THRIVE, a Paychex Business Podcast

On this episode of Paychex THRIVE, Trish Steed and Steve Boese, from H3 HR Advisors, join us live from the show floor at HR Tech 2024. At this year’s conference, they note a marked shift from merely implementing technology for technology's sake to how it can genuinely enhance workplace dynamics and employee satisfaction. The emphasis is now on finding technology that opens up avenues for better co...

On this special edition episode of Paychex THRIVE Week in Review podcast, host Gene Marks welcomes Rob Parsons, Manager of Brand and Content at Paychex, to the show to shares firsthand insights from the HR Tech show in Las Vegas. AI, once again, topped the list but Rob also talks about how at this year’s show the emphasis was on demonstrating its capabilities. The conversation includes the other m...

How do successful small businesses focus on growth while also juggling changing regulations, employee wellbeing, and all that HR paperwork? They enlist a professional employer organization (PEO). Join host Gene Marks as he sits down with Tami Tillery, Senior Manager, PEO Employee Benefits at Paychex, to discuss how PEOs can transform your HR operations, providing a one-stop solution for payroll, b...

The Federal Reserve finally cuts the interest rate, but Gene Marks is tepid on how much a quarter-point will really spur the economy since banks are still making it difficult for small businesses to access capital. Still, he talks about it being a step in the right direction on this week’s episode, which also shares results of a survey that show 30% of small businesses not understanding or even us...

In this week's episode, Gene Marks discusses concerns from a recent Wall Street Journal report about rising credit card delinquencies and higher interest rates, noting that banks, including Citibank, are worried about consumer's abilities to manage their debts. This could lead to decreased consumer spending, which impacts businesses across various sectors. Additionally, a new PYMNTS' report highli...

A new study from two of Columbia Business School's brightest minds, Jinkyong Choi and Jorge Guzman, reveals a striking correlation between the opening of Starbucks locations and a subsequent increase in local business activity. Specifically, neighborhoods witnessing the entry of their first Starbucks saw approximately a 5% uptick in new businesses compared to areas without such an addition. Choi a...

Hourly earnings growth fell below 3% for the first time since January 2021, according to the Paychex Small Business Employment Watch, which indicates the labor market is softening. Job openings have also decreased to pre-pandemic levels, also noting a softening labor market. Gene Marks notes that it could create opportunities to hire. Employers looking to save money or manage costs also might be i...

Small and midsized businesses are feeling pinched as banks hold on to money rather than loaning it out, citing an uncertain economic outlook. Gene Marks says there is still funding to support those in need – and it isn’t the half-point the Fed might cut interest rates. At least businesses in the service industry don’t have to deal with the DOL’s tip credit rule after a federal court of appeals tos...

With predicted healthcare cost hikes to be as high as 9% in 2025 and annual enrollment approaching in a few months, Gene Marks employers prepare now. Consider offering multiple plans at multiple prices, going the HRA route, or consider captive insurance potentially to offset costs. Gene also discusses the court battle about the FTC non-compete ban, which one business group succeeded in getting sta...

With July numbers in, the economy looks to be doing better than expected. Gene Marks points to an uptick in consumer spending, including with motor vehicle sales, and wages keeping pace with inflation. And even the inflation numbers look positive, although Gene says the rates for services such as childcare and insurance are skyrocketing and concerning. What might the Federal Reserve do? Small-busi...

At least one-third of business owners have widened their job search, according to a recent survey. These companies no longer require a bachelor’s degree for certain jobs, looking more so at the skills the applicants possess to do the role. Gene Marks says smart is smart and there are advantages to eliminating degree requirements. He also dives into the pros and cons of AI in handling some customer...

Earnings growth has shown modest gains for seven months, according to the Paychex Small Business Employment Watch, but the annualized 3.16% gain hovers right around inflation. Gene Marks explains what this could mean to businesses and employees. Business sale prices are up 25%, including a 17% jump in the service industry. Why? Millennials are buying rather than starting, but mainly many older own...

