THRIVE, a Paychex Business Podcast

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.

You know Isiah Thomas as the NBA superstar, but did you know he’s also an all-star entrepreneur? We’re excited to have him join us on this episode of Paychex THRIVE, a Business Podcast where he shares with us his journey to become the Founding Chairman and CEO of Isiah International, and what he’s learned along the way. Tune in to hear Isiah talk about putting together a winning team, setting your employees up for success, the state of minority business ownership, and so much more. Topics Include: 00:20 – Introduction to Isiah Thomas 01:19 – Indiana Popcorn and the popcorn space 03:27 – Learning business finances 04:46 – The importance of specialization 05:38 – Choosing the right team 07:37 – Being patient with employees 09:07 – Advice for managing people 13:04 – The state of minority business ownership 17:33 – Isiah Thomas’ exit plan 20:06 – What’s on the horizon Read more about managing underperforming employees at https://www.paychex.com/articles/human-resources/how-to-manage-underperforming-employee. Learn about employee performance management processes, reviews, and more at www.paychex.com/articles/human-resources/employee-performance-management-and-reviews. 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.

Businesses will be faced with challenges in 2023 regarding funding, regulatory changes such as worker classification, overtime rules, and paid leave, as well as issues of how to enhance their cybersecurity. Host Gene Marks says he’ll be talking all year with his own clients about these topics and shares similar insights on the Week in Review. 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.

As more states adopt pay transparency regulations, it’s important that business owners throughout the country are aware of the laws that may be heading their way. That’s why on this episode we have Frank Kerbein, Director of the Center for Human Resources at the Business Council of New York State, talking with us about the newest bills coming out of New York City and New York State, and what they mean for businesses and employees. Listen in as he talks about what salary transparency is, the impact these laws have on job seekers, the growing trend of wage compression, and more. Topics Include: 00:50 – Introduction to Frank Kerbein 02:22 – The Business Council of New York State 03:09 – What is going on with pay transparency? 04:47 – What exactly is pay transparency? 05:36 – Why pay transparency regulations are needed 07:49 – Impact on New York job seekers 09:32 – Pay transparency laws at a national level 11:19 – Wage compression for current employees 13:48 – Compensation beyond salary 15:50 – Employer audits 17:06 – Pay transparency regulation issues 18:59 – Where the New York State bill stands 20:24 – Wrap up Learn more about pay transparency and what the benefits are at www.paychex.com/articles/management/pay-transparency. Find out what you need to know about the Equal Pay Act and pay equity at https://www.paychex.com/articles/human-resources/what-hr-needs-to-know-about-pay-equity. 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 massive federal spending bill could end up creating savings for your business and employees. Included in the law is SECURE Act 2.0, which impacts your workplace 401(k) by offering tax credits for implementation and matching, as well as extending age limits for employees to save more. Gene Marks shares insights on how this could be a major opportunity for your retirement benefits. Listen to the episode. 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.

Planning ahead, especially when it comes to regulatory and compliance requirements, can keep your business running smoothly. In this episode of the “Week in Review,” host Gene Marks talks about the laws that could impact how you fund your business, start a workplace retirement plan, classify your workers, and more. 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.

California’s new bill, the Fast Food Accountability and Standards Recovery Act (FAST Act), is putting a new focus on regulations and worker protection for restaurants in the fast food industry. Listen in to this episode of Paychex THRIVE, a Business Podcast to get insight to what this bill is from Jot Condie, President and CEO of the California Restaurant Association. Find out more about who the FAST Act is targeting, how it will affect minimum wage, the possible impact on consumers, and what it means for other industries throughout the United States. Topics Include: 00:19 – Introduction to Jot Condie 00:44 – The California Restaurant Association 02:37 – What is the FAST Act? 04:54 – Who the bill is targeting 05:10 – The council makeup and authority 09:04 – What does this mean for workers? 11:17 – Why focus on the fast-food sector? 12:01 – How effect on minimum wage 13:47 – The expected impact on consumers 14:57 – Is the FAST Act needed? 16:37 – What does this mean for other industries? 17:29 – Advice to other states 19:18 – Wrap up Learn more about other laws and regulations impacting the restaurant industry at www.paychex.com/articles/payroll-taxes/notable-laws-and-regulations-for-restaurants. Read about other regulatory issues businesses may face in 2023 at www.paychex.com/articles/compliance/top-regulatory-issues. 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.

