Top 10 Regulatory Issues Facing Franchisors, Franchisees, and other Businesses in 2023
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As the calendar flipped its last page of 2022, it’s safe to say the word businesses heard most this past year was “inflation”. The good news is that November marked the fifth consecutive month the rate slowed in the United States, down to 7.1 percent; its lowest since January (7.5%) and an improvement over June’s 9.1%.
According to the U.S. Bureau of Labor Statistics, the slowdown in inflation can be attributed to a decrease in energy costs for gasoline and electricity, although food shelter indexes rose. Rates remain higher than economists and businesses would like, but the reprieve was welcome.
Looking to 2023, additional challenges include potential legislation and government regulations that could impact how businesses classify workers, pay workers, and provide paid time off for workers.
In addition to items above, as well as below, detailed by the Paychex compliance team, the International Franchise Association (“IFA”) contributed to this list of timely issues that franchisees, franchisors, and other business owners should stay abreast of in 2023.
The entire list includes:
- Decennial Review of the FTC Franchise Rule
- Joint Employment
- FAST Recovery Act (CA)
- Small Business Funding/SBA lending
- Pay Equity
- Employee Classification
- Encourage Retirement Savings
- Wage and Hour Regulations
- Paid Leave
- Privacy/Cyber Security