Illinois joins several states in mandating paid leave to all workers for any reason — and impacting all sized businesses. Plus, a study reveals that 45 percent of Millennials have a side hustle to keep their work-work balance, but will potential upcoming rules by the Department of Labor and court decisions in California change how independent contractors want to work? Gene Marks shares his insights on this week’s 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.

Host of Paychex THRIVE, Gene Marks is talking with Dr. Adam Ozimek, Chief Economist for the Economic Innovation Group. Hear what they had to say about some key current event trends, including the impact of high-skilled vs. low-skilled immigration, what the future may hold for non-compete clauses and what that could mean for employers, and what the tough labor market can tell us about today’s economy. Tune in to find out more. Topics Include: 00:00 – Welcome, Adam Ozimek 00:39 – The Economic Innovation Group 02:19 – The complexities business owners face 03:30 – High-skilled immigration policy 05:52 – Immigration and exporting educational services 08:13 – Highly-skilled workers impact on international relations 09:27 – High-skill immigration legislation 11:26 – The topic of low-skilled immigrants 13:05 – Policy challenges of low-skilled immigration 14:54 – Non-compete clauses in employment contracts 18:21 – Why the backlash to possible ban on non-competes 20:13 – How value of non-compete clauses to employers 21:31 – Why do we have so many unfilled jobs? 23:24 – The sign of an unhealthy economy 25:00 – The pandemic’s impact on the labor market 27:14 – Wrap up Looking for ways to set your business apart in a tight labor market? Read more here www.paychex.com/worx/webinar/attracting-and-retaining-talent-ways-to-help-your-business. 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.

President Biden offers up a bug-numbers federal budget that will never pass, but he’s thinking long-term for a potential platform in the 2024 elections. Meanwhile, pay transparency is beginning to brew at the federal level. Gene Marks also takes a look at tipping that is drawing regulatory interest and an out-of-left-field proposal in Florida to exempt minor league ballplayers from making minimum wage. Check out this week’s 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. 

Finding financing for your business can be difficult, especially if your FICO score is not what larger banks require. On this episode of Paychex THRIVE, Gene Marks is talking with Solomon Lax, the CEO of Revenued, a business and financing company. Hear what Solomon had to say about rethinking how we look at businesses in need of funding, what Revenued does to help companies with subprime credit, the Revenued Business Card, and more. Topics Include: 00:00 – Welcome, Solomon Lax 00:40 – Introduction to Revenued 01:54 – Rethinking credit scoring 03:32 – The process of getting a loan 04:21 – Thinking beyond the FICO score 05:25 – Merchant cash advance07:41 – The opening for Revenued 07:50 – Looking at the business as a whole 09:50 – The Revenue business card 11:12 – Who should take advantage of this card? 12:00 – Return on investment when considering loans 13:34 – Revenued card compared to traditional cards 16:17 – Terms of repayment 16:42 – Point of sales systems and accounting systems 19:26 – Types of businesses using the Revenued card 20:53 – The benefit to under-prime businesses 23:48 – Episode wrap up Have a guest or topic you’d like to suggest for the show? Submit your ideas here. 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.

While the DOL works on getting a new Secretary of Labor confirmed, Gene Marks says the department’s recent progressive nature isn’t likely to change. However, what should change for businesses are their payments processes with the use of cash and checks by consumers dropping significantly compared with online apps and digital wallets. Also, millions have been infused into the State Small Business Credit Initiative program. If your state has an SSBCI, check into it. Listen to this week’s 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.

You’ve heard about public relations, but is PR the right move for your business? Listen in as host Gene Marks talks with CEO of Hypemachine, Olga Orda, about what public relations really is, how the media can help create credibility for businesses, creating a compelling story to tell, and much more. Topics Include: 00:00 – Introduction to Olga Orda 01:54 – The purpose of public relations 03:41 – Is PR for every company? 05:16 – How the media creates credibility 07:00 – What is media today? 08:04 – Local versus national PR 09:02 – What does Hypemachine do? 10:36 – The cost of using Hypemachine 11:08 – How long should you use Hypemachine? 11:52 – The right time to use Hypemachine 12:47 – What you can expect to get from Hypemachine 14:39 – How to make your story compelling 16:53 – The impact of current events on your story 19:01 – Hypemachine versus traditional PR firms 20:50 – The use of artificial intelligence 21:11 – What’s included with Hypemachine subscription? 22:30 –Types of clients are right for Hypemachine 24:27 –PR options are available for business owners 26:29 – Wrap up Have a guest or topic you’d like to suggest for the show? Submit your ideas payx.me/thrivetopics. Learn more about Hypemachine at hypemachine.io. 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.

Legislators in the Golden State continue trying to shake up the fast-food franchise industry have proposed establishing joint liability between franchisor and franchisee, which was met with quick opposition. Meanwhile, the IRS made changes that would require many more businesses to e-file more returns and documents in 2024. How might these impact how you do business? Listen to this week’s 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.

