The MHEDA Journal - Second Quarter, 2016 - (Page 42)

CONvENTiON EconoMic TREnDs SpEaKEr What To Look Forward to in 2016 Tools, trends and topics that will affect your business this year E BY GENE MARKS AND STEVE GUGLIELMO arly 2016 has not only been a microcosm of the last several years but it's also a pretty good indicator of what we can expect throughout the rest of this year. There has been volatility, as illustrated in the roller coaster-like swings in the stock market. But even as we brace for continuing uncertainty on Wall Street this year, there is some reassuring stability that will allow businesses who plan ahead to achieve success in 2016. For good or bad, businesses have some legislative clarity that hasn't been available in the last several years. "For so many years, business owners have complained about uncertainty in the economy and in Washington Dc.," says convention Speaker and Small Business Expert Gene Marks. "Right now, there's very little uncertainty. You can expect there to be no significant Convention Speaker legislation coming out of Washington this year. So even if you're worried about Washington doing big things or passing big laws that will really affect your business, the good news is that it isn't going to happen this year. So you can focus in 2016 on making money and making your ship as clean as a whistle." We know that come January 2017, we will have a new President. Smart business owners know that they can't control what Washington does and they can't predict the future with extreme accuracy. In 2016, business-owners should control what they can control during this rare stable time. Preparing for Stability One thing we know for certain is that there is not going to be any new, major legislation passed until at least 2017. The good news is that businesses can operate without the threat of the legislative sword hanging over their heads. But stability doesn't necessarily mean good news. Payroll will go up this year. "Sometime by the end of this year, new overtime rules will go into place 42 MHEDA | raising the exempt level for salaries employees to $50,440 from $24,000," Marks says. In addition to overtime rules, minimum wage hikes are happening in cities around the country. Even if you pay your employees more than minimum wage, companies may start to feel pressure to increase wages at every level. With unemployment continuing to be low across the country, small and medium-sized businesses find themselves competing for the top talent and external pressures to raise all wages could impact your ability to hire new talent. So too could the increasing trend of offering paid time off. While you may not be able to do that, you will probably need to do something to compete for the top candidates. All of these things spell an increase in payroll in 2016. The cost of healthcare will continue to rise, with no significant changes to the Affordable care Act happening until 2017 at the very earliest. "The Affordable care Act and healthcare costs remain number one on many small and medium-sized

Table of Contents for the Digital Edition of The MHEDA Journal - Second Quarter, 2016

Chairman’s Perspective
From the Desk of Liz Richards
Editor’s Note
Ask Your Board
MHEDA University Calendar
MHEDA Member Profile
Women @Work
Industry Puluse
Teamwork and Personal Accountability
Exhibitors' Showcase Product Guide and Floor Plan
Exhibitor Summaries
Global Citizenship
Six C-Level Cyber Blunders (And Solutions)
What to Look Forward to in 2016
How to Build a sense of Community for Your Business
Women Mean Business
What's Your Exit Strategy?
Creating Great Customer Experiences: Why, How and Why Now?
Turning Near Misses into a Winning Safety Environment
Too Much of a Good Thing
Matuson's Sixteen Workplace Predictions for 2016
New Members
Spotlight on Association News
MHEDA Milestones
Index of Advertisers by Product Category
The Last Word

The MHEDA Journal - Second Quarter, 2016