Paychex THRIVE, a Business Podcast

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 major issue businesses face: recruiting, retaining, and engaging talent, as well as empowering employees with technology. You’ll also hear about new products Paychex has launched and how HR analytics are crucial in tying everything together to help businesses succeed. Listen to the podcast.

DISCLAIMER:

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, benefits, compliance, and more. Tami also answers burning questions from entrepreneurs like you and shares expert insights on creating a happier, healthier workplace. Plus, learn about the surprising perks of employee assistance programs, including everything from legal support to dinner party planning.

Check out Tami’s webinar, Proven Techniques for Building a Happier, Healthier Team, here: https://bit.ly/3N6U721

Topics include:

00:00 – Episode preview and welcome

00:56 – Introduction of guest, Tami Tillery

01:38 – Explaining what a PEO is

02:48 – Benefits of using a PEO

03:55 – Compliance and administrative support

05:41 – Overview of Tami’s employee wellbeing webinar

06:11 – Addressing mental health issues

09:17 – Techniques for happier employees

10:54 – Monitoring employee wellbeing

13:51 – Communicating employee benefits

17:26 – Overview of EAPs

18:47 – Personal examples of EAP usage

21:04 – EAP services offered by Paychex

23:01 – Importance of EAP benefits

23:45 – Wrap up and thank you

DISCLAIMER:

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 using the necessary insurance to protect themselves and employees, which Gene offers tips to help. Plus, labor takes over as the top concern for businesses, pushing inflation down a notch. Listen to the episode for more details.

DISCLAIMER:

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 highlights cash flow issues for small businesses, showing that 70% have less than four months of cash reserves, with many owners foregoing their own paychecks due to financial strains. Gene also covers New York State's recently passed Retail Worker Safety Act where businesses with 10 or more employees must train workers in de-escalation techniques and those with 500 employees nationwide must also install panic buttons in retail stores for enhanced worker safety.

DISCLAIMER:

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 and Guzman join this episode of Paychex THRIVE to discuss this phenomenon and share why Starbucks, with its inviting atmosphere for lingering and networking, is accelerating small business growth.

Topics include:

00:00 – Episode preview and welcome

00:53 – Welcome and introduction of guests

02:28 – Jorge Guzman’s background

03:15 – Jin Choi’s background

03:54 – Overview of Choi and Guzman’s study

05:53 – Impact of Starbucks on local entrepreneurship

07:16 – Comparison with other coffee shops

09:52 – Starbucks' role in supporting freelancers

11:17 – Methodology of the study

13:16 – Is Starbucks choosing growing areas vs. causing growth?

14:28 – Implications of zoning board decisions on Starbucks locations

17:01 – Data sources for the study

18:02 – Impact of COVID-19 and study considerations

19:02 – Takeaways and strategies for small business owners

20:47 – Benefits of opening a business near a Starbucks

23:17 – Discussion on research about Starbucks and neighborhood entrepreneurship

24:28 – Wrap up and thank you

DISCLAIMER:

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 interested in the trend of direct provider contracts for health care. Gene says it’s an interesting strategy in a health insurance landscape where rates keep rising. Listen to the podcast for more details.

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 tossed it out for being “too granular.” However, as Gene points out, employees in that industry are expected to get the lowest raises in 2025, according to a survey. What can your business expect? Listen to insights on the podcast.

DISCLAIMER:

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 stayed, and he has a simple suggestion. And with some businesses on deadline to provide Beneficial Ownership Information reporting, Gene says don’t risk the hefty fines. Listen to the podcast for more.  

DISCLAIMER:

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-business owners express confidence in numbers not seen in several years. And why not be confident when the SBA is offering a new line of credit that can help. Listen to the podcast.

DISCLAIMER:

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 service tasks, and why health insurance rate hikes should have businesses preparing for 2025. Listen to the podcast for more details.

DISCLAIMER: