How documentation must guide your actions in these current employment trends.

The current state of employment can be confusing and treacherous for business owners. Many are not only working to get their businesses back to pre-pandemic operations, but are also competing with social and economic factors that have changed workforce demographics and motivations.

Over just a few years we saw the pandemic flip a decade-long low in unemployment with approximately 23 million job losses by May 2020. Soon after, enough workers quit their jobs that the world dubbed it the Great Resignation. Employment climbed its way back up amidst supply-chain issues and a 9.1% inflation peak in 2022. By the end of 2022, U.S. unemployment was at 3.67%, but many employers cut workforce numbers to brace for another potential storm in early 2023.

An employer’s greatest protection against these headwinds is their ability to maintain sound business practices when managing relationships with employees — and document them appropriately.

3 Employment Trends for 2023

What do hairstylists and doctors have in common? How about business executives and warehouse workers? These and more could all be subject to three key employment trends surfacing and posing a challenge to business owners:

  1. Federal Trade Commission
  2. Department of Labor
  3. Equal Employment Opportunity Commission

In the first quarter of 2023, new rules were proposed by the FTC and DOL to ban post-employment noncompete agreements as well as expand the classification of an ‘employee’ and overtime requirements, while the EEOC will increase and shift its enforcement priorities simultaneously. These actions will change the landscape of hiring, firing and retaining workers in 2023 and beyond, should they take hold.

Check out the rest of our e-book to find out what you need to know.

This information is intended for informational purposes only. Protector Plans Executive Liability is not liable for any loss or damage arising out of or in connection with the use of this information.