advisors about a hot topic at the conference — the diverse expectations of a multigenerational workforce. As businesses grapple with the challenges and opportunities presented by Millennials and Gen Z employees, Tiliakos shares how technology is key in bridging generational divides and creating a workplace where everyone thrives.
Topics include:
00:00 – Episode preview and welcome
01:26 – Introduction of Pete Tiliakos
02:18 – HR Tech 2024 highlights and trends
03:00 – Impact of evolving workforce needs
04:27 – Compensation strategies and technology
05:59 – Technology's role in pay experience
07:02 – Big data and tech for SMBs
08:12 – Empowerment through technology
09:01 – Evolution of HR and payroll roles
10:16 – Future of HR tech and AI
11:11 – Importance of human capital
12:08 – Crystal ball time: Predicting future trends
14:12 – Top three actions for a culture-first organization
16:27 – Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Oct 17, 2024
Thursday Oct 17, 2024
Owners of trades businesses such as plumbing and HVAC outfits are becoming millionaires by selling their businesses. Gene Marks looks at who and what is behind this latest trend. Also on this episode, Gene shares the findings of a survey that shows nearly three-quarters of business owners plan to replace their point-of-sale systems. What will this mean for customers and the business? In other trends, many business leaders are thinking about rescinding their work-from-home policy, which Gene doesn’t agree with. Listen to why he thinks this might not be a great move for anyone.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Oct 15, 2024
Tuesday Oct 15, 2024
In today's rapidly evolving HR landscape, technology is more than just a tool — it's a driving force reshaping the future of work. Ready to stay ahead? Join industry experts Stacey Harris and Cliff Stevenson from Sapient Insights Group for the second installment of our four-part series live from HR Tech 2024. Discover the latest trends and innovations redefining HR, along with practical examples of how to leverage them to create a more engaged and productive workplace. Tune in and let this episode of Paychex THRIVE serve as your guide to navigating the future of HR technology.
Topics include:
00:00 – Episode preview and welcome
01:28 – Introduction of guests
02:31 – HR Tech 2024 highlights from Cliff and Stacey
03:41 – Overview of AI and Skills Management session
04:44 – AI integration in business processes
07:06 – Influence of buyers and users on HR technology
07:50 – Impact of generational shifts on HR systems
11:06 – HR and IT collaboration
12:05 – Employee engagement and technology's role
13:35 – Spending trends and talent-centric solutions
15:15 – Top strategies for being a talent-first organization
17:25 – Workforce management strategies
18:54 – Crystal ball time: Predicting future trends
20:02 – Blurring lines between HR tech and productivity tools
20:26 – Rising importance of environmental data gathering
21:29 – Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Oct 10, 2024
Thursday Oct 10, 2024
Job growth and hourly earnings growth remained moderate, according to the Paychex Small Business Employment Watch for September. Gene Marks shares details from President and CEO John Gibson, who notes that external influences such as upcoming elections and rate cuts factor into the data. In California, employers need to know about a new law that offers freelancers certain protections, including around payment deadlines. In the southeast, businesses should be aware that funding is available to help post-Hurricane Helene and Milton from multiple sources.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Oct 08, 2024
Tuesday Oct 08, 2024
On this episode of Paychex THRIVE, Trish Steed and Steve Boese, from H3 HR Advisors, join us live from the show floor at HR Tech 2024. At this year’s conference, they note a marked shift from merely implementing technology for technology's sake to how it can genuinely enhance workplace dynamics and employee satisfaction. The emphasis is now on finding technology that opens up avenues for better communication, understanding, and support between employees and management, while also making HR tasks seamless and giving back valuable time for what truly matters — human connection. Trish and Steve underscore the importance of embracing technology, flexibility, and a deep sense of care to navigate the future of HR successfully.
Topics include:
00:00 – Episode preview and welcome
01:32 – Introduction of guests
03:00 – Insights on HR trends
03:47 – The impact of the current multi-generational workforce
05:07 – Expectations of younger generations
07:12 – HR technology’s impact on productivity
08:31 – The benefits of real-time employee feedback
09:17 – HR technology’s role in organizational flexibility
10:06 – An expanded approach to benefits
12:01 – The importance of unconventional benefits
13:14 – Supporting frontline managers with HR technology
14:13 – The importance of organizational transparency
16:31 – More discussion about support for frontline managers
17:57 – Creating a talent-first culture
19:46 – Holistic employee wellbeing
20:26 – The importance of growth and development opportunities
21:04 – The HR trends of the future
23:26 – Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Oct 03, 2024
Thursday Oct 03, 2024
On this special edition episode of Paychex THRIVE Week in Review podcast, host Gene Marks welcomes Rob Parsons, Manager of Brand and Content at Paychex, to the show to shares firsthand insights from the HR Tech show in Las Vegas. AI, once again, topped the list but Rob also talks about how at this year’s show the emphasis was on demonstrating its capabilities. The conversation includes the other major issue businesses face: recruiting, retaining, and engaging talent, as well as empowering employees with technology. You’ll also hear about new products Paychex has launched and how HR analytics are crucial in tying everything together to help businesses succeed. Listen to the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Oct 01, 2024
Tuesday Oct 01, 2024
How do successful small businesses focus on growth while also juggling changing regulations, employee wellbeing, and all that HR paperwork? They enlist a professional employer organization (PEO). Join host Gene Marks as he sits down with Tami Tillery, Senior Manager, PEO Employee Benefits at Paychex, to discuss how PEOs can transform your HR operations, providing a one-stop solution for payroll, benefits, compliance, and more. Tami also answers burning questions from entrepreneurs like you and shares expert insights on creating a happier, healthier workplace. Plus, learn about the surprising perks of employee assistance programs, including everything from legal support to dinner party planning.
