Paychex THRIVE, a Business Podcast

Earnings Growth Falls, Job Openings Decline, and Direct Provider Health Care Contracts

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.

Banks Tighten Lending Standards, DOL Tip Credit Rule Tossed, and 2025 Pay Raise Rate

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.

Soaring Healthcare Costs, FTC Non-Competes Ban, and Risk of BOI Reporting Fines

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.

Consumer Spending Defies Inflation Fears, Small Business Owners Show Confidence, SBA Offers Line of Credit

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.

Wanted: Skills Not Degrees, AI for Customer Service, Help with Health Insurance

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.

Wage Growth Near Inflation Rate, Business Acquisitions up 25%, and the Cost of Shoplifting

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.

Great Resignation 2.0, Job Post Ghosting, and Retail Workplace Safety Survey

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.

Worker Classification: Administrator Looman Explains Key Changes by USDOL

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.

More Benefits Amid Rising Costs, Living Paycheck to Paycheck, and Web Accessibility Lawsuits

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.

Flexibility and Leadership in the Workplace

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.

 

The Recruitment Process: Navigating AI and Human Collaboration

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.

 

Small Business Employment Watch, Other Sources: Jobs Available, Qualified Candidates Are Not

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.

New Final OT Rule: What Businesses Must Know about Compliance

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.

Education Missing on Job Postings, Taxing Unrealized Gains, and the Best and Worst Business States

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.

Strategic Succession Planning: Secure Your Family's Business Future

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.

CA Offers PFL Grants, Sales of Small Businesses Up, and NY to Outlaw Restaurant Reservation Bots

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.

Recruitment Innovation: Dice.com Leverages Job Postings for Tech Hires

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.

DOL’s Overtime Rule, Increase in Job Growth, Capital Loan Program, and Businesses Not Offering 401(k) Plans

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.

Redefining Small Business Operations in the Digital Age

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.

AI: Principles of Well-Being for Policies, a Google Rollback, Level the Business Playing Field

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.

CA CPA Spotlight: CalCPA CEO Says Learn from Tech, Change, and the Next Generation

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.

Strategies for Today's Markets: Adapting to the New Investment Landscape

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.

OSHA Walkaround Rule Challenged, Secret PTO, and a Proposed Six-Day Workweek

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.

NY CPA Spotlight: Innovation and Recruitment Mark the Future of Accounting Profession

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.

Matt Egan on the Latest Market Trends: Interest Rates, Inflation, and Meme Stocks

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.

Prenatal Paid Leave in N.Y., a Shift in Job Openings, and Visa Looks to Fewer Credit Cards

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.

Florida CPA Spotlight: How Will Specialization and AI Shape Accounting Profession?

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.

Worker Classification 101: What Business Owners Need to Know

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.

Changes to SBA Loan Process, Pet Bereavement Leave, and Gen Z Eyes the Trades

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.

NJ CPA Spotlight: Raising Awareness, Building Talent Pipeline to Unlock Potential of Next Generation of CPAs

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.

 

AI Policy and R&D Tax Credits: Empowering Businesses

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.

Hourly Earnings Growth Increases, Credit Card Usage Up, Employees Prefer Small Businesses

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.

Texas CPA Spotlight: AI’s Impact, Expanding Role of CPAs, and Diversity in the Accounting Profession

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.

The Potential for Employee-Owned Businesses in the AI Era

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.

Some Non-Competes Invalidated, Final OT Rule, and Net Neutrality is Back

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.

PA CPA Spotlight: Accounting Firm Challenges – Modernization, Talent Gap, and More

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.

A Future Fueled by AI: Major Shifts in the Labor Market

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.

Starters Buying Businesses, Tipping is Tiring, and What is the Best State to Open a Business?

Looking to start a business? The trend is to buy a business rather than start from scratch, and a recent report shows small-business acquisitions up 10% from the previous year and 3% in the last quarter. Some experts say new borrowers are accepting high interest rates as normal. And if you’re opening a business, another survey found Ohio has all the factors to make it the top spot to start. Gene Marks also shares his insights on the constant tipping and its impact. Watch 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.

Texas Restaurant Association CEO Dishes on Membership Value, Tipping, and Childcare Initiative

President and CEO Emily Williams Knight helped guide the Texas Restaurant Association and its tens of thousands of members through the COVID-19 pandemic and continues to advocate for legislation that will help restaurants thrive. She shares stories about the industry association’s efforts on Paychex THRIVE, a Business Podcast, to educate and benefit members, as well as her thoughts on why transactional tipping is bad, swipe fees, too, and how getting a childcare initiative established and fostering the second chance hiring initiative will be key to sustaining growth of this billion-dollar industry.

