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!
AOL founder Steve Case shares his new book The Third Wave. In our interview Steve talks about the important role of partnerships in the internet’s Third Wave and the largest media merger ever with Time Warner.
Bill Corbett shares marketing and branding trends to help small business owners increase sales. Bill talks about the use of video, content, and blogs as greats ways to build your brand. Bill and I also discussed how the use of books, podcasts and video can give you a competitive leg up on your competition.
Dan Gregory is author of the book Selfish, Scared and Stupid. What if fighting the fact that we are Selfish Scared and Stupid is actually waging a war against ourselves? You see selfish, scared and stupid has helped shape our evolution and allowed us to rise to the top of the food chain.
Listen in as Girl Scout Selling Superstar Katie Francis shares how she sold a record breaking 22,200 boxes in 2015!
Brian Kilmeade on The Profit Express with Tim Healy.
Economist Dr. Martin Cantor on the Profit Express with Tim Healy.
Bronx to Berchtesgaden on the Profit Express with Tim Healy.