Check out Tami’s webinar, Proven Techniques for Building a Happier, Healthier Team, here: https://bit.ly/3N6U721
Topics include:
00:00 – Episode preview and welcome
00:56 – Introduction of guest, Tami Tillery
01:38 – Explaining what a PEO is
02:48 – Benefits of using a PEO
03:55 – Compliance and administrative support
05:41 – Overview of Tami’s employee wellbeing webinar
06:11 – Addressing mental health issues
09:17 – Techniques for happier employees
10:54 – Monitoring employee wellbeing
13:51 – Communicating employee benefits
17:26 – Overview of EAPs
18:47 – Personal examples of EAP usage
21:04 – EAP services offered by Paychex
23:01 – Importance of EAP benefits
23:45 – Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Sep 26, 2024
Thursday Sep 26, 2024
The Federal Reserve finally cuts the interest rate, but Gene Marks is tepid on how much a quarter-point will really spur the economy since banks are still making it difficult for small businesses to access capital. Still, he talks about it being a step in the right direction on this week’s episode, which also shares results of a survey that show 30% of small businesses not understanding or even using the necessary insurance to protect themselves and employees, which Gene offers tips to help. Plus, labor takes over as the top concern for businesses, pushing inflation down a notch. Listen to the episode for more details.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Sep 19, 2024
Thursday Sep 19, 2024
In this week's episode, Gene Marks discusses concerns from a recent Wall Street Journal report about rising credit card delinquencies and higher interest rates, noting that banks, including Citibank, are worried about consumer's abilities to manage their debts. This could lead to decreased consumer spending, which impacts businesses across various sectors. Additionally, a new PYMNTS' report highlights cash flow issues for small businesses, showing that 70% have less than four months of cash reserves, with many owners foregoing their own paychecks due to financial strains. Gene also covers New York State's recently passed Retail Worker Safety Act where businesses with 10 or more employees must train workers in de-escalation techniques and those with 500 employees nationwide must also install panic buttons in retail stores for enhanced worker safety.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Sep 17, 2024
Tuesday Sep 17, 2024
A new study from two of Columbia Business School's brightest minds, Jinkyong Choi and Jorge Guzman, reveals a striking correlation between the opening of Starbucks locations and a subsequent increase in local business activity. Specifically, neighborhoods witnessing the entry of their first Starbucks saw approximately a 5% uptick in new businesses compared to areas without such an addition. Choi and Guzman join this episode of Paychex THRIVE to discuss this phenomenon and share why Starbucks, with its inviting atmosphere for lingering and networking, is accelerating small business growth.
Topics include:
00:00 – Episode preview and welcome
00:53 – Welcome and introduction of guests
02:28 – Jorge Guzman’s background
03:15 – Jin Choi’s background
03:54 – Overview of Choi and Guzman’s study
05:53 – Impact of Starbucks on local entrepreneurship
07:16 – Comparison with other coffee shops
09:52 – Starbucks' role in supporting freelancers
11:17 – Methodology of the study
13:16 – Is Starbucks choosing growing areas vs. causing growth?
14:28 – Implications of zoning board decisions on Starbucks locations
17:01 – Data sources for the study
18:02 – Impact of COVID-19 and study considerations
19:02 – Takeaways and strategies for small business owners
20:47 – Benefits of opening a business near a Starbucks
23:17 – Discussion on research about Starbucks and neighborhood entrepreneurship
24:28 – Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Sep 12, 2024
Thursday Sep 12, 2024
Hourly earnings growth fell below 3% for the first time since January 2021, according to the Paychex Small Business Employment Watch, which indicates the labor market is softening. Job openings have also decreased to pre-pandemic levels, also noting a softening labor market. Gene Marks notes that it could create opportunities to hire. Employers looking to save money or manage costs also might be interested in the trend of direct provider contracts for health care. Gene says it’s an interesting strategy in a health insurance landscape where rates keep rising. Listen to the podcast for more details.