Tired of pressing 1, then pressing additional numbers to work through an automated system? Think how your customers feel if they are having the same experience. Well, chatGPT is all the talk, and it’s the talking part that has the tech sector excited. This artificial intelligence system is conversational – it can continue a dialogue as it “learns” more. Gene Marks shares insights on how this can help your business in the future. 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 of Yelp, but are you using it to its fullest potential for your business? On this episode of Paychex THRIVE, Gene Marks talks with Emily Washcovick, Senior Marketing Manager and Small Business Expert at Yelp about how Yelp works to help businesses build connections with customers and succeed in their industry. Listen in as Emily shares her insights on the good that can come from a bad review, how to handle both positive and negative reviews online, the importance of using Yelp to increase your online presence, the features you need to know about, and much more. Topics Include: 00:50 – Introducing Emily Washcovick 02:16 – Behind the Review podcast 04:02 – You can’t please every customer 05:55 – The positive side of a bad review 08:05 – Yelp as your online presence 12:22 – How Yelp positions itself 15:24 – Industries that benefit from being on Yelp 19:09 – Features of Yelp 23:37 – Connecting with people on Yelp 27:13 – Wrap up Read about more ways you can connect with your customers and build relationships at www.paychex.com/articles/management/microbusinesses-build-customer-relationships. 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 employee retention tax credit is getting a lot of attention after a recent IRS announcement extended the deadlines to file amended returns. Gene Marks tells eligible businesses to go for it because there is meaningful money potentially waiting. However, in this episode of the Week in Review, he also warns that the added attention has brought out scammers and make-shift third-party vendors trying to cheat your business. Stay with trusted sources to help you claim the credit. Listen to the podcast Learn more about how Paychex can help your business claim the Employee Retention Tax Credit at https://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.

Businesses throughout the United States have been forced to navigate an array of unprecedented challenges throughout the past few years. As we look towards the approaching new year, what can we expect to see in 2023? On this episode of Paychex THRIVE, CNN reporter, Matt Egan, talks with Gene Marks about the economic outlook of 2023. Hear what he had to say about consumer spending, a possible recession, interest rates, inflation, and more. Topics Include: 00:49 – Introduction to Matt Egan 01:49 – What to expect for the holiday season 02:44 – Consumer spending in today’s economy 04:35 – Buy now, pay later trend 08:00 – Are we headed into a recession 11:32 – The challenges within the tech sector 14:16 – State of the housing and construction industry 17:08 – The rise in interest rates 19:03 – Thoughts on inflation in 2023 23:38 – Expected news on small businesses in 2023 26:22 – A positive outlook for next year 28:00 – Wrap up Hear more about the impact of rising inflation at www.paychex.com/worx/podcasts/business/economy-and-rising-inflation. Get some tips on how to offset the current financial landscape at www.paychex.com/worx/podcasts/business/interest-rates-rising-think-long-term-loans-money-management. 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.

In this episode of the Week in Review, Gene Marks says he thinks the lame duck Congress might actually move the needle on retirement and tax legislation – and that’s a benefit to businesses. The many bills on retirement could become SECURE Act 2.0, leading to additional tax credits and incentives. Plus, extending the research and development tax credit is on the table. 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.

Robotics and automation are becoming increasingly important in our everyday life. The same goes for businesses, including those in the restaurant industry. CEO of Miso Robotics, Mike Bell, is talking with host, Gene Marks, about the how his company is bringing robotic solutions to an industry that is struggling to fill positions – the restaurant industry. Listen in as Bell talks about the customization of robotic solutions, the impact on workers, and how other industries are using similar technology. Topics Include: 00:19 – An introduction to Miso Robotics 03:49 – The interest from restaurants 06:07 – How Miso customizes across brands 07:56 – Issues to be aware of with robotic solutions 10:15 – Maintenance of robotic solutions 12:37 – Independent vs. chain restaurants 15:28 – The impact of robotic solutions on workers 20:44 – Robotics in other industries 22:22 – What’s next for Miso Robotics 23:07 – 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.

