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 designed to streamline and clarify these classifications. This episode is a must watch for business owners looking to comply with the latest standards and protect their employees and their business.
Topics Include:
00:00:02: Announcement of break and return in September
00:00:37: Episode Preview
00:01:52: Introduction of Administrator Jessica Looman
00:02:40: Jessica Looman’s role and the goal of USDOL
00:03:39: Fair Labor Standards Act and worker protections
00:06:21: New rule on worker classification
00:07:08: Economic realities test for worker classification
00:09:16: Factors for worker classification analysis
00:10:24: Explanation of profit or loss factor
00:12:57: Explanation of integral part of the business factor
00:15:46: Addressing federal, state, and local standards,
00:18:44: Impact of worker classification rules on freelancers and startups
00:20:02: Guidance on freelancers and independent contractors
00:23:32: Understanding business compliance requirements under the rule
00:26:07: Best practices and available resources
00:28:01: Misclassification consequences
00:30:02: Importance of proper worker classification
00:31:14: 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.
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
Cardiac Cowboys
The heart was always off-limits to surgeons. Cutting into it spelled instant death for the patient. That is, until a ragtag group of doctors scattered across the Midwest and Texas decided to throw out the rule book. Working in makeshift laboratories and home garages, using medical devices made from scavenged machine parts and beer tubes, these men and women invented the field of open heart surgery. Odds are, someone you know is alive because of them. So why has history left them behind? Presented by Chris Pine, CARDIAC COWBOYS tells the gripping true story behind the birth of heart surgery, and the young, Greatest Generation doctors who made it happen. For years, they competed and feuded, racing to be the first, the best, and the most prolific. Some appeared on the cover of Time Magazine, operated on kings and advised presidents. Others ended up disgraced, penniless, and convicted of felonies. Together, they ignited a revolution in medicine, and changed the world.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.