Thursday Sep 05, 2024
Thursday Sep 05, 2024
Small and midsized businesses are feeling pinched as banks hold on to money rather than loaning it out, citing an uncertain economic outlook. Gene Marks says there is still funding to support those in need – and it isn’t the half-point the Fed might cut interest rates. At least businesses in the service industry don’t have to deal with the DOL’s tip credit rule after a federal court of appeals tossed it out for being “too granular.” However, as Gene points out, employees in that industry are expected to get the lowest raises in 2025, according to a survey. What can your business expect? Listen to insights on the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Aug 29, 2024
Thursday Aug 29, 2024
With predicted healthcare cost hikes to be as high as 9% in 2025 and annual enrollment approaching in a few months, Gene Marks employers prepare now. Consider offering multiple plans at multiple prices, going the HRA route, or consider captive insurance potentially to offset costs. Gene also discusses the court battle about the FTC non-compete ban, which one business group succeeded in getting stayed, and he has a simple suggestion. And with some businesses on deadline to provide Beneficial Ownership Information reporting, Gene says don’t risk the hefty fines. Listen to the podcast for more.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Aug 22, 2024
Thursday Aug 22, 2024
With July numbers in, the economy looks to be doing better than expected. Gene Marks points to an uptick in consumer spending, including with motor vehicle sales, and wages keeping pace with inflation. And even the inflation numbers look positive, although Gene says the rates for services such as childcare and insurance are skyrocketing and concerning. What might the Federal Reserve do? Small-business owners express confidence in numbers not seen in several years. And why not be confident when the SBA is offering a new line of credit that can help. Listen to the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Aug 15, 2024
Thursday Aug 15, 2024
At least one-third of business owners have widened their job search, according to a recent survey. These companies no longer require a bachelor’s degree for certain jobs, looking more so at the skills the applicants possess to do the role. Gene Marks says smart is smart and there are advantages to eliminating degree requirements. He also dives into the pros and cons of AI in handling some customer service tasks, and why health insurance rate hikes should have businesses preparing for 2025. Listen to the podcast for more details.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Aug 08, 2024
Thursday Aug 08, 2024
Earnings growth has shown modest gains for seven months, according to the Paychex Small Business Employment Watch, but the annualized 3.16% gain hovers right around inflation. Gene Marks explains what this could mean to businesses and employees. Business sale prices are up 25%, including a 17% jump in the service industry. Why? Millennials are buying rather than starting, but mainly many older owners are looking for an exit. Then there are those individuals not buying at all but, instead, are shoplifting out of necessity. What might this mean to a small business in terms of cost.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Aug 01, 2024
Thursday Aug 01, 2024
Businesses might want to prepare for Great Resignation 2.0 after a survey revealed that 30% of employees said they plan to quit their jobs by year-end. Why? Poor pay, lack of satisfaction, but Gene Marks points out that there is one “benefit” that can satisfy the dissatisfied Millennials and Gen Xers from the survey. Job seekers are experiencing similar dissatisfaction with employers who are ghost-posting, essentially listing openings that don’t exist. Another survey, this from the retail industry, found that employees have concerns over safety in the workplace. Listen to the podcast as Gene shares insights on how the labor market could be impacted by all of this.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Wednesday Jul 31, 2024
Wednesday Jul 31, 2024
Worker classification is complex and can be daunting for any business to navigate. In this episode of Paychex THRIVE, a Business Podcast, Gene Marks with Administrator Jessica Looman from the Wage and Hour Division of the U.S. Department of Labor the latest changes in regulations. Learn about the economic realities test, key definitions under the FLSA, and the new multifactor analysis approach designed to streamline and clarify these classifications. This episode is a must watch for business owners looking to comply with the latest standards and protect their employees and their business.
Topics Include:
00:00:02: Announcement of break and return in September
00:00:37: Episode Preview
00:01:52: Introduction of Administrator Jessica Looman
00:02:40: Jessica Looman’s role and the goal of USDOL
00:03:39: Fair Labor Standards Act and worker protections
00:06:21: New rule on worker classification
00:07:08: Economic realities test for worker classification
00:09:16: Factors for worker classification analysis
00:10:24: Explanation of profit or loss factor
00:12:57: Explanation of integral part of the business factor
00:15:46: Addressing federal, state, and local standards,
00:18:44: Impact of worker classification rules on freelancers and startups
00:20:02: Guidance on freelancers and independent contractors
00:23:32: Understanding business compliance requirements under the rule
00:26:07: Best practices and available resources
00:28:01: Misclassification consequences
00:30:02: Importance of proper worker classification
00:31:14: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Jul 25, 2024
Thursday Jul 25, 2024
The cost of health benefits is rising, but employers say they are prepared to maintain their current employee health plans. Gene Marks shares news about a study that said nearly half of employers surveyed said they would cover the costs, and many would add alternative benefits. That’s good news considering other topics on this week’s episode reveal that 34% of Americans are living paycheck to paycheck. Business owners will also want to audit their websites because a NYC firm is bringing lawsuits against those lacking web accessibility under the ADA. Watch or listen to the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Jul 23, 2024
Tuesday Jul 23, 2024
With a multigenerational workforce, understanding the unique needs of each – Baby Boom to Gen Z – is crucial for your business in managing employees, as well as from the standpoint of recruitment and establishing a workplace culture. Host Gene Marks speaks with Diana Scott, U.S. Human Capital Center Leader at the Conference Board about shifting priorities of the new generations, leaning heavily on flexibility and personalized benefits, and how insights on communication can help ensure employee satisfaction across the generations. Watch or listen to Paychex THRIVE, a Business Podcast.
Topics Include:
00:00:00: Episode preview
00:01:10: Introducing of Diana Scott
00:01:37: Overview of the Conference Board
00:04:15: What does the U.S. Human Capital Center do?
00:05:36: Research on what employees value
00:06:43: Importance of flexibility in the workplace
00:09:57: Balancing employer and employee needs
00:10:46: Generational differences and workplace culture
00:14:15: Competitive advantages of small businesses
00:16:48: Importance of flexibility for women in the workforce
00:18:51: What is "care washing"?