With inflation nearing 8 percent and some industries reporting costs for materials much higher than that, the thought that a new yet divided Congress might have a tough time fixing this. However, Gene Marks points out that people’s spending habits don’t match the doom-and-gloom economy that many say the country is in. He shares his insights in 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 economy begins to slow down, many companies may be forced to turn to employee layoffs, now and in the future. Hear from Lenny Feigel, labor and employment attorney at Foley & Lardner LLP, about what you need to consider. Find out why it’s so important to plan, how to select where your layoffs are going, what companies are offering in terms of separation and severance pay, and much more. Topics Include: 00:19 – Introduction to attorney Lenny Feigel 02:03 – Having a good relationship with a labor attorney 02:53 – The importance of planning when considering layoffs 05:04 – Selecting where layoffs are going 06:47 – What to consider to avoid claims of discrimination 09:11 – Should layoffs be based on performance reviews? 10:28 – What companies are offering in separation and severance 13:20 – Strategy for layoff timing: do it immediately or give time? 13:42 – The Worker Adjustment and Retraining Notification Act 15:50 – The importance of a separation agreement 19:30 – Big takeaways 20:39 – Communicating with employees that are being retained 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.

We won’t know the makeup of Congress for another month following the mid-term elections, but a slim majority for either party primarily will result in few big pieces of bi-partisan legislation. Gene Marks takes a look at a handful of potential outcomes on where the government will spend its money, who might benefit, and some other issues such that will impact businesses. 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.

The Equal Employee Opportunity Commission (EEOC) is the primary federal agency in charge of enforcing the employment discrimination laws in the United States. On this episode, Gene Marks is talking with Vice Chair of the EEOC, Jocelyn Samuels, about what small businesses need to know about the agency, including the importance of understanding discrimination laws, how being an inclusive workplace is good for business, why you should have anti-harassment policies in place, and much more. Topics Include: 00:14 – Introducing Jocelyn Samuels 00:51 – Introduction to the EEOC 02:09 – Why is the EEOC important to employers? 05:25 – Inclusive workplaces are good for business 07:13 – Hot topics employers should be aware of 08:04 – Businesses that are exempt 10:05 – Having anti-harassment policies in place 11:28 – Being aware of retaliation 13:00 – Discrimination and technology 16:56 – AI-based software and biases 21:36 – How employees can report to the EEOC 27:37 – The impact of remote work on discrimination 32:59 – The EEOC is there to provide support 35:35 – Wrap up Read more about harassment in the workplace at www.paychex.com/articles/human-resources/understanding-harassment-in-the-workplace. Learn about some recent resources the EEOC has created related to sexual orientation and gender identity discrimination at www.paychex.com/articles/human-resources/eeoc-resources-sexual-orientation-discrimination. 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’re kicking off Season 4 of Paychex THRIVE, a Business Podcast, with Congressman Ben Cline from the sixth congressional district in Virginia. Listen in as host Gene Marks talks with Rep. Cline about his proposed legislation, the Small Business Regulatory Flexibility Improvement Act, which is designed to help small businesses understand and comply with new regulations. Hear what inspired this bill, where the legislation currently stands, and how Congressman Cline hopes to help small businesses in the future. Topics Include: 00:15 – Introduction to Congressman Cline 00:36 – The Small Business Regulatory Flexibility Improvement Act 03:16 – What inspired this bill? 05:30 – Where does the legislation stand? 09:25 – What will Congressman Cline do for small businesses? Read more about the regulatory issues facing businesses at www.paychex.com/newsroom/news-releases/compliance-topics-related-covid-19-pandemic-top-regulatory-issues-facing. 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 U.S. Department of Labor’s recent proposed new rule, businesses might have to make some adjustments if independent contractors are reclassified. It could change how your business pays taxes, as well as increase your costs if these individuals must be treated as employees. Listen to our THRIVE Week in Review with Gene Marks podcast. Learn more about tax forms for independent contractors at www.paychex.com/articles/payroll-taxes/filing-taxes-for-independent-contractors 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.

