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Paychex THRIVE, a Business Podcast
Author: Paychex, Inc.
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Join host Gene Marks for Season 3 and hear timely insights on marketplace conditions, proposed legislation, innovations, research, and success strategies from industry leaders, lawmakers, experts, and icons to help you propel your business forward and THRIVE.
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In this episode of the Paychex THRIVE Week in Review podcast, host Gene Marks delves into the upcoming increase in minimum wages across several states, including California, and ponders the possibility of a national minimum wage change. Shifting gears, Gene examines the evolving landscape of remote work, highlighting a study revealing that many bosses regret their initial return-to-office decisions. He emphasizes the importance of flexibility and taking employee needs into account when formulating work-from-home policies. Lastly, Gene explores the benefits of Employee Stock Ownership Plans (ESOPs) and their potential advantages for both business owners and employees. He cautions listeners about recent IRS scrutiny of ESOPs, emphasizing compliance and proper setup. Tune in for valuable insights on these timely business topics.
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.
Who wouldn’t take an 88.5 on a test? It’s passing. Sadly, the National Federation of Independent Small Businesses Optimism survey isn’t a test – and 88.5 is not great. In fact, it is the 27th straight month that the survey has shown less than optimistic results. Gene Marks takes a look at what might be causing the steady dip, plus he talks about how employers have to prepare for the pending OT rule. Not everything is gloom: Women-owned businesses are thriving out West. Listen to the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Cathy Engelbert has shattered a few glass ceilings in her career – first woman CEO of Deloitte and first WNBA commissioner – while still battling the gender imbalance in leadership roles. She shares her journey with Gene Marks on Paychex THRIVE, a Business Podcast, starting with her formative years, her decision to be a working mother while striking work/life balance, the mentorship she received. She also talks about confidence gaps, programs to foster the advancement of women, and the advice and guidance she gives her own daughter.
Topics Include:
00:00:00: Episode Preview
00:01:22: Introducing Cathy Engelbert
00:03:15: Inequality in the Mid-80s Working Environment
00:04:28: Role as a Representative for Women in Business
00:07:05: Challenge of Retaining Women in the Workforce
00:10:01: Value of Role Models and Mentors
00:12:32: Being an Unexpected CEO
00:15:00: Strengths Women Bring to the Workplace
00:16:24: Reflecting on Women's Confidence Growth
00:18:26: Challenges in Encouraging Women to Leadership Roles
00:24:22: Balancing Work, Family and Personal Passions as a Female Leader
00:27:24: Pivoting from Deloitte to Lead the WNBA
00:29:13: Advice for the Young Generation on Navigating Careers
00:33:21: Wrap-up and Thank You
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
If you’re in the Midwest, job prospects have ticked up slightly – the first increase in 2024 – and every region has seen growth in all but one industry, according to the Paychex Small Business Employment Watch. Gene Marks also highlights a study on manufacturing that points to a massive gap in the next decade of qualified and trained workers, especially regarding digital skills. He stresses that businesses can get potential tax credits and funding for training to help. And all eyes are on California to see how a proposed bill to allow some employees to disconnect from work during off hours proceeds. Listen to the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Kent Smetters has experienced public policy on the economy from inside and outside the federal government. The economist and Wharton school professor helps us explore the use of economic modeling in influencing public policy and examines the potential impact of fiscal challenges and tax legislation changes. He joins Gene Marks on Paychex THRIVE, a Business Podcast, to talk about the many factors impacting economic growth, and how educating the current and next generation of executives can equip them to make more informed decisions on the economy.
Topics Include:
00:00:00: Episode preview
00:01:14: Introduction of Kent Smetters
00:03:12: Changing dynamics of MBA candidates
00:05:19: The many hats of an economist
00:06:07: Working with policymakers on economic impact analysis
00:07:04: Discussions on upcoming tax provisions
00:08:02: Balancing the cost of capital and national debt
00:08:38: Influence and work process of Wharton on legislation
00:19:39: Importance of honest broker analysis in policy decisions
00:22:16: Strategies for integrating more STEM personnel into our economy
00:23:29: Discussion on U.S. fiscal situation and debts and deficits
00:25:05: Projection of unsustainable debt level in U.S.