00:21:39: Competitive benefits such as parental leave
00:22:03: Additional benefits like pet insurance and legal support
00:23:06: Challenges and strategies for recruiting in a tight labor market
00:24:26: Use of AI technology in recruitment
00:26:01: Leadership and company culture
00:27:21: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Jul 18, 2024
Thursday Jul 18, 2024
We explore the dynamic integration of AI in recruitment and talent solutions, as Operational President Dawn Fay of Robert Half shares her three decades of experience on Paychex THRIVE, a Business Podcast. The episode delves into the significant efficiencies AI brings to the candidate matching process, yet also emphasizes the importance of human interaction in final candidate selection. Host Gene Marks also brings in topics such as unlimited PTO, four-day workweeks, and much more.
Topics Include:
00:00:00: Episode Preview
00:01:49: Overview of Robert Half its services
00:02:17: Introduction of Dawn Fay and her background
00:02:55: How recruiting firms help in a tight labor market
00:03:49: Importance of specialization in recruiting process
00:07:04: Benefits of using recruitment firms
00:07:55: Value in using contractors and temporary staffing
00:10:16: Services provided during recruiting process
00:12:00: Ensuring the right fit in hiring and recourse for bad hires
00:13:50: Changes in the recruitment industry over the years
00:14:48: Leveraging AI and technology in recruitment
00:16:18: Key workplace issues – work from home, flexibility
00:18:21: Thoughts in unlimited paid time off
00:19:56: Insights on mental health benefits
00:21:55: Pros and cons of small vs. large companies
00:24:15: What makes an ideal client for a recruiting firm?
00:25:53: Recruiting advice for 2024
00:27:38: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Jul 11, 2024
Thursday Jul 11, 2024
The Paychex Small Business Employment Watch reports that employers keep adding jobs, although the pace is slowing. A report by the National Federation of Independent Businesses shows employers have solid hiring plans but nearly 40% failed to fill open positions – with 85% saying they had no qualified applicants. Another report says businesses are favoring part-time workers, and the U.S. government adjusted its job figures while the Wall Street Journal indicates 90% of those jobs rely on federal involvement. Gene Marks connects the dots for what this means for businesses.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Wednesday Jul 03, 2024
Wednesday Jul 03, 2024
With the U.S. DOL's New Overtime Rule taking effect July 1, FLSA-covered employers across the country are subject to the rule's updated salary thresholds for Executive, Administrative, and Professional white-collar exemptions and HCE employees. The DOL is, however, temporarily restrained from enforcing the rule against the state of Texas, as an employer, after a federal district court issued a preliminary injunction. Tammy Tyler, Employment Law Compliance Manager of Compliance Risk at Paychex, shares insights on the rule and how employers may respond, including how communication and training are essential.
Topics Include:
00:00:00: Episode Preview
00:01:00: Introduction of Tammy Tyler
00:01:21: New Overtime Rule in effect
00:01:41: Explaining the new rule
00:04:18: Changes in amount of salary threshold for OT Rule
00:05:40: Salary threshold is aper-week basis
00:06:34: Significant and additional increase to threshold coming Jan. 1
00:07:39: Which employees does this rule actually impact?
00:09:37: Consider a workplace policy on overtime policy
00:11:07: Bonus and other remuneration – what impacts do they have?
00:12:18: Why tracking time for nonexempt employees is crucial
00:13:10: Negative outcomes of noncompliance
00:14:05: Actions businesses can take to ease the transition
00:15:26: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Jun 27, 2024
Thursday Jun 27, 2024
A study from job posting platform Indeed shows that 70% of postings in U.S. this past year did not include years of experience and education. Gene Marks shares insights on this trend, including that on-the-job training seems to be the preference. This episode also looks at the potential of an increased tax on small businesses based on a Supreme Court decision, as well as why Texas, Florida and Wyoming fare better in rankings for businesses than Mississippi and even California.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Jun 25, 2024
Tuesday Jun 25, 2024
American Crane in Pennsylvania is a perfect example of succession planning done right. President and CEO Karen Norheim shares the ins and outs of how the company she co-owns with her sister maneuvered from her late father to his daughters, and how they are now supporting and fostering the third generation. In her conversation with Gene Marks on Paychex THRIVE, a Business Podcast, she talks about the importance of preserving company culture, establishing a family council, being a mentor, and the value of acknowledging emotions at work. Watch or listen to the podcast.
Topics Include:
00:00:00: Episode Preview
00:02:00: Introduction of Karen Norheim
00:03:00: What does American Crane do?
00:08:00: Karen's journey joining the family business
00:10:00: Succession planning details
00:12:42: The importance of preserving the company's culture
00:13:23: Creating a family council
00:15:53: Role of expert consultants in success planning
00:18:28: How the family council meeting support success
00:22:35: Transitioning leadership in a male-dominated industry
00:25:18: The importance of mentorship
00:27:45: Shared experience in women's business groups
00:29:02: Finding customers, common ground, and role models
00:32:58: Encouraging the next generation's involvement
00:34:20: Acknowledging and understanding emotions in business life
00:35:51: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Jun 20, 2024
Thursday Jun 20, 2024
Some employers in California can get some financial help to cover the expenses of having workers out on Paid Family Leave under a new grant program that offers up to $2,000 per employee. Gene Marks shares details, as well as spotlights the recent increase of the sales of small businesses – noting that it is an excellent way for the next generation of entrepreneurs to start a business. And getting a restaurant reservation in New York might get a little easier if a law bans bots from saving a place at the table.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Jun 18, 2024
Tuesday Jun 18, 2024
What should an effective recruitment site have to draw interest from the top technology professionals? Gene Marks has a conversation with Art Zeile, CEO of the established recruiting platform Dice to find out more. Zeile shares insights on including culture and other aspects of your company to create a better picture for potential candidates, as well as what the future landscape of tech recruiting might look like and his thoughts on AI. Listen to Paychex THRIVE, a Business Podcast for more.
