Paychex THRIVE, a Business Podcast

On this episode of Paychex THRIVE, distinguished labor economist and Harvard professor Dr. Richard Freeman joins host Gene Marks to navigate the future of work in an era of rapid technological advancement. With the rise of artificial intelligence (AI) and significant shifts in labor economics, the debate around employee ownership becomes more relevant. Dr. Freeman paints a compelling picture of a future where workers share the fruits of innovation and are not left behind by technological advancements. Tune in as he encourages listeners to consider employee ownership structures to boost productivity, foster a sense of shared investment, and ensure equitable distribution of AI-induced wealth. 00:00: Episode preview and welcome 01:34: Introduction of Dr. Richard Freeman 02:19: Discussion on AI’s impact on labor 07:06: AI as a potential solution to global problems 10:29: History of job replacement by technology 11:35: Impact of AI on jobs and opportunities 15:12: Discussion on employee ownership 18:15: The benefits of employee ownership 21:00: The tax advantages of employee-owned businesses 22:04: Possible reasons for low growth in employee ownership 24:51: Differences between ESOP and other forms of ownership 27:32: Historical perspective on American democracy and work 28:38: Richard’s ideals ownership scenario 34:15: 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.

Federal agencies got on a roll last week by announcing three new regulations that will change how businesses deal with protecting proprietary information, handling overtime and the classifying of exempt and non-exempt employees, and the use of broadband services. Gene Marks shares some thoughts on each of these pocketbook issues and how businesses might approach prior to the rules going into effect. 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.

Jennifer Cryder, CEO of the Pennsylvania Institute of CPAs (PICPA), spells out some of the challenges facing CPAs and their firms, largely around hot having clients understand the value of a CPA’s advisory role and sometimes a CPA not grasping the idea that they are advisers. The accounting profession, like almost all industry sectors, faces issues with recruiting and retaining talent. Cryder’s conversation with Gene Marks on Paychex THRIVE, a Business Podcast, sheds some light on how her state association is addressing issues of modernization through AI, professional development, and rethinking the business model firms have used for decades. Topics Include: 00:00:00: Episode Preview 00:00:54: Introduction of Jennifer Cryder 00:02:12: Challenges facing CPA profession 00:03:24: Examples of challenges, including talent acquisition 00:04:43: Future of CPA firms and the advisory role 00:10:11: What’s happened to the small, local firms? 00:13:26: The value a CPA can offer 00:16:35: Recruiting challenges in the CPA profession 00:19:18: Initiatives For Retaining Good Talent 00:23:09: Metrics and job evaluation 00:27:18: Advice on collaboration with CPAs 00:30:57: 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.

Quickly evolving technology such as artificial intelligence coupled with changing labor dynamics have altered the workplace. Labor economist and MIT professor David Autor delve into these two critical areas in his conversation with Gene Marks on Paychex THRIVE, a Business Podcast, to help the audience understand the shifting trends impacting businesses. They also discuss strategies around integrating AI-driven insights with human expertise. Topics Include: 00:00: Episode Preview 00:01:01: Introduction of David Autor 00:01:40: Autor’s background 00:03:32: Discussion on industry dynamics 00:03:51: Impacts of AI on labor markets 00:08:33: AI and decision making in various industries 00:09:37: AI and skills re-evaluation 00:11:19: Skills needed for future with AI 00:15:19: AI's current potential 00:17:16: Long-term impact on labor markets 00:18:17: Discussion on potential disruptions of future technology 00:23:16: Discussion on minimum wage debate 00:29:45: Current state of workforce after pandemic 00:33:24: 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.

Looking to start a business? The trend is to buy a business rather than start from scratch, and a recent report shows small-business acquisitions up 10% from the previous year and 3% in the last quarter. Some experts say new borrowers are accepting high interest rates as normal. And if you’re opening a business, another survey found Ohio has all the factors to make it the top spot to start. Gene Marks also shares his insights on the constant tipping and its impact. Watch 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.

President and CEO Emily Williams Knight helped guide the Texas Restaurant Association and its tens of thousands of members through the COVID-19 pandemic and continues to advocate for legislation that will help restaurants thrive. She shares stories about the industry association’s efforts on Paychex THRIVE, a Business Podcast, to educate and benefit members, as well as her thoughts on why transactional tipping is bad, swipe fees, too, and how getting a childcare initiative established and fostering the second chance hiring initiative will be key to sustaining growth of this billion-dollar industry. Topics Include: 00:00:00: Episode Preview 00:01:25: Introduction to Emily Williams Knight 00:01:55: The pandemic's impact on the restaurant industry 00:03:14: Impact of pro-business policies during a pandemic 00:06:35: Changes in the restaurant industry post-pandemic 00:08:47: Mission of association as state’s largest private employer 00:11:52: Value of being an association member: education and a voice 00:13:40: Crucial topics and demands within the restaurant industry 00:16:15: Discussion about regulatory measures and compliance 00:16:58: Discussion about tipping policies in the restaurant industry 00:17:18: Discussion on transactional tipping 00:18:07: Importance of experiential tipping 00:21:37: Discussion on swipe fees 00:25:26: Shrinkflation in the restaurant Industry 00:28:01: Minimum Wage Discussion 00:31:07: Child care crisis solution initiative 00:32:53: Second chance hiring initiative 00:34:52: 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.

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.