The Top 10 Regulatory Issues Facing Franchising in 2023
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 December 2022 marked the sixth consecutive month the U.S. inflation rate slowed, falling to 6.5%, its lowest number since January 2022 (7.5%) and a marked improvement over June’s high of 9.1%. More good news to start the year: the inflation rate continued to decline, dropping to 6.4% in January and 6.0% in February.
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 is welcome.
Looking to 2023, additional challenges include potential legislation and government regulations that could affect how businesses classify workers, pay workers, and provide paid time off for workers.
In addition to items below, detailed by the Paychex compliance team, the IFA contributed to this list of timely issues that franchisees, franchisors, and other business owners should stay abreast of in 2023.
Here is the entire list. To download the complete report, including a discussion of the top 10 regulatory challenges facing franchising in 2023, click here.
1) Decennial review of the FTC Franchise Rule
2) Joint employment
3) FAST Recovery Act (California)
4) Small business funding/SBA lending
5) Pay equity
6) Employee classification
7) Encourage retirement savings
8) Wage and hour regulations
9) Paid leave
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