Topics Include:
00:00: Episode Preview
01:11: Introduction of Art Zeile
02:00: What is Dice and what does it do?
04:51: Different approaches to recruiting tech professionals
08:05: Trending jobs on the Dice platform
11:36: Cost structure for using the platform
13:11: Dice developing a free model
15:48: Unique benefits to using the platform
16:35: From Dice user to Dice CEO
18:17: Tips for finding good tech candidates
19:05: Understanding the tech communities' work preferences
21:22: Importance of expressing company culture in postings
22:30: Discussion on AI and its relevance
23:37: Integration of AI in different business functions
25:19: Encouragement on learning AI-related skills
27:01: Dice’s approach to recruiting in future
28:03: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Jun 13, 2024
Thursday Jun 13, 2024
Gene Marks delves into various key topics in this episode. He starts by discussing the impact of the Department of Labor's new overtime rule, effective from July 1. The rule not only adjusts financial thresholds for overtime pay eligibility but also emphasizes fair compensation across industries, urging businesses to align with these new norms. View our on-demand webinar at https://go.paychex.com/OT-rule.
Moving on to small business employment trends, Gene highlights an uptick in weekly hours worked but notes a slowdown in hourly wage growth. He also addresses the Small Business Administration's unveiling of a new working capital loan program that provides swift access to working capital through SBA's bank network, distinguishing it from traditional loan offerings.
One crucial aspect Gene touches upon is the provision of 401(k) benefits, essential for employee retention and satisfaction. Despite the benefits these plans offer, a significant number of small businesses, particularly those with 1-50 employees, still do not provide 401(k) benefits.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Jun 11, 2024
Tuesday Jun 11, 2024
With technology evolving at lightning speed, small businesses are increasingly looking towards artificial intelligence (AI) and automation to streamline operations and foster growth. Irana Wasti, chief product officer at BILL, joins this episode of the Paychex THRIVE podcast to shed light on this trend. She highlights the transformative potential these technologies offer small businesses; allowing them to move beyond the constraints of manual processes to a more strategic, insight-driven approach. Tune in to hear how the pathway to increased efficiency, better decision-making, and ultimately, greater success, can be achieved through the latest technology.
Topics include:
00:00 – Episode preview and welcome
01:15 – Introduction of Irana Wasti
03:45 – Irana's experience in SMB technology
04:10 – Emergence of digitalization for SMBs
05:15 – Predictions for outdated technologies and SMBs
06:10 – The challenge of managing digital solutions for SMBs
07:20 – The role of younger generations in technology adoption
08:35 – Meeting customers in their platform preferences
10:13 – The challenge of an all-encompassing business platform
13:08 – Describing BILL's ideal customer profile
16:18 – Justifying the return on investment for BILL
19:50 – The need for real-time data in decision making
20:39 – The relevance of AI for SMBs
21:34 – Business owner concerns about AI
24:16 – How AI can solve integration problems
26:00 – Discussing security and data issues with AI
29:52 – Managing risks and rewards with AI
31:02 – Future innovations in cash flow management with BILL
33:01 – Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday Jun 06, 2024
Thursday Jun 06, 2024
Artificial intelligence is everywhere, so much so that the U.S. Department of Labor issued principles for developers and employers on worker well-being. Basically, as Gene Marks explains, this is a roadmap to create policies that offer protection and benefits in the deployment of AI at work. Why? Well, look at Google rolling back some features after a query pulled in that pizza should be made with glue. Gene notes the tech is new and will get better, much like the small businesses that use AI to gain a stronger hold in the e-commerce world.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Wednesday Jun 05, 2024
Wednesday Jun 05, 2024
CalpCPA President and CEO Denise Froemming discusses the dynamic shift of the accounting profession and inroads being made to attract the next generation of savvy workers, including how to align the image of what a CPA could be more closely with the values of Gen Z. She shares with host Gene Marks on Paychex THRIVE, a Business Podcast, the reason for rebranding CalCPA, with the aim to become more relatable and modern, as well as to showcase the many different avenues that CPAs can take and how that makes it a more stable profession than many others.
