Welcome to the Small Business Run Down. Each day, we bring you stories and trends that impact small business owners and their workforce.
Today, New York toughens sexual harassment laws, Southwest offers small business owners lots of points, business owners struggle to speak banker and insurance costs to jump.
New York Passes Tough Sexual Harassment Legislation
The New York state legislature passed a package of tougher sexual harassment laws. These include provisions that eliminates the “severe or pervasive” standard for proving harassment, and make it harder for employers to avoid responsibility for harassment in the workplace. The state’s governor is expected to sign the legislation.
The Number: 109. The proposals passed 109-to-9 in the General Assembly.
The Quote: “We will make it easier for claims to be brought forward and send a strong message that when it comes to sexual harassment in the workplace, time is up.”
Southwest Offers Big Points for Small Business Credit Card
Southwest Airlines offered a new credit card that comes with a big points offer. The terms of the card grants 80,000 airline points when the business owner spends $5,000 in the first three months.
The Number: $199. The card comes with a $199 annual fee.
The Quote: “The definition of “business” is broad, and includes categories some people may not realize, such as freelancers, people with side gigs, or even people who resell items on eBay.”
Business Owners Struggle with Bank Speak
When seeking financing, small business owners often struggle to speak the language of bankers. The application process — and the lingo involved — can big business owners down.
The Number: 40%. In a 2017 survey, 40% of small business owners said they weren’t good with numbers.
The Quote: “Confusing application processes can push busy small-business borrowers to apply with alternative lenders, whose online applications are often less intimidating.”
Medical Insurance Costs Expected to Jump for Employers
According to PricewaterhouseCoopers, medical insurance costs for employers are expected to jump 6% in 2020. That’s up by 0.3% compared to the trend the last two years.
The Number: 5.7%. Medical insurance costs for employers rose by 5.7% the past two years.
The Quote: “Prices continue to creep up. And so more employers are taking matters into their own hands, becoming what HRI terms ‘employer activists.”
Got Onboarding Docs?
First comes hiring. Then comes onboarding. But with onboarding comes the need to collect the right documents.