To discuss the big changes to overtime rules and minimum wage I recently interviewed Small Business and Payroll Expert Rob Basso to share his take on how Americans will be paid in 2016. Rob is the owner of Advantage Payroll and author of the Everyday Entrepreneur.
The changes announced by the Department of Labor will impact how 4 million currently exempt employees will now be eligible to receive overtime pay.
Is it a great thing? Well maybe or maybe not. What will it mean to you? Will you be able to make more money if you work longer hours? You may end up on the other end of the equation. How? You might be burdened with doing more work to alleviate the overtime burden to your employer.
Will it encourage employers to shift workloads to an exempt co-worker to avoid paying you additional overtime?
For many small businesses, colleges, and nonprofit organizations, the new overtime requirements present a difficult challenge. Rather than provide employees with increased pay, many businesses may opt instead to reclassify employees as nonexempt and restrict their work hours to no more than 40 per week.
2016 will also see the new minimum wage law. What impact will it have on small businesses hiring and expanding?
In talking to his clients Rob Basso said that, “Many small business owners would prefer to have a higher wage for their employees. The problem is how do business owners pay for it? The two most likely ways business owners will pay for the increased wage is through a cut to profits or an increase in costs to their customers.” Rob went on to say that he feels part of the impact can be less employees being hired than if the wage remained lower.
We would all like workers to have a better working wage – but at what cost? If less people are hired and businesses are less competitive – who wins?
If you don’t want to go to work today you are in good company. 7 out of 10 Americans are not happy at work. That’s right, 70% of American’s don’t like their jobs.
In 2013 The Gallup Organization Workplace Survey revealed that only 30 percent of US workers like their job.
Research is showing that disengagement is costing Corporate America $500 billion annually in lost productivity. Are you one of the 70% of people who don’t like work?
What can be done? If you are a manager or employee you will want to hear my interview on The Profit Express (WRHU – FM, NY) with Engagement Evangelist – Ruth Ross . Ruth took her 30 years of corporate experience as an HR executive at numerous Fortune 100 companies and became an evangelist, author and speaker.
Ross wrote “Coming Alive: The Journey to Reengage Your Life and Career,” which explores the epidemic of employee disengagement in Corporate America.
What about the other 70 percent? That’s the percentage of the workforce that said they felt disengaged, with 18 percent of these employees identified as actively disengaged. In other words the 18% are the ones completely checked out.
How should you look at workplace disengagement? Let’s look at 3 levels of engagement.
Highly engaged workers produce more in less time, contribute to the bottom line, and stay with their company longer. They are great unfortunately they are only 30% of your workforce.
Disengaged employees get little satisfaction out of their work and are not loyal to the organization.
Actively disengaged workers are very difficult to turn around and have burned too many bridges to ever be successful. So how would you rate yourself?
Nearly 1 in 5 of your workers are checked out and could careless about their job other than collecting a paycheck.
Employees who have “checked out” are costing you and your company big bucks. Make sure to listen to my interview with Ruth Ross!
Listen to my interview with franchise expert and best-selling author Tom Scarda. Tom and I discuss his new book Franchise Savvy – Six Strategies Pros Use to Choose Top Performing Franchises. Tom Scarda will share questions to help you chose which is the right franchise for you. Franchising creates millions of jobs and $2.1 trillion in economic output in the US each year. Find out why franchising might be the right business choice for you. Click here to contact Tom.
If you are a Baby Boomer who has been down sized and you are too young to retire – what is your next move? Are you going to get another job? Do you really want to go back to corporate America for another 9-5er?
Have you ever considered owning your own business? What about a franchise?
Why should you consider a franchise? There could be lots of reasons. According to the International Franchise Association for the past five years, the average annual job growth in the franchise sector was 2.6 percent, nearly 20 percent higher than all businesses economy-wide. Over the last five years the franchising sector has added nearly 1 million jobs to the economy and in 2015 franchise output grew 5.6%.
And something of interest to Baby Boomers since 2008, the average age for buying a franchise has been creeping up, rising from 42 to 56 in 2015.
But there are a lot of factors to consider and questions to ask – because if franchising isn’t right for you or if you chose the wrong one – it could be a HUGE disaster.
Tom Scarda shared that you don’t want to choose a franchise emotionally. So don’t go with a franchise just because it has a big name like McDonald’s or Subway. Choose a franchise because it fits your lifestyle and can offer you the personal and financial return you are looking for.
Tim talks with George Foreman about his first hand experience in creating a tremendous success in not only the world of sports, but in entrepreneurship as well. Two time World Heavy Weight champion George Foreman talks with Tim about his hugely successful business ventures on The Profit Express. Recorded on August 25th 2010
Paul Teutul Jr. on the Profit Express with Tim Healy.