On this episode of Paychex THRIVE, a Business Podcast; host Gene Marks is talking with Lyn Alden, Founder of Lyn Alden Investment Strategy about the outlook of the 2023 economy. Listen in as Lyn does a deep dive on everything from fiscal deficits, the impact of a strong labor market, which industries will stay strong, how the national debt will impact businesses, inflation, and much more. Topic Include: 00:19 – Introduction to Lyn Alden 03:52 – Reading this year’s economy 06:15 – Predictions for economic conditions 08:18 – Fiscal deficits 09:47 – Demand suppression during 2023 11:15 – The strong labor market 12:10 – Strong vs. weak industries 15:12 – Interest rate sensitivity 17:56 – Impact of rising interest rates 20:09 – The national debt 22:52 – inflationary periods 26:37 – Wrap up Get more information on different types of financing for small businesses at www.paychex.com/articles/finance/securing-small-business-financing. Have a guest or topic you’d like to suggest for the show? Submit your ideas at payx.me/thrivetopics. Learn more about Lyn and investment strategies at lynalden.com 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.

Brick-and-mortar stores have to develop strategies to stay competitive and make the in-store experience unique. The good thing is the number of store openings exceeded store closings for the first time since 2016, and Gene Marks says this is good for businesses and consumers. He also says changes in labor laws wouldn’t be a bad thing if handled responsibly with proper parental consent and with coordination with the schools. Listen to this week’s 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.

The impetus behind the Great Resignation of 2022 — that the grass is greener someplace else — did not always pan out, according to a survey by Paychex and Fractl. Millions left jobs and the study found that 80 percent regret the decision. Mental health, work/life balance, and more suffered. Businesses can gain ground, especially those needing employees, if they refocus their internal processes to enhance reviews, use this to teach about the value of loyalty, and grasp boomeranging.  Read to full survey at https://www.paychex.com/articles/human-resources/exploring-the-great-regret. 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.

From childcare needs and healthcare to minimum wage and worker classification, business owners today are having to navigate a lot of important issues that impact their employees and their company.  On this episode of Paychex THRIVE, host Gene Marks is talking to CEO and Founder of the Small Business Majority, John Arensmeyer about these topics and more and how business owners can support their employees and set their companies up for success. Topics Include: 00:34 – Introduction to John Arensmeyer 01:49 – What does Small Business Majority do? 03:09 – Getting involved in the Small Business Majority? 04:00 – Small Business Majority funding 04:14 – Size of Small Business Majority 05:23 – Navigating challenges in an inflationary year 08:29 – Minimum wage increases 10:06 – Thoughts on worker classification 12:34 – Pro-business or pro-employee 15:39 – Retaining and attracting employees 17:19 – The impact of childcare needs on the workforce 19:11 – How healthcare impacts employee attraction 21:43 – Where to look for financing in 2023 24:30 – The Small Business Majority agenda for 2023 25:56 – The future of small business 27:35 – Wrap up Here are some ideas to help employee retention and foster company success at www.paychex.com/articles/human-resources/creative-employee-retention-ideas. Watch our webinar for ways to attract and retain talent at www.paychex.com/worx/webinar/attracting-and-retaining-talent-ways-to-help-your-business. Read about the impact of benefits on recruiting employees at www.paychex.com/articles/hcm/benefits-help-recruit-and-retain-best-employees. 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 survey reveals that, like many other generations, the Gen Z employees like to get paid. Compensation tops the list of what they value most. Gene Marks looks at a few other aspects Gen Zers desire when looking for work, as well as a few surprising things that don’t factor into their decision-making process when applying for a job. Listen to this week’s 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.

As new regulations are proposed, it’s important that business owners understand the impact they could have on how they run their company. On this episode of Paychex THRIVE, a Business Podcast; host Gene Marks is talking with Gentry Collins, CEO of the American Free Enterprise Chamber of Commerce about some of the possible upcoming legislation. Listen in to hear about the importance of American Free Enterprise, the Credit Card Competition Act, federal minimum wage, and more. Topics Include: 00:14 – Meet Gentry Collins 01:55 – American Free Enterprise Chamber of Commerce 02:12 – Threat to American free enterprise 04:20 – Why become a member of this organization 06:47 – The Credit Card Competition Act 09:16 – The negatives of this the Credit Card Competition Act 11:26 – Legislation and regulations the organization supports 14:52 – New rules for worker classifications 17:53 – The negative effects of national federal minimum wage 20:57 – Impact of immigration on the economy 24:36 – Wrap up Learn more about the new proposed new worker classification rule at www.paychex.com/articles/compliance/dol-independent-contractor-rule. Read more about some of the top regulatory issues businesses may face in 2023 at www.paychex.com/articles/compliance/top-regulatory-issues. Find out more about the American Free Enterprise Chamber of Commerce at www.amfreechamber.com. 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.

With the GDP up, unemployment down in a majority of states, and the recession projections not as bad as imagined, businesses have an opportunity to begin resolving any hiring challenges they might have experienced recently. Gene Marks shares his advice on how and where to recruit, including looking to your own employees for referrals. Listen to this week’s 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.