Bonus episode: Cybersecurity – it’s not just for big businesses. In fact, small businesses are often prime targets for cyber-attacks. On this episode of THRIVE, a Paychex Business Podcast, you’ll hear from Kristin Harper, Manager of Operations Security at Paychex, as she talks to Gene Marks about what you should know and what you can do to protect your company from cyber criminals. Topics Include: 00:19 – Meet Kristin Harper 00:58 – Kristin’s job as Manager of Operations Security 02:49 – Cybersecurity in small business 04:39 – User education to prevent cyber crime 06:05 – What is phishing? 06:57 – Smishing: SMS phishing 09:54 – The rise of social engineering 10:46 – The impact of malware 11:59 – What to do to lower the risk of an attack 14:06 – Cybersecurity and remote employees 15:36 – Securing your home network and your software 17:38 – Should you be using security software? 19:30 – Cyber insurance Find out more about cyber security as it relates to business at www.paychex.com/articles/management/cyber-security-and-a-secure-business. Read more about the importance of cyber liability insurance at www.paychex.com/articles/human-resources/cyber-liability-insurance-why-your-business-needs-it. 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 unemployment rate is at a 50-year low but there are still more than 10 million open jobs. That’s going to create competition for talent. Use every resource available, including the federally funded Work Opportunity Tax Credit, which can either reduce your income tax or payroll tax if you hire certain types of candidates such as military veterans or the long-term unemployed, to name a few. Host Gene Marks details some of the perks of WOTC in this week’s episode. Listen to the podcast. Other resources Instructions on Certification Process for WOTC 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 projected increases expected for workplace health plans, you have options to help manage the costs; health savings accounts, health reimbursement accounts or level-funded plans. Your business can even contribute more to employee health insurance costs and take a deduction. Gene Marks provides some insights that can help your business. Listen to the podcast Other resources HRA vs. HSA: Which is better to Offer 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.

In the aftermath of Hurricane Ian, host Gene Marks shares some insights on how businesses across the country are not immune to natural disasters and should consider a business continuity plan. Having a chain of communication and a way to pay your employees on time are just two ways to get your operations up and running quickly in the event of interruption. Listen to the podcast. Other Resources: usa.gov: Contains website links to helpful information (funding, health and safety, and more) sba.gov: Eligible areas and the types of available disaster loans irs.gov: Impacted Florida businesses qualify for extended tax deadlines 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 we close out season 3 of THRIVE, Gene Marks talks with Jeremy Bilsky, Senior Director and General Manager of Advance Partners about the current state of the staffing industry and how finding good talent is harder than ever before. Hear what Jeremy had to say about topics such as temp-to-hire versus direct hire, redefining employment, the impact of remote work on staffing, and much more. Topics Include: 00:19 – An introduction to Advance Partners 03:14 – Staffing temp-to-hire vs. Direct hire 06:10 – Staffing independent contractors 07:55 – Redefining employment 12:00 – How staffing firms have done this year 15:57 – The impact of remote work on the staffing industry 19:05 – What Jeremy has learned over the past 19 years 24:23 – Jeremy’s insights on negative cash flow 27:52 – How the company provides financing 32:19 – The process for bringing on workers 33:20 – The importance of average days to pay 40:34 – The impact of rising interest rates 45:57 – Advice for those in the service industry 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.

With interest rates going up another 75 basis points, and another increase expected, businesses are going to find loans and financing more expensive to secure. Gene Marks offers a few tips, including paying down credit card debt or looking to high-yield checking or money market accounts to let your money work for the business in the short term. 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.

With recently passed legislation, California is looking to improve regulations and rules for the fast-food industry. That’s why when it comes to policy changes in the fast-food industry, the state of California is turning to employees, employers, and other key stakeholders. Listen in as David Madland, Senior Fellow and Senior Advisor at American Worker Project for the Center for American Progress, talks with host Gene Marks about how this new legislation is working to raise standards in the industry, who will be the key stakeholders providing their voices on policy, how it will impact labor and labor costs, and so much more. Topics Include: 00:20 – The Center for American Progress 01:41 – An introduction to David Madland 02:30 – New legislation in California for fast food industry 04:13 – The sectoral council’s impact on setting policy 05:20 – Providing stakeholders with a voice 06:49 – Who is a part of this committee? 08:10 – What are the concerns surrounding this legislation? 09:39 – Raising standards in the fast-food industry 12:55 – The possible impact on labor and labor costs 17:03 – Targeting big businesses or small businesses? 19:12 – Spillover effect to other industries? 22:16 – Outside the United States Hear more about this new legislation out of California and its impact on the fast food industry.

With the U.S. Energy Information Administration forecasting a 16 percent increase in energy costs in 2023 – higher for some regions such as New York state that could see a 124% increase – businesses should control what they can. Gene Marks offers a handful of tips, some as simple as changing light bulbs, to help businesses prepare. 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.

Despite the Great Resignation, startup businesses are booming. Why is this? Stephanie Gorski, Strategy Managing Director/Partner at Accenture has some thoughts. Listen in as she talks with host Gene Marks about the recent study from Accenture, the changing business owner demographic, and more. Topics Include: 00:20 – An introduction to Stephanie Gorski 01:37 – Small businesses are not enterprise businesses 05:28 – Accenture’s study on startups 07:54 – How startups came to be during COVID 10:33 – Giving your employees the opportunity to pursue passions 13:35 – Would COVID have had the same impact 10 years ago 15:07 – What factors hold people back from starting up businesses 17:18 – The unglamorous side of starting up a business 18:27 – How this data will be helpful to businesses 20:08 – The changing demographic of new business owners 22:34 – Stephanie Gorski’s passion Thinking about starting a business? Learn what you need to know before you do at www.paychex.com/articles/startup/things-to-know-starting-business. Use this start-up guide to play your new business. www.paychex.com/secure/whitepapers/plan-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.

After a survey revealed that 54 percent of small businesses expect their revenue to increase in 2023 despite inflation, host Gene Marks takes a look at ways to accomplish this. He offers several tips on using a Customer Relationship Management system, communicating with customers, and focusing on forecasting. 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.

What is on the minds of small business owners? That is what Microsoft went out to find in their Small Business State of Mind study. On this episode of THRIVE, a Paychex Business Podcast, host Gene Marks is talking with Travis Walter, Microsoft Stores Vice President of Retail. Hear what he had to say about what this study found, including the impact of Generation Z, navigating inflation issues, why cybersecurity should be at the top of your mind, and more. Topics Include: 00:29 – Introduction to Travis Walter 01:56 – The Small Business State of Mind report 02:17 – The emphasis on Gen Z 04:47 – Biggest threats to small businesses 07:33 – Navigating inflation issues 09:25 – The importance of using the services you have 12:47 – Cybersecurity risk for small businesses 14:41 – The new startup trend 18:11 – The most popular Microsoft products 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.

California could be trendsetting or setting up businesses for more challenges with the signing of a law that regulates the fast-food industry. A council would have the power to increase the minimum wage and change safety standards. It gives employees a seat at the table. It gives all businesses something to consider. In this week’s episode, Gene Marks discusses the pros and cons. 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.

Starting, building, and growing a business can be very exciting and rewarding, it can also be very isolating. That’s why it’s so important to connect with your customers and other business owners to create communities to learn, share, and build relationships. On this episode of THRIVE, a Paychex Business Podcast, Gene Marks is talking with Rebecca Michals, Director of Community Engagement at eBay about the importance of community involvement. Whether you’re an eBay seller or just a business leader, you’ll want to hear what Rebecca had to say about the importance of sharing your passions with others, using fellow business owners as a support system, communicating with customers, and more. Topics Include: 00:37 – Rebecca Michals and her position at eBay 03:32 – How eBay sellers can connect with each other 04:19 – Forum moderation 05:24 – Why sellers participate in the eBay community 07:26 – Opportunities for sellers to connect face-to-face 09:23 – Content and training through eBay Academy 12:03 – Using email to provide information and content 13:25 – Building a community with your customers 17:48 – How eBay is helping sellers have access to capital Creating a community can help you connect to your buyers, find out other ways to build customer relationships at www.paychex.com/articles/management/microbusinesses-build-customer-relationships. 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 by the Society of Human Resource Management found that there was a significant decline in the percentage of companies offering paid parental leave and even paid paternity leave. Host Gene Marks shares insights on some of the challenges that could explain this change, but offers several tips as to how take advantage of the benefits of offering a program, including tax credits. 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, hiring and retaining the right talent has rarely been more challenging or important. As part of its commitment to simplify HR for America’s businesses, Paychex has partnered with Indeed, the #1 job website, to help businesses increase the visibility of their job openings and speed-to-hire. On this episode of THRIVE, a Paychex Business Podcast, host Gene Marks is talking with Executive Vice President and General Manager of Indeed, Raj Mukherjee, about how businesses can set themselves up for success and find the right talent. Hear what he says on how to stand out to potential employees, starting with a hiring process and recruitment process, hiring through employee referrals, creating a diverse workplace, salary transparency, and much more. Topics Include: 00:14 – Episode introduction 01:38 – And introduction to Indeed 02:50 – How Indeed sets itself apart 04:09 – The cost of Indeed 06:06 – Hiring through employee referrals 09:03 – How Indeed helps you diversify your workforce 11:41 – Why Indeed is great for small businesses 13:40 – How a job description can set your posting up for success 15:42 – Salary transparency in job postings and how Indeed helps 17:39 – Lean in into your brand culture 19:21 – Assessing candidates’ skillsets 20:37 – The future of hiring with AI other technologies Resources: Learn more about recruiting and hiring employees in this great Hiring 101 Guide at www.paychex.com/articles/human-resources/hiring-101-how-to-hire-employees. As you make your way through finding quality talent, be sure to avoid these common hiring mistakes. Learn more at www.paychex.com/articles/hcm/avoid-these-5-hiring-mistakes. 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 recently signed into law the Inflation Reduction Act. While many debate if this will actually decrease inflation, one thing that’s for sure is there are some real tax benefits to small business owners. In this week’s episode of On the Mark, host Gene Marks will walk through five benefits that small businesses can take to help reduce costs with big tax credits. 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.

