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.
Popular Podcasts
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.
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
My Favorite Murder with Karen Kilgariff and Georgia Hardstark
My Favorite Murder is a true crime comedy podcast hosted by Karen Kilgariff and Georgia Hardstark. Each week, Karen and Georgia share compelling true crimes and hometown stories from friends and listeners. Since MFM launched in January of 2016, Karen and Georgia have shared their lifelong interest in true crime and have covered stories of infamous serial killers like the Night Stalker, mysterious cold cases, captivating cults, incredible survivor stories and important events from history like the Tulsa race massacre of 1921. My Favorite Murder is part of the Exactly Right podcast network that provides a platform for bold, creative voices to bring to life provocative, entertaining and relatable stories for audiences everywhere. The Exactly Right roster of podcasts covers a variety of topics including historic true crime, comedic interviews and news, science, pop culture and more. Podcasts on the network include Buried Bones with Kate Winkler Dawson and Paul Holes, That's Messed Up: An SVU Podcast, This Podcast Will Kill You, Bananas and more.