Happy Labor Day, Good Luck Finding the Labor to Celebrate It
I hope you and your family are enjoying the Labor Day weekend, or the unofficial end to Summer. Coincidentally, we just had the monthly labor report released this past Friday. The numbers indicate a healthy job market, with some signs of slowing. I am not an economist, but typically the employment numbers (specifically the unemployment rate) are known as a “lagging indicator”. Whether that is right or not is a call made by people a lot smarter than me.
What I do know is that bringing on new employees is difficult and made more cumbersome with the continued increase in wages and ever-changing regulatory environment. Employers are looking for ways to meet their staffing needs, while trying to control their expenses. It is important to understand that onboarding 1099 contractors, hourly staff, salary staff and so on each come with specific rules and regulations. If you are over 50 employees, you have a different set of rules from those with less than 50 employees. As an employer, it can be confusing and overwhelming. To shed some light on the situation, below are some helpful articles:
- What is the Difference Between a 1099 Contractor and a W2 Employee?
- Difference Between Exempt and Nonexempt Employees – businessnewsdaily.com
- FMLA Leave: Three Things to Know as a Manager (indeed.com)
- Minding the Pay Gap: What Employers Need to Know as Pay Equity Protections Widen | Littler Mendelson P.C.
- Minimum Wages to Surge With State, Local Laws Tied to Inflation (bloomberglaw.com)
If you need help, I’d recommend reaching out to an HR professional or a Business/Labor Attorney.
A few things that may be of interest:
- Liquidity Options for Family Business Owners – Below are two insightful pieces provided by Sean O’Dowd from Silvercrest Asset Management
Helpful Resource Pages
- Knowledge Center (eisneramper.com)
- Trout CPA Blog | Tax & Business-Related Topics
- News & Analysis | Littler Mendelson P.C.
- Insights, Analysis & Perspectives for Your Business | RKL LLP (rklcpa.com)
- NFIB Research: Data and Trends Affecting Small Business Owners | NFIB
- The Tax Warrior Chronicles (taxwarriors.com)
As always, please don’t hesitate to email myself (email@example.com), Andy Miller (firstname.lastname@example.org), Christian Miller (email@example.com), Erik Spurlin (firstname.lastname@example.org) or anyone in our office with questions or comments.