Topics Include:
00:00:00: Episode preview
00:01:03: Introduction to Denise Froemming
00:02:10: Changing perceptions on the profession
00:05:35: Opportunities and shifts in the CPA profession
00:09:03: Recruitment and attracting a younger generation
00:11:04: Embracing AI and future technologies in the profession
00:14:51: Connecting with a diverse CalCPA membership
00:17:25: Addressing different needs of CPAs in cities vs. rural areas
00:19:06: Advocacy for members of a state society
00:20:14: Value and relevance of programs to members
00:23:03: Networking, aid for smaller firms
00:24:10: Innovation and digital transformation
00:27:17: Innovative member firms and creating culture
00:28:19: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Jun 04, 2024
Tuesday Jun 04, 2024
On this episode of Paychex THRIVE, Gene is joined by investment guru Lyn Alden, founder of Lyn Alden Investment Strategy. They delve into the complex world of the stock market and examine the tactics needed to make successful investments. From using the traditional 60/40 portfolio model to selecting individual stocks to evaluating cryptocurrency, Lyn offers a variety of comprehensive strategies to help individual investors optimize their returns. Tune in to learn more about how to navigate the intricate dynamics of the stock market with greater confidence.
Topics include:
00:00 – Episode preview and welcome
01:01 – Introduction of Lyn Alden
01:23 – The pros and cons of writing a book
05:04 – Discussion about the 60/40 investment strategy
09:33 – Outlook on the 60/40 portfolio’s future
11:27 – Recommendations for stock portfolio makeup
14:08 – Lyn’s personal stock strategy
15:08 – Advice for selecting individual stocks
17:06 – Evaluating companies to invest in
19:02 – Trigger points for selling a stock
21:46 – Using personal experience when making investment decisions
23:55 – The impact of big entities on smaller investors
27:06 – The edge small investors have
28:01 – Discussion on crypto investments
31:31 – Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday May 30, 2024
Thursday May 30, 2024
Some small businesses have brought a lawsuit against OSHA and its Walkaround Rule, objecting to an inspection policy that they call an overstep onto private property and something that doesn’t advance worker safety. Gene Marks tackles the subject, as well as a new trend called secret PTO by employees and what he calls the foolishness of a proposed six-day workweek.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Wednesday May 29, 2024
Wednesday May 29, 2024
Calvin Harris has one of the most geographically and economically diverse state accounting professional societies to oversee as CEO of the New York State Society of CPAs. He brings his diverse experiences to the role, emphasizing building relationships and partnerships while stressing key factors such as harnessing and leveraging AI to reinvent the work CPAs do and the roles they can create. He talks on Paychex THRIVE, a Business Podcast, about how to bridge the gap between traditional practices and innovative approaches – including recruitment – and how to appreciate the adaptable nature of the profession while finding balance in your personal life.
Topics Include:
00:00:00: Episode Preview
00:01:10: Introduction to Calvin Harris
00:01:29: Some Background on Calvin Harris
00:02:42: Calvin's Love for Funny T-Shirts
00:05:13: Differences Between CFO and CEO Roles
00:06:16: Challenges of Being a CEO - Balance of Costs and Investments
00:08:59: Unique Needs of New York CPAs
00:09:30: Importance of Local Chapters for NYSSCPA
00:14:08: Recruiting for Accounting Profession
00:16:10: Technology’s Impact on the CPA Profession
00:18:24: Changes to the CPA Exam and Requirements
00:21:56: Investing in Yourself and Your Career Path
00:24:42: Future Focus for Accounting Professionals
00:26:00: Using Technology as Leverage in Career
00:27:05: What’s New and Where are the Successes
00:29:11: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday May 28, 2024
Tuesday May 28, 2024
With the Dow soaring to a record-breaking 40,000 and the market doubling from its COVID lows just four years ago, the current financial climate is buzzing with potential. Gene is joined by CNN Business Reporter Matt Egan to discuss this and other hot market topics on this week’s episode of Paychex THRIVE. Matt shares the impact a steady rise in the market has on consumer behavior and employment decisions, along with how inflation and interest rates can both help and hinder this growth. Gene also gets Matt’s thoughts on the resurgence of meme stocks, the potential shift towards a four-day workweek, and the possibility of another real estate boom.
Topics include:
00:00 – Episode preview and welcome
01:03 – Introduction of CNN Reporter Matt Egan
01:20 – Recollection of market lows during the Great Recession
03:03 – Context around recent stock market highs
04:33 – Discussion on the Dow and its impact
06:04 – Importance of Dow as a market indicator
08:02 – The market as a confidence factor for business owners
11:18 – Discussion on insider trading and its impact
13:00 – Media's influence on the market and the ethics of reporters investing
13:44 – Connection between interest rates and stock market
16:46 – Prediction for future interest rates
17:30 – Business costs in relation to inflation
19:05 – Reflection on the change of inflation over time
19:45 – Discussion on inflation and interest rates
25:17 – Introduction of the four-day work week
28:04 – Return of meme stocks
31:49 – Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday May 23, 2024
Thursday May 23, 2024
New York has done what no other state in America has, but what will offering 20 hours of prenatal paid leave to employees – on top of other leave time they are entitled to under the law – mean to employers? Gene Marks has a few thoughts on the topic, including that this might become a national trend. Job openings are down one-third since 2022, but still remain at an historic high. Gene shares his take on what has changed to bring on those results, along with why a major credit card company is trying to reduce the number of cards in your wallet.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Wednesday May 22, 2024
Wednesday May 22, 2024
CEO Shelly Weir discovered that her notions of what CPAs were like differed from who they actually are when she came to the Florida Institute of CPAs. Putting aside the “number crunchers” concept, she has leaned into their strategic and critical thinking skills and their people-person approach to help revamp educational efforts to the next generation of accounting professionals. With Florida growing so quickly, the need for quality and specialized CPAs is growing, too, and she details on Paychex THRIVE, a Business Podcast, what FICPA is doing to address this. Weir also shares her take on AI and how it can reshape the accounting profession.
