New Administration, A New Day for Business
by Jean Seawright
If you're an owner or manager, it's no surprise to you that there is a government regulation for nearly every employment decision you make. The reality is that you can't hire, promote, discipline, transfer, pay, or terminate an employee without considering local, county, state, and federal employment regulations. Depending on where your business is located and how many employees you have, you may have to comply with regulations that dictate everything from the precise questions you can ask during an interview to what you can legally deduct from the final paycheck of an employee who owes you thousands of dollars (zippo, in many cases!).
The cost of compliance is staggering. For the 28 million small businesses in the U.S., regulatory compliance costs over $10,000 per employee; 36% higher than the cost for a larger business. It's no wonder some business owners consider regulatory costs to be a hidden tax on businesses. And it doesn't seem to quit. Over the last 20 years, the federal government has added more than 80,000 regulations---typically between 3,500 and 4,500 annually.