Here are this week’s links to a few good stories that we found and selected because we feel they might add valuable insights and perspectives for small to medium size businesses.
- The US Department of Labor (DOL) recently issued guidance on independent contractors. Their interpretation is centered on two key points:
- The FLSA’s economic realities test governs the analysis and focuses on whether the worker is economically dependent on the employer or is in business for him or herself; and
- While several factors may be considered in making that determination, “no one factor (particularly the control factor) is determinative of whether a worker is an employee.”
The factors above are listed in Wage and Hour Division Targets Independent Contractors written by John Lomax of Snell & Wilmer and posted on the JDSupra website. The article gives guidance on the increased scrutiny being level by the DOL on independent contractors. Business owners who ignore these trends do so at their peril.
- By 2020, half of the US workforce will be made up of millennials. Perhaps employers should rethink what they do to retain the top talent of these new entrants to the work force. That’s what Nigel Dessau of Stratus Technologies thinks. In an article posted by the Denver Business Journal by Caitlin Hendee, Dessau identifies some key strategies:
- Don’t confuse what motivates you with what motivates them.
- Don’t assume that if you can’t see them, they aren’t working.
- Allow them some “me” time.
- Make them part of your world.
- Give feedback when they need it, not when you need it.
In a few short years, there will be more millennials working than any other group. The time to pay attention is now! To learn more, read 5 ways managers can keep millennials happy and working hard.
- Small business retailers who have a well-established clientele, a good location and a good local brand might be doing well, but in reality they could be missing out on really getting their company to grow. Getting their business on line could change all that. In Here’s a step-by-step guide to taking your business online – presented by PayPal on the Business Insider website, a few interesting statistics should make many small business owners stand up and take notice, considering the following:
- 34% of small business growth strategy in the next 12 months involves the internet and e-commerce
- In 2014, web-only merchants accounted for 193 of the top 500 retail businesses
- 80% of website owners are their own webmasters.
For more information on this topic, please reach out to Genesis HR Solutions at AskUs@genesishrsolutions.com or 800-367-8367.
Genesis HR Solutions is the premier PEO provider for Massachusetts based businesses.