Topics Include:
00:00:00: Episode preview
00:01:01: Introduction to Shelly Weir
00:01:29: Background of Shelly Weir
00:05:50: Learnings about CPAs
00:06:17: Qualities of successful CPAs
00:09:07: Specialization in CPA profession
00:12:41: Major CPAs’ specialties in Florida
00:16:03: Unique CPA practices in Florida
00:20:43: Pipeline and recruiting in the profession
00:21:16: National level recruitment challenges and solutions
00:26:59: Programmatic solutions for recruitment
00:28:10: Certification requirements discussion
00:30:59: Impact of work-from-home on accounting profession
00:33:27: Future of Remote Work – a Florida perspective
00:37:21: Future of AI in the accounting profession
00:40:58: Impact of AI in accounting profession
00:42:01: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday May 21, 2024
Tuesday May 21, 2024
This week on Paychex THRIVE, class is in session with Shefali Milczarek-Desai, a distinguished scholar and associate professor of law at the University of Arizona. She joins Gene to explore the complex subject of worker classifications as understanding its intricacies is more than a compliance exercise — it's an operational necessity. Shefali provides insights into recent changes in worker classification regulations, particularly focusing on new rules surrounding independent contractors, bringing attention to their impact on wages, benefits, and protections. This episode also explores the legal and financial implications of misclassification, along with strategies to avoid it. This is one class you don’t want to skip.
Topics include:
00:00: Episode preview and welcome
01:22: Introduction of Professor Shefali Milczarek-Desai
05:24: Introduction of worker classification discussion and rule changes
06:57: Explanation of the Fair Labor Standards Act and its implementation
10:52: Navigating the six factors for determining worker classification at the federal and state levels
15:02: Defining independent contractors vs. employees
17:03: Reviewing the Economic Realities Test
20:27: Department of Labor and IRS role in worker classification
22:15: Advice for business owners on navigating worker classification rules
26:25: Consequences of misclassification
28:41: Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Wednesday May 15, 2024
Wednesday May 15, 2024
A revamp of the lending structure has some people praising a more streamlined process to get an SBA loan, while others are mad at the additional complexities involved. Regardless, Gene Marks says SBA loans are still a great way to go for small businesses seeking funding. A study finds that pet bereavement leave has many advantages – recruitment, though? Yes, Gene says with so many pet owners, providing this low-cost benefit can draw talent in and help keep them. And why has Gen Z looked to the trades? Lower cost in obtaining education and certification, not to mention earnings potential.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Wednesday May 15, 2024
Wednesday May 15, 2024
Aiysha “AJ” Johnson, CEO and Executive Director of the New Jersey Society of CPAs, says raising awareness at an earlier point in the education process is key to creating a successful pipeline in the accounting profession. The validation of that choice comes when individuals realize the many avenues a CPA can take to help any business in any industry sector grow. She also talks about work credit programs with colleges and firms on Paychex THRIVE, a Business Podcast.
Topics Include:
00:00:00: Episode Preview
00:02:03: Introduction to Aiysha “AJ” Johnson
00:03:17: Aiysha Johnson’s Career Path
00:07:25: Overview of NJCPA
00:09:00: AJ’s Role as a CEO
00:12:48: Aligning work for credit program with colleges and firms
00:17:25: Challenges of recruitment in the profession
00:19:00: Approach of pipeline task force
00:22:00: State requirements for certification
00:25:05: Bringing exposure to accounting to younger students
00:28:44: Opportunities for CPAs in other industries
00:32:38: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday May 14, 2024
Tuesday May 14, 2024
On this episode of Paychex THRIVE, U.S. Senator Todd Young (R-Indiana) joins host Gene Marks to discuss the role of lawmakers in fostering AI innovation, its security, and risk mitigation. Senator Young dives into the bipartisan AI policy work he’s currently conducting in the Senate; sharing how this collaborative approach and thoughtful legislation can support the evolution of AI technologies. He also highlights financial mechanisms policymakers are using to stimulate innovation, specifically touching on the R&D tax credit and the impending reforms that are designed to help American business owners develop a thriving future economy.
Topics include:
00:00: Episode preview and welcome
01:23: Introduction Senator Todd Young (R-Indiana)
02:22: Role of legislation in AI
04:13: Steps towards AI legislation
06:02: Discussion about qualification to regulate technology
09:32: Introduction to the Future of AI Innovation Act
12:16: Implications of AI on learning
14:14: Explanation of the R&D tax credit and its impact
16:13: Proposed reforms to the R&D tax credit
20:07: Comparison of U.S. R&D tax provisions to other different countries
21:29: Importance of the R&D tax credit to non-tech sectors
24:29: Upcoming tax and election year issues
27:02: Paying for expanding tax provisions
30:08: Bipartisan tax agreement possibilities
32:15: Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday May 09, 2024
Thursday May 09, 2024
A nearly two-year trend in deceleration of hourly earnings growth ends as the Paychex Small Business Employment Watch shows a 3.34% increase in April. Gene Marks highlights other data from the report that business can use. One thing businesses are using more of is credit cards, and Marks says that if done properly, that’s OK, especially with high interest rates for loans. And you’ll be surprised at the percentage of employees who would rather work for a small business, according to a survey. Gene shares insights why this might be the case.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Wednesday May 08, 2024
Wednesday May 08, 2024
Jodi Ann Ray, CEO of the Texas Society of CPAs, talks about the efforts of TXCPA to create a better pipeline in the accounting profession that faces gaps with an upcoming retirement wave, including leveraging AI and other technology to drive growth and expand the advisory role of CPAs. She also acknowledges the need for more diversity and inclusion in the profession, including the rise of women in leadership roles, in her conversation with Gene Marks on Paychex THRIVE, a Business Podcast.