Businesses might want to prepare for Great Resignation 2.0 after a survey revealed that 30% of employees said they plan to quit their jobs by year-end. Why? Poor pay, lack of satisfaction, but Gene Marks points out that there is one “benefit” that can satisfy the dissatisfied Millennials and Gen Xers from the survey. Job seekers are experiencing similar dissatisfaction with employers who are ghost...

Worker classification is complex and can be daunting for any business to navigate. In this episode of Paychex THRIVE, a Business Podcast, Gene Marks with Administrator Jessica Looman from the Wage and Hour Division of the U.S. Department of Labor the latest changes in regulations. Learn about the economic realities test, key definitions under the FLSA, and the new multifactor analysis approach des...

The cost of health benefits is rising, but employers say they are prepared to maintain their current employee health plans. Gene Marks shares news about a study that said nearly half of employers surveyed said they would cover the costs, and many would add alternative benefits. That’s good news considering other topics on this week’s episode reveal that 34% of Americans are living paycheck to payc...

With a multigenerational workforce, understanding the unique needs of each – Baby Boom to Gen Z – is crucial for your business in managing employees, as well as from the standpoint of recruitment and establishing a workplace culture. Host Gene Marks speaks with Diana Scott, U.S. Human Capital Center Leader at the Conference Board about shifting priorities of the new generations, leaning heavily on...

We explore the dynamic integration of AI in recruitment and talent solutions, as Operational President Dawn Fay of Robert Half shares her three decades of experience on Paychex THRIVE, a Business Podcast. The episode delves into the significant efficiencies AI brings to the candidate matching process, yet also emphasizes the importance of human interaction in final candidate selection. Host Gene M...

The Paychex Small Business Employment Watch reports that employers keep adding jobs, although the pace is slowing. A report by the National Federation of Independent Businesses shows employers have solid hiring plans but nearly 40% failed to fill open positions – with 85% saying they had no qualified applicants. Another report says businesses are favoring part-time workers, and the U.S. government...

With the U.S. DOL's New Overtime Rule taking effect July 1, FLSA-covered employers across the country are subject to the rule's updated salary thresholds for Executive, Administrative, and Professional white-collar exemptions and HCE employees. The DOL is, however, temporarily restrained from enforcing the rule against the state of Texas, as an employer, after a federal district court issued a pre...

A study from job posting platform Indeed shows that 70% of postings in U.S. this past year did not include years of experience and education. Gene Marks shares insights on this trend, including that on-the-job training seems to be the preference. This episode also looks at the potential of an increased tax on small businesses based on a Supreme Court decision, as well as why Texas, Florida and Wyo...

American Crane in Pennsylvania is a perfect example of succession planning done right. President and CEO Karen Norheim shares the ins and outs of how the company she co-owns with her sister maneuvered from her late father to his daughters, and how they are now supporting and fostering the third generation. In her conversation with Gene Marks on Paychex THRIVE, a Business Podcast, she talks about t...

Some employers in California can get some financial help to cover the expenses of having workers out on Paid Family Leave under a new grant program that offers up to $2,000 per employee. Gene Marks shares details, as well as spotlights the recent increase of the sales of small businesses – noting that it is an excellent way for the next generation of entrepreneurs to start a business. And getting...

What should an effective recruitment site have to draw interest from the top technology professionals? Gene Marks has a conversation with Art Zeile, CEO of the established recruiting platform Dice to find out more. Zeile shares insights on including culture and other aspects of your company to create a better picture for potential candidates, as well as what the future landscape of tech recruiting...

Gene Marks delves into various key topics in this episode. He starts by discussing the impact of the Department of Labor's new overtime rule, effective from July 1. The rule not only adjusts financial thresholds for overtime pay eligibility but also emphasizes fair compensation across industries, urging businesses to align with these new norms. View our on-demand webinar at https://go.paychex.com/...

With technology evolving at lightning speed, small businesses are increasingly looking towards artificial intelligence (AI) and automation to streamline operations and foster growth. Irana Wasti, chief product officer at BILL, joins this episode of the Paychex THRIVE podcast to shed light on this trend. She highlights the transformative potential these technologies offer small businesses; allowing...