We are nearly three years out from the start of the COVID-19 pandemic, but businesses are still in the process of recovering from its effects. Faced with many options for financing help It can become very overwhelming. That’s why we’re talking to Erin Lierheimer, Senior Technical Product Manager at Paychex, and Ken Bersani, Manager of Operating Risk at Paychex about the Employee Retention Tax Credit (ERTC), how you can retroactively claim it, the qualifications and eligibility of the ERTC, how Paychex can help with the process, and much more. Topics Include: 00:15 – Financing trends for 2023 01:01 – What is the ERTC? 03:15 – Guest introduction 03:51 – Meet Erin Leirheimer 05:39 – Meet Ken Bersani 06:14 – Using a professional for ERTC 07:25 – Can you still obtain the ERTC credit? 07:43 – Retroactive amendments to ERTC 08:09 – How long does it take to get refunds? 08:33 – ERTC timeline and leaving yourself time 11:38 – How Paychex helps with the process 12:09 – ERTC with other loans and credits 15:41 – Qualifications and eligibility for ERTC 15:51 – Full or partial shutdown 19:45 – Decline in gross receipts 22:47 – Recovery startup businesses 25:02 – Key dates 26:07 – Auditing by the IRS 30:51 – Wrap up Discover more about the benefits of the ERTC at www.paychex.com/worx/guide/ertc-resource. Find out more about the deadlines to retroactively claim the ERTC www.paychex.com/articles/compliance/employee-retention-credit. Learn more about the ERTC and how Paychex can help at www.paychex.com/tax-services/employee-retention-tax-credit-services. 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.  

Put down the pen and listen: This week’s episode of the Week in Review looks at the findings of several studies that demonstrate that writing paper checks is costing your business money and time. It’s time to think about the future and Gene Marks shares insights on the advantages of moving to digital payments for paying your vendors. Learn more on this week’s 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.

As the retirement crisis looms, people just aren’t saving for their retirement like they should be and need to be. That’s why in 2019, the SECURE ACT 1.0 was passed, to provide benefits to employers for offering retirement plans and to employees for who participate in those plans. Now, three years later, SECURE Act 2.0 has passed and is expanding opportunities for workplace retirement plans across the United States. Tune in as host Gene Marks talks with Sarah Faye Pierce, Head of Government Relations at Paychex, and Michael Majors, VP of HR Solutions at Paychex, about these two big pieces of legislation and how they are working to help businesses and their employees. Topics Include: 00:14 – Episode introduction 00:45 – Meet Sarah Fay Pierce 02:47 – Meet Michael Majors 04:55 – The retirement crisis in the U.S. 06:54 – Retirement offering amongst small businesses 09:25 – SECURE Act of 2019 12:40 – What is a Pooled Employer Plan (PEP)? 15:26 – SECURE 2.0 18:55 – Highlights of SECURE 2.0 19:23 – Enhanced tax credits 20:56 – Auto enrollment 29:01 – Benefits for younger and older employees 33:15 – Contributing to Roth accounts 37:23 – Safe Harbor database 38:39 – Wrap up Find out more about SECURE 2.0 and how Paychex can help you start a retirement plan at https://go.paychex.com/secure-act Read more about the incentives offered by SECURE Act 2.0 at www.paychex.com/articles/compliance/secure-act-changes. Read more about the SECURE Act of 2019 here at www.paychex.com/articles/compliance/congress-passes-secure-act-for-retirement Learn how to set up a 401(k) plan for small business employees at www.paychex.com/articles/employee-benefits/steps-for-401k-plan-setup-retirement-saving. 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 customer relationship management (CRM) system could be the difference maker for your business, especially with its ability to put all your contacts – customers or prospects – in one database. It can improve your communication internally and externally, while also adding tremendous financial value to your business. Gene Marks, whose own company implements CRM systems, shares insights into this important tool.  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.

When it comes to making financial business decisions, there’s a lot to know. On this episode of Paychex THRIVE, a Business Podcast; Gene Marks is talking about everything you need to know, from interest rates and lines of credit to non-bank lenders and SBA loans. Tune in to hear what they talked about and to learn more about what you can expect economically in 2023 and how to navigate business financing options. Topics Include: 00:20 – Introduction to Greg Ott 00:52 – What is Nav and how it works 03:02 – Finding financing that’s right for your business 04:01 – The impact of interest rates in 2023 05:46 – The increasing cost of capital 07:21 – Financing options through Nav 10:40 – SBA loans 12:28 – Reasons businesses don’t qualify 15:33 – Potential financing options in 2023 16:34 – Lines of credit 17:03 – Rising interest rates 23:14 – Financing alternatives in 2023 25:08 – Wrap up Read more about how to secure financing for your small business at www.paychex.com/articles/finance/securing-small-business-financing. 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.  

As 2023 gets underway, inflation remains a challenge, so finances become important – for businesses and their employees. It’s why people are flocking to lower-tax states, providing employers in those states with a larger workforce pool. Likewise, changes are being made in the supply chain. And you’ll never guess which generation thinks its annual salary should be the highest to cover expenses? Gene Marks breaks it down on this week’s 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.