Topics Include:
00:00:00: Episode Preview
00:01:22: Introduction of Jodi Ann Ray
00:03:37: Discussion about variations between CPA groups
00:04:03: The role of CPAs in society
00:05:20: Discussion about the diversity in CPA groups
00:06:45: Discussion about female leadership in CPA groups
00:08:36: Services provided by Texas CPA society
00:09:25: Importance of advocacy by Texas Society of CPAs
00:12:38: What are the demographics of CPA firms in Texas
00:13:25: Recruitment solutions for CPA professionals
00:17:10: Opportunities in CPA profession
00:18:34: The versatility of the CPA profession
00:21:32: CPE credits
00:25:11: Impact of AI in the accounting profession
00:30:24: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday May 07, 2024
Tuesday May 07, 2024
On this episode of Paychex THRIVE, distinguished labor economist and Harvard professor Dr. Richard Freeman joins host Gene Marks to navigate the future of work in an era of rapid technological advancement. With the rise of artificial intelligence (AI) and significant shifts in labor economics, the debate around employee ownership becomes more relevant. Dr. Freeman paints a compelling picture of a future where workers share the fruits of innovation and are not left behind by technological advancements. Tune in as he encourages listeners to consider employee ownership structures to boost productivity, foster a sense of shared investment, and ensure equitable distribution of AI-induced wealth.
00:00: Episode preview and welcome
01:34: Introduction of Dr. Richard Freeman
02:19: Discussion on AI’s impact on labor
07:06: AI as a potential solution to global problems
10:29: History of job replacement by technology
11:35: Impact of AI on jobs and opportunities
15:12: Discussion on employee ownership
18:15: The benefits of employee ownership
21:00: The tax advantages of employee-owned businesses
22:04: Possible reasons for low growth in employee ownership
24:51: Differences between ESOP and other forms of ownership
27:32: Historical perspective on American democracy and work
28:38: Richard’s ideals ownership scenario
34:15: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Thursday May 02, 2024
Thursday May 02, 2024
Federal agencies got on a roll last week by announcing three new regulations that will change how businesses deal with protecting proprietary information, handling overtime and the classifying of exempt and non-exempt employees, and the use of broadband services. Gene Marks shares some thoughts on each of these pocketbook issues and how businesses might approach prior to the rules going into effect.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Wednesday May 01, 2024
Wednesday May 01, 2024
Jennifer Cryder, CEO of the Pennsylvania Institute of CPAs (PICPA), spells out some of the challenges facing CPAs and their firms, largely around hot having clients understand the value of a CPA’s advisory role and sometimes a CPA not grasping the idea that they are advisers. The accounting profession, like almost all industry sectors, faces issues with recruiting and retaining talent. Cryder’s conversation with Gene Marks on Paychex THRIVE, a Business Podcast, sheds some light on how her state association is addressing issues of modernization through AI, professional development, and rethinking the business model firms have used for decades.
Topics Include:
00:00:00: Episode Preview
00:00:54: Introduction of Jennifer Cryder
00:02:12: Challenges facing CPA profession
00:03:24: Examples of challenges, including talent acquisition
00:04:43: Future of CPA firms and the advisory role
00:10:11: What’s happened to the small, local firms?
00:13:26: The value a CPA can offer
00:16:35: Recruiting challenges in the CPA profession
00:19:18: Initiatives For Retaining Good Talent
00:23:09: Metrics and job evaluation
00:27:18: Advice on collaboration with CPAs
00:30:57: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Tuesday Apr 30, 2024
Tuesday Apr 30, 2024
Quickly evolving technology such as artificial intelligence coupled with changing labor dynamics have altered the workplace. Labor economist and MIT professor David Autor delve into these two critical areas in his conversation with Gene Marks on Paychex THRIVE, a Business Podcast, to help the audience understand the shifting trends impacting businesses. They also discuss strategies around integrating AI-driven insights with human expertise.
Topics Include:
00:00: Episode Preview
00:01:01: Introduction of David Autor
00:01:40: Autor’s background
00:03:32: Discussion on industry dynamics
00:03:51: Impacts of AI on labor markets
00:08:33: AI and decision making in various industries
00:09:37: AI and skills re-evaluation
00:11:19: Skills needed for future with AI
00:15:19: AI's current potential
00:17:16: Long-term impact on labor markets
00:18:17: Discussion on potential disruptions of future technology
00:23:16: Discussion on minimum wage debate
00:29:45: Current state of workforce after pandemic
00:33:24: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.