Ask any millennial–those between the ages of 18 and 34–what benefits they prefer the most and I bet you’ll hear the same thing. Sure, health insurance is important (particularly for those on the higher end of that age range). But in survey after survey, this generation has made it clear that paid time off is very, very important. In some cases, even more so than compensation. It seems that employers–even small employers–are starting to get that message. A study released this week by human resources company Paychex revealed that almost half (48 percent) of the 257 U.S. employers surveyed who employ between 2 and 500 employees said that they would, on some level, support legislation requiring paid leave. Not surprisingly, a whopping 71 percent of them are millennials.
The issue of mandatory paid family leave by small businesses is being addressed in a new survey by Paychex. In it, 71 percent of millennials showed support, but there is no clear consensus as to how it should be implemented or funded by everyone.
HR technology provider Paychex updated the payroll portion of its human capital management platform, Paychex Flex, to reflect the IRS’ newly updated tax withholding tables for 2018 under the Tax Cuts and Jobs Act. The IRS update was made to Paychex Flex, the company’s HCM platform that provides online payroll operations with tax withholding functionality. The web-based offering can scale from small business to large enterprises.
Bloomberg Tax and Paychex have updated their technology to take into account the sweeping changes in the Tax Cuts and Jobs Act. Bloomberg Tax said last week its Income Tax Planner was fully updated within days of the signing of the new tax law, with the latest changes in the tax rates, standard deduction, and other tax and tax credit calculations, along with limitations on deductions such as state and local taxes, and the increased exemption amount from the alternative minimum tax and other tax calculation changes. (One reader, Michael J. Knight of Knight Rolleri Sheppard CPAs LLP, pointed out, however, an error with the phaseout for pass-through businesses that Bloomberg Tax plans to correct in a fix it will be rolling out to customers on Thursday.)
According to a recent Paychex Small Business Survey, nearly half (48%) of small business owners say they would, on some level, support legislation requiring paid family leave. The study, conducted in late November 2017 by Paychex, Inc., also found that 35% of American small business owners lack strong feelings either way on the topic of mandatory paid family leave, while 18% oppose the idea. The federal Family and Medical Leave Act (FMLA) already requires all covered employers with 50 or more employees to provide unpaid family and medical leave to eligible employees. As of January 1, 2018, New York joined California, New Jersey, and Rhode Island in providing statewide mandatory paid family leave for eligible employees. The District of Columbia and the state of Washington have also passed recent paid family leave legislation with scheduled benefit effective dates in 2020.