Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Today, NYC business owners are looking for rent control, employers look into mental health benefits, and California passes legislation to make it harder to classify workers as independent contractors.
Small business owners are asking New York City officials to take action to protect them from rent hikes. The business owners say high rents are causing storefronts to remain vacant.
The Number: 20%. The New York Times estimated that 20% of Manhattan’s retail space is vacant.
The Quote: “My concern is when the lease is up, it’s like I never existed as a business.”
A new survey found that job-related stress and depression or anxiety are top concerns of employers. Many of those employers are looking to expand access to mental health services. In fact, one-third of respondents said they had instituted some form of teletherapy program.
The Number: 28%. Only 28% of employers with fewer than 500 employees said workforce anxiety or depression was a concern compared to 69% of employers with more than 5,000 employees.
The Quote: “If it is difficult to organize and procure these services using traditional insurance markets, employers may be able to use innovative arrangements, including telemedicine, to provide valuable services in a more cost-effective way.”
California’s state assembly passed a bill intended to make it harder for employers to label workers as independent contractors vs employees. This comes after the California Supreme Court ruled that employers who hire an independent contractor would need to pass an “ABC test” to ensure they’re not misclassified.
The Number: 3 million. The Internal Revenue Service found in a study of nearly 16 million tax returns, 3 million involved cases of employee misclassification. That resulted in $44.3 million in unpaid taxes that were later adjusted.
The Quote: “Big businesses shouldn’t be able to pass their costs onto taxpayers while depriving workers of the labor law protections they are rightfully entitled to.”
Employees love paid time off. It’s one of the most valuable benefits, according to multiple surveys. If you’re not sure how it works PTO policies should work in a small business, check out this free resource.