Retirement, it’s something we are all working towards, but something that many throughout the United States are not prepared for. In today’s workforce, there’s a retirement crisis happening. Too many people throughout our country are not saving what they need to retire comfortably – and this isn’t just a problem for employees, it’s a problem for employees too. On this episode, we have two great guests, Randy Feenstra and Congresswoman Ashley Hinson, both Representatives from the state of Iowa and both sponsoring the SECURE Act 2.0. Listen in as they talk with host, Gene Marks, about the SECURE Act 1.0, the SECURE Act 2.0, the Mainstreet Tax Certainty Act, and what’s on the horizon for retirement planning in the U.S. Topics Include: 01:04 – Introducing Congressman Randy Feenstra 01:42 – SECURE Act 1.0 04:19 – What the SECURE Act from 2019 offers 05:31 – Pooled Employer Plan (PEP) 06:41 – Retirement as an employee benefit 07:51 – Changes in the SECURE Act 2.0 12:22 – Tax credit for military spouses 13:11 – Tax incentives for Employee Stock Ownership Plan (ESOP) 16:06 – Expectations for Bipartisan support of SECURE Act 2.0 17:57 – Introducing Congresswoman Ashley Hinson 21:08 – The benefit to employers 22:22 – Automatic enrollment 23:56 – Additional provisions to SECURE Act 2.0 27:19 – Main Street Tax Certainty Act 31:35 – Emergency Savings Account Act Read more information about the SECURE Act 2.0 at www.paychex.com/articles/compliance/secure-act-changes. Get a refresher course in retirement planning at www.paychex.com/articles/employee-benefits/retirement-planning-101-for-business-owners. 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.

Pay transparency has many benefits, including improving pay equity and limiting the gender bias in pay, but a study found it also might compress pay, lead to disputes, and even create situations where people leave a company. Listen to this week’s episode as Gene Marks shares details on this study and also provides actions a company can take to limit the impact of the pitfalls. 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 banking, minority-businesses are often lacking that close relationship that many larger businesses have. With Community Development Financial Institutions (CDFIs), 60% of their lending must be focused on low- and moderate-income individuals. On this episode, Senator Mark Warner of Virginia is talking about the new piece of legislation he is working on and how it will increase investment to CDFIs and ultimately to those small businesses in low- and moderate-income communities. Topics Include: 00:24 – An introduction to CDFIs 03:14 – The prevalence of unbanked or underbanked businesses 05:38 – Examples of CDFIs 07:44 – The State Small Business Credit Initiative (SSBCI) 09:57 – Incentivizing private investors to invest in CDFIs 14:31 – Who does the CDFI bill target? 15:41 – When might this bill pass? 17:50 – The importance of going out and borrowing money Looking for other funding opportunities? Learn about the SBA Microloan Program at www.paychex.com/articles/finance/sba-microloan. Read more about funding your business with our guide "Start Up Guide: Fund 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.

With the Inflation Reduction Act expected to become law, the IRS would see funding increase by nearly $80 billion. “On the Mark” host Gene Marks and many others see this as a red flag for small businesses when it comes to auditing by the IRS. As a CPA and small-business owner, Marks offers a handful of tips on how to approach tax filing that could help reduce the risk of an audit. 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.

