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.
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