00:26:03: Hiking taxes and spending cuts only solution for deficit
00:27:07: Consequences of spending cuts on Social Security
00:28:13: Concerns about current approach in U.S. of dealing with crises
00:29:16: Effect of inflation on wealth over time
00:32:17: Implications of printing more money
00:35:06: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Fast-food restaurants with a national footprint gain an exemption via the law as California raises its minimum wage. Gene Marks discusses the issues this could cause, but also says the state could be a model for others if its works. He also takes a look at a new Bank of America portal that streamlines the process by connecting access to funding sources, and he just can’t get over the fact that a bellwether for the check on inflation has changed. Gene offers his two cents on a four-cent increase of the price of bananas at Trader Joe’s. Check out the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
What’s the economic outlook of the United States and what factors influence it? Columbia professor Brett House takes a deep dive focusing on growth rates, immigration, free trade, tariffs, deficits and much more – and how these impact small businesses as much as large corporations. Gene Marks and Brett discuss NAFTA, foreign markets, and other policies that will make an impact in 2024.
Topics Include:
00:00:00: Teaser quote
00:01:07: Introduction of Brett House
00:04:21: Examination of the global macroeconomics
00:07:42: Why UK’s Brexit doesn’t work
00:09:45: Courses House teaches and application on global macroeconomics
00:13:25: NAFTA and why it has succeeded
00:15:04: Thoughts on digital currencies
00:18:36: What do tariffs actually do?
00:23:00: Why doing business in the U.S. is wise
00:24:30: Economic recovery and role of government
00:25:43: Perspective on deficits
00:27:24: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Employers who want to retain good employees might have to buy them comfortable cushions for their long commute to work. Seems super-commuting – traveling distances of up to 300 miles one way per day – is becoming popular. Gene Marks offers a few tips on how to manage this trend. He also puts on his CPA hat to warn against scammers grabbing your data from public records to steal any potential tax refund. And even the latest employee-preferred benefit is a shock: coverage for weight-loss drugs. They’ve done surveys and the numbers don’t lie. Listen to the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
What would you think about working one less day and 8 fewer hours each week plus be eligible for overtime pay on a daily basis and benefits? It’s been introduced in the U.S. Senate, but Gene Marks shares a similar view as its detractors – it would crush small businesses, who have also seen their contracts with the U.S. government fall by one-third over the past decade because of restrictive regulations and legislation. Any thoughts on data collection auto insurers? Gene shares insights on why he isn’t opposed. Listen to the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Actor, producer, recording artist, and entrepreneur Queen Latifah shares on this episode of Paychex Thrive, a Business Podcast, what she feels are the biggest challenges facing millions of women-owned businesses. She comments on the disparate funding from venture capitalists that direct less than 5% of all dollars to women-owned businesses and to the lack of recognition for women already in powerful positions. She advises women to keep up the fight, but also to ensure they are practicing self-care and living in the moment.
Topics Include:
00:00:00: Episode Summary
00:00:35: Welcome
00:00:50: Introducing guest Queen Latifah
00:01:53: Lenovo's Evolve Small campaign
00:04:24: Funding and other issues women-owned businesses face
00:06:41: Advice for women entrepreneurs
00:08:02: Support for women in business
00:10:35: Importance of self-care
00:11:40: Women are present, they need to be recognized
00:13:34: Drawing inspiration
00:16:45: Living in the moment
00:19:50: Women in higher places need to be accountable, too
00:21:30: Equal Pay for women
00:22:40: Channel setbacks into something positive
00:25:01: Aspiring for a better world
00:25:59: Wrap-up, thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
The gig might be up for gig workers. The DOL’s independent contractor worker classification rule went into effect March 11 and businesses using 1099 workers need to reclassify individuals properly – and possibly make them employees – to stay compliant. Gene Marks says it’s going to create some havoc before it’s all sorted out, including potential challenges in court. Small businesses did get a win when the SBA announced an improved Lender Match tool that will make the funding search easier. And Gene advises Millennials to buy businesses from retiring baby boomers amid a generational wealth transfer that could be in the $90 trillion range. Listen to the podcast.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
After nearly a quarter century in the restaurant and hospitality business, Jeanne Cretella has seen major swings, and the President of Landmark Hospitality shares her thoughts with Paychex THRIVE, a Business Podcast, on what works and what doesn’t in the industry. Cretella says restaurants and hospitality should always be about service, and that eliminating tipping and proposing steep minimum wage hikes will kill the industry. She tells Gene Marks that building a culture is critical, how the industry still is great as a career path, and why joining an industry association can help your business stay out of compliance hot water.