The supply chain industry was hit hard throughout the past two years, but DHL managed to find success despite the challenges they faced. On this episode of THRIVE, a Paychex Business Podcast, Gene Marks is talking with Greg Hewitt, CEO of DHL Express U.S. about what they are doing to attract and retain talent, increase customer satisfaction, and more. Topics Include: 01:11 – About DHL Express 02:48 – Greg Hewitt’s background 03:17 – Reflecting on the past two years 08:09 – How DHL is attracting and retaining talent 15:37 – Compensation vs. workplace environment 18:03 – The importance of your people 19:20 – Happy employees, happy customers 21:32 – Advice for managing shipping costs 23:55 – Sharing the cost of shipping Greg Hewitt talked about how DHL keeps a low turnover rate, read about what not to do when it comes to attracting and retaining talent with our guide "6 Things Employers Get Wrong When It Comes to Attracting and Retaining Talent" at https://www.paychex.com/secure/whitepapers/attracting-retaining-talent-things-employers-get-wrong. 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.

This week’s “On the Mark” podcast shares a handful of approaches your business can use to help navigate through this current period of rising interest rates, including budgeting for higher debt costs, seeking longer-term financing, getting into interest-bearing accounts, and more. Listen to the podcast for more insights from small-business owner Gene marks. 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 a business owner, going bankrupt is never something you plan for, so when it does happen, it shouldn’t be any harder than it has to be. On this episode of THRIVE, a Paychex Business Podcast, Gene Marks is talking to Senator Chuck Grassley from Iowa, about the latest legislation that he has been working on to make bankruptcy easier on small businesses. Listen in as he talks about the changes this legislation will make. Topics Include: 00:48 – 2019 Small Business Reorganization Act 02:12 – What inspired the new legislation 03:53 – The improvements to the existing Chapter 11 06:15 – Bankruptcy and the existing economy 08:19 – Sen. Grassley’s thoughts on addressing small business challenges 11:32 – The upcoming midterm elections Have a guest or topic you’d like to suggest for the show? Submit your ideas at payx.me/thrivetopics. 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 construction industry is showing signs of a slowdown, tech is cutting jobs, and banks seem to be anticipating a recession. However, travel is up, household net worth is at all-time highs, and Gene Marks suggests your business can take advantage of the situation and position yourself for the future. Listen to this week’s episode to get a few tips. 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 an economy as uncertain as the one we are facing today, businesses are forced to take on a range challenges, from supply chain issues and the rising cost of doing business, to the Great Resignation and inflation. Listen in as Terence Cummings, VP of Small Segment and Business Operations at Sage talks with Gene Marks about the importance of using technology to help you and your business manage this uncertain time, increase productivity, and improve profitability. Topics Include: 00:17 – Meet Terence Cummings 04:18 – An introduction to Sage 06:35 – This year’s top challenges for business owners 09:52 – AI machine learning robotics and customer service 12:07 – How CRM technology helps manage customers, equipment, and supplies 12:55 – How Sage connects you to the information they want and need 14:09 – CRM, productivity, accessibility, and cutting labor time 17:59 – Sage’s partner channel and why it’s so critical 22:00 – Utilizing all the software is capable of to make informed decisions 24:47 – The one thing businesses should be doing with Sage Resources: Speaking of technology, learn about the latest HR technology trends for 2022 at www.paychex.com/articles/hcm/technology-trends-in-hr. Payroll technology is another great way to increase productivity, learn about the payroll technology trends for 2022. Learn more at www.paychex.com/articles/payroll-taxes/new-year-payroll-trends. 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.

Gene Marks shares his thoughts on the importance of implementing wage transparency as part of your business’s job search and hiring process, regardless of whether your state or locality requires it. Gene suggests that it’s one way to level the playing field for all candidates, plus offers several resources that can help your business learn more about pay scales. Listen to this week’s episode for more. Resources: What is wage transparency? Learn more about the benefits at www.paychex.com/articles/management/pay-transparency. 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.

Bethenny Frankel. Television personality, entrepreneur, philanthropist, and New York Times bestselling author. Whatever comes to mind when you hear her name, there’s one thing you need to know about Bethenny Frankel; when it comes to business, she’s all business. On this episode of THRIVE, a Paychex Business Podcast, Gene Marks talks with Bethenny Frankel about her success as an entrepreneur, her experience as a business owner, and her new book “Business is Personal.” Hear what she shared with us about how ‘stacking’ your time can make you more productive and efficient, what to consider when looking into business investors, the importance of building a team of loyal employees, and much 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.