Why Worker Classification is Crucial - Administrator Looman Explains Key USDOL Changes

The new worker classification rule from the USDOL comes with compliance requirements and understanding those obligations is crucial to the success of your business. Administrator Jessica Looman from the Wage and Hour Division explains the six key factors used in classifying workers as independent contractors or employees on Paychex THRIVE, a Business Podcast, as well as provides best practices and resources that can help facilitate understanding and maintaining compliance. Learn about the benefits of proper classification for your business and its employees.
#WorkerClassification #IndependentContractor #ClassifyingWorkers
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
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