Topics Include:
00:00: Opening preview
00:01:31: Introduction to Jeanne Cretella
00:02:15: Jeanne's journey with Landmark Hospitality
00:05:19: Employment opportunities in the restaurant industry
00:07:07: Restaurant industry as a potential career path
00:11:21: Importance of instilling company culture
00:14:08: Employee recruitment
00:17:27: Thoughts on the four-day work week
00:20:15: Industry trend – flexibility in workplace
00:21:37: Tipping in restaurants
00:26:09: Minimum wage increase in fast-food industry
00:29:04: Surcharges for using credit cards
00:34:04: The importance of participating in industry associations
00:34:59: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
As the economy moderates, so too is job growth. Gene Marks offers some insights as to what the data from the latest Paychex Small Business Employment Watch is showing business owners. Fast-food restaurant chain Wendy’s announced the testing of dynamic pricing and customers weren’t happy, so Wendy’s flipped. Is dynamic pricing the future pricing model? How do you feel about a personal escort while shopping? One hardware store owner floated the approach to combat the spike in shoplifting, but Gene says there might be hidden costs. 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.
Business owners cannot wait until AI is full-proof or they will be out of business, according to longtime technology journalist, author, and business owner Kara Swisher. Businesses need to get comfortable with what AI is doing now and can do for them, and then be adaptable as it changes. Swisher speaks with host Gene Marks on Paychex THRIVE, a Business Podcast, about the ever-changing business-tech landscape, including why AI is a tool and should be treated as such, how some social platforms are better than others for digital ad ROI, why security is almost nonexistent and the government allowed it, and much more.
Topics Include:
00:00: Episode Preview
01:32: Introduction to Kara Swisher
03:10: Discussion about Kara's new book on tech
07:24: Transition from being a journalist to a business owner
09:55: Insights on contracts and work relationships
11:01: Marketing insights on social media
21:26: Tech is a tool and still adapting
24:39: Security and privacy in tech
26:13: Need for stricter data regulation
28:00: Discussion on Augmented and Virtual Reality devices
32:01: Why Climate Change Tech would be a good job
34:38: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
A recent survey finds that while the majority of small business owners are in favor of a minimum wage hike, half of respondents also feel that an increase would negatively impact their businesses. Host Gene Marks understands this paradox and explains why business owners would have these contradictory opinions. Gene also touches on the new workplace phenomenon called coffee badging and why one CEO isn’t opposed to this practice, as well as a new editorial in the Wall Street Journal that cautions against the slippery slope of new unrealized gains taxes 10 states are currently flirting with. 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.
Claire Jarrett is a businesswoman, author, and expert on digital marketing, and she says that data tracking is crucial to understanding how to craft your online ads, messaging, and campaigns. Gene Marks chats with Jarrett on Paychex THRIVE, a Business Podcast, about keywords, industry tools, consumer behavior, the shift on cookie tracking, and much more, and shares insights and ad-building tips that could help your business achieve success with its digital marketing efforts.
Topics Include:
00:00: Episode Preview
01:08: Introduction of Claire Jarrett
02:37: Impact of change with cookies and tracking
05:39: Difference between advertising on Google and YouTube
07:27: Advice on tools to help create ads
09:27: What is a keyword and a negative keyword?