Topics Include:
00:00:00: Episode Preview

00:01:25: Introduction to Emily Williams Knight

00:01:55: The pandemic's impact on the restaurant industry

00:03:14: Impact of pro-business policies during a pandemic

00:06:35: Changes in the restaurant industry post-pandemic

00:08:47: Mission of association as state’s largest private employer

00:11:52: Value of being an association member: education and a voice

00:13:40: Crucial topics and demands within the restaurant industry

00:16:15: Discussion about regulatory measures and compliance

00:16:58: Discussion about tipping policies in the restaurant industry

00:17:18: Discussion on transactional tipping

00:18:07: Importance of experiential tipping

00:21:37: Discussion on swipe fees

00:25:26: Shrinkflation in the restaurant Industry

00:28:01: Minimum Wage Discussion

00:31:07: Child care crisis solution initiative

00:32:53: Second chance hiring initiative

00:34:52: 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.

Small Business Confidence Lags, Prep for New OT Rule, and West is Best for Women Owners

Who wouldn’t take an 88.5 on a test? It’s passing. Sadly, the National Federation of Independent Small Businesses Optimism survey isn’t a test – and 88.5 is not great. In fact, it is the 27^th straight month that the survey has shown less than optimistic results. Gene Marks takes a look at what might be causing the steady dip, plus he talks about how employers have to prepare for the pending OT rule. Not everything is gloom: Women-owned businesses are thriving out West. 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.

WNBA Drafted a Business Pioneer and Advocate for Women Leaders

Cathy Engelbert has shattered a few glass ceilings in her career – first woman CEO of Deloitte and first WNBA commissioner – while still battling the gender imbalance in leadership roles. She shares her journey with Gene Marks on Paychex THRIVE, a Business Podcast, starting with her formative years, her decision to be a working mother while striking work/life balance, the mentorship she received. She also talks about confidence gaps, programs to foster the advancement of women, and the advice and guidance she gives her own daughter.

Topics Include:
00:00:00: Episode Preview

00:01:22: Introducing Cathy Engelbert

00:03:15: Inequality in the Mid-80s Working Environment

00:04:28: Role as a Representative for Women in Business

00:07:05: Challenge of Retaining Women in the Workforce

00:10:01: Value of Role Models and Mentors

00:12:32: Being an Unexpected CEO

00:15:00: Strengths Women Bring to the Workplace

00:16:24: Reflecting on Women's Confidence Growth

00:18:26: Challenges in Encouraging Women to Leadership Roles

00:24:22: Balancing Work, Family and Personal Passions as a Female Leader

00:27:24: Pivoting from Deloitte to Lead the WNBA

00:29:13: Advice for the Young Generation on Navigating Careers

00:33:21: 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.

 

Midwest Tops in Job Growth, Help Wanted in Manufacturing, and CA Disconnects

If you’re in the Midwest, job prospects have ticked up slightly – the first increase in 2024 – and every region has seen growth in all but one industry, according to the Paychex Small Business Employment Watch. Gene Marks also highlights a study on manufacturing that points to a massive gap in the next decade of qualified and trained workers, especially regarding digital skills. He stresses that businesses can get potential tax credits and funding for training to help. And all eyes are on California to see how a proposed bill to allow some employees to disconnect from work during off hours proceeds. 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.

Economic Growth and Public Policy: Data, Not Debt, is the Solution

Kent Smetters has experienced public policy on the economy from inside and outside the federal government. The economist and Wharton school professor helps us explore the use of economic modeling in influencing public policy and examines the potential impact of fiscal challenges and tax legislation changes. He joins Gene Marks on Paychex THRIVE, a Business Podcast, to talk about the many factors impacting economic growth, and how educating the current and next generation of executives can equip them to make more informed decisions on the economy.

Topics Include:
00:00:00: Episode preview

00:01:14: Introduction of Kent Smetters

00:03:12: Changing dynamics of MBA candidates

00:05:19: The many hats of an economist

00:06:07: Working with policymakers on economic impact analysis

00:07:04: Discussions on upcoming tax provisions

00:08:02: Balancing the cost of capital and national debt

00:08:38: Influence and work process of Wharton on legislation

00:19:39: Importance of honest broker analysis in policy decisions

00:22:16: Strategies for integrating more STEM personnel into our economy

00:23:29: Discussion on U.S. fiscal situation and debts and deficits

00:25:05: Projection of unsustainable debt level in U.S.

00:26:03: Hiking taxes and spending cuts only solution for deficit

00:27:07: Consequences of spending cuts on Social Security

00:28:13: Concerns about current approach in U.S. of dealing with crises

00:29:16: Effect of inflation on wealth over time

00:32:17: Implications of printing more money

00:35:06: 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.

 

CA Minimum Wage Hike (sort of), Portal Connects Fund Sources, and Inflation is Bananas

Fast-food restaurants with a national footprint gain an exemption via the law as California raises its minimum wage. Gene Marks discusses the issues this could cause, but also says the state could be a model for others if its works. He also takes a look at a new Bank of America portal that streamlines the process by connecting access to funding sources, and he just can’t get over the fact that a bellwether for the check on inflation has changed. Gene offers his two cents on a four-cent increase of the price of bananas at Trader Joe’s. Check out 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.

Trajectory of the U.S. Economy: Key Influences on Business Decisions

What’s the economic outlook of the United States and what factors influence it? Columbia professor Brett House takes a deep dive focusing on growth rates, immigration, free trade, tariffs, deficits and much more – and how these impact small businesses as much as large corporations. Gene Marks and Brett discuss NAFTA, foreign markets, and other policies that will make an impact in 2024.

 

Topics Include:
00:00:00: Teaser quote
00:01:07: Introduction of Brett House
00:04:21: Examination of the global macroeconomics
00:07:42: Why UK’s Brexit doesn’t work
00:09:45: Courses House teaches and application on global macroeconomics
00:13:25: NAFTA and why it has succeeded
00:15:04: Thoughts on digital currencies
00:18:36: What do tariffs actually do?
00:23:00: Why doing business in the U.S. is wise
00:24:30: Economic recovery and role of government
00:25:43: Perspective on deficits
00:27:24: 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.

Super-Commuting, Tax Return and Ransom Scams, and Weight-Loss Drug as a Benefit

Employers who want to retain good employees might have to buy them comfortable cushions for their long commute to work. Seems super-commuting – traveling distances of up to 300 miles one way per day – is becoming popular. Gene Marks offers a few tips on how to manage this trend. He also puts on his CPA hat to warn against scammers grabbing your data from public records to steal any potential tax refund. And even the latest employee-preferred benefit is a shock: coverage for weight-loss drugs. They’ve done surveys and the numbers don’t lie. 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.

32-Hour Workweek? Small Business Government Work Declines. Insurers Collect Data.

What would you think about working one less day and 8 fewer hours each week plus be eligible for overtime pay on a daily basis and benefits? It’s been introduced in the U.S. Senate, but Gene Marks shares a similar view as its detractors – it would crush small businesses, who have also seen their contracts with the U.S. government fall by one-third over the past decade because of restrictive regulations and legislation. Any thoughts on data collection auto insurers? Gene shares insights on why he isn’t opposed. 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.

Queen Latifah Champions Women-Owned Businesses, Accountability, and Living in the Moment

Actor, producer, recording artist, and entrepreneur Queen Latifah shares on this episode of Paychex Thrive, a Business Podcast, what she feels are the biggest challenges facing millions of women-owned businesses. She comments on the disparate funding from venture capitalists that direct less than 5% of all dollars to women-owned businesses and to the lack of recognition for women already in powerful positions. She advises women to keep up the fight, but also to ensure they are practicing self-care and living in the moment.   

Topics Include:
00:00:00: Episode Summary

00:00:35: Welcome

00:00:50: Introducing guest Queen Latifah

00:01:53: Lenovo's Evolve Small campaign

00:04:24: Funding and other issues women-owned businesses face

00:06:41: Advice for women entrepreneurs

00:08:02: Support for women in business

00:10:35: Importance of self-care

00:11:40: Women are present, they need to be recognized

00:13:34: Drawing inspiration

00:16:45: Living in the moment

00:19:50: Women in higher places need to be accountable, too

00:21:30: Equal Pay for women

00:22:40: Channel setbacks into something positive

00:25:01: Aspiring for a better world

00:25:59: Wrap-up, 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.

 

Independent Contractor Rule, SBA Lender Match, and Boomer Wealth Transition

The gig might be up for gig workers. The DOL’s independent contractor worker classification rule went into effect March 11 and businesses using 1099 workers need to reclassify individuals properly – and possibly make them employees – to stay compliant. Gene Marks says it’s going to create some havoc before it’s all sorted out, including potential challenges in court. Small businesses did get a win when the SBA announced an improved Lender Match tool that will make the funding search easier. And Gene advises Millennials to buy businesses from retiring baby boomers amid a generational wealth transfer that could be in the $90 trillion range. 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.

Workforce, Culture, and Tipping: Shifting Dynamics in Restaurant and Hospitality Industry

After nearly a quarter century in the restaurant and hospitality business, Jeanne Cretella has seen major swings, and the President of Landmark Hospitality shares her thoughts with Paychex THRIVE, a Business Podcast, on what works and what doesn’t in the industry. Cretella says restaurants and hospitality should always be about service, and that eliminating tipping and proposing steep minimum wage hikes will kill the industry. She tells Gene Marks that building a culture is critical, how the industry still is great as a career path, and why joining an industry association can help your business stay out of compliance hot water.

Topics Include:
00:00: Opening preview

00:01:31: Introduction to Jeanne Cretella

00:02:15: Jeanne's journey with Landmark Hospitality

00:05:19: Employment opportunities in the restaurant industry

00:07:07: Restaurant industry as a potential career path

00:11:21: Importance of instilling company culture

00:14:08: Employee recruitment

00:17:27: Thoughts on the four-day work week

00:20:15: Industry trend – flexibility in workplace

00:21:37: Tipping in restaurants

00:26:09: Minimum wage increase in fast-food industry

00:29:04: Surcharges for using credit cards

00:34:04: The importance of participating in industry associations

00:34:59: 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.