11:47: Behavior and why consumers click on ads
13:30: Tips on writing an effective digital ad
14:43: Different types of digital ads
15:38: What is a retargeting campaign?
17:35: What makes a good landing page?
19:27: Why testing ads is important
21:09: Verifying data through independent tracking
26:27: Jarrett Digital’s approach to clients and consulting
28:24: Impact of AI on future of digital marketing
30:00: Identifying the perfect client?
31:00: Wrap up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
A new law takes effect in New York state that requires businesses to be transparent about credit card surcharges while also capping what businesses can charge patrons who use credit cards. Host Gene Marks says he favors this approach and shares insights on this and a few other news items, including the potential expansion of Paid Family Medical Leave in New Jersey and Pennsylvania to include small businesses, and the push for the creation of emergency savings accounts for employees. There are a lot of complexities being created and Gene explains why. 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.
In today’s ever-changing business landscape, understanding the economy, national debt, and their impact on your trade is a crucial tool. On this episode of Paychex THRIVE, former Federal Reserve economist, Bloomberg columnist, and founder of Sahm Consulting, Claudia Sahm, offers valuable insights to help listeners navigate the complexities of the U.S. economy. She discusses its key aspects, ranging from the role of treasury securities and national debt to the impact of fiscal policies on national economic health. Learn about the unique credibility of U.S. debt securities and how international demand for these assets bolsters the nation's ability to manage its rising national debt sustainably.
Topics include:
00:00 – Welcome Claudia Sahm
01:14 – Introduction to Claudia Sahm's background and work history
03:14 – Discussion on the U.S. economy and national debt
04:36 – Importance of focusing on tax and spend policies
06:58 – Claudia’s perspective on the sustainability of government deficit
09:13 – Considerations for future economic policies
11:31 – Discussion on the size of the federal government as it relates to the national debt
13:03 – Importance of reliable government data
14:02 – Claudia’s advice on utilizing data in decision-making
16:02 – Importance of regional and industry-specific data
17:31 – Key metrics to track for understanding the economy
19:15 – The influence of the labor market and consumer spending on the economy
20:25 – Weighing government data against private sector data
21:20 – Discussion on data sources
23:50 – Economic forecast for the near future
28:41 – Influence of presidential elections on the economy
32:23 – Wrap up
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.
Unless you’re Taylor Swift, working for Taylor Swift, or dating Taylor Swift, your business might not be doing as well in the marketplace. At least that’s what recent numbers show, with job vacancies open but 14% of small-business owners indicating they aren’t hiring over the next three months. Gene Marks takes a look at a recent report, plus shares some poor productivity numbers following the Super Bowl and the astronomical economic impact you could experience if you hitch your business in any way shape or form to Taylor Swift’s concerts or her favorite NFL team. Listen to the podcast for details.
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.
Businesses in New York state and New York City have tremendous opportunities presented through Empire State Development, the economic development arm of state government that provides support to small businesses and helps implement initiatives. President and CEO Hope Knight chats with host Gene Marks on Paychex THRIVE, a Business Podcast, about how the funding works for training and workforce development, available tax credits, and the push for film industry and biotech industry advancements in the state.
Topics Include:
00:00: Opening
01:06: Introduction of Hope Knight, CEO of Empire State Development
02:48: What is Empire State Development
04:17: Programs available for small businesses through ESD
05:01: What is the State Small Business Credit Initiative
07:22: Where is the focus of ESD funding
10:25: What industries is ESD focused on for funding and workforce development
14:13: How funding flows to programs that provide training and distribute funds
17:33: Benefits to hiring the formerly incarcerated
22:14: Available tax credits for hiring formerly incarcerated
24:09: Specific programs aimed at film industry in New York City
25:33: Opportunities around biotech industry in central New York
26:48: Wrap-up and thank you
DISCLAIMER:
The information presented in this podcast, and that is further provided by the presenter, should not be considered legal or accounting advice, and should not substitute for legal, accounting, or other professional advice in which the facts and circumstances may warrant. We encourage you to consult legal counsel as it pertains to your own unique situation(s) and/or with any specific legal questions you may have.