August 8, 2016
Being a successful independent contractor or a client of choice isn’t just about doing the best work or having the best perks. It also means staying one step ahead of the curve. That’s why each week we bring you The Weekly Independent, a quick-hit digest of news of note from around the web.
- Many independent workers are squandering their advantages, but it’s due to factors they can control. A new piece in Fast Company details why, and citing MBO data that 63% of independent workers want to stay independent, while 22% want to build a bigger business from their current independent practice.
- Two Massachusetts companies must pay $2.4 million in overtime and liquidated damages to 478 employees as well as $262,900 in penalties for misclassifying workers. This is the largest settlement in the state since 2009, SIA reports.
- The Pennsylvania Department of Labor & Industry and the U.S. Department of Labor Wage and Hour have signed a three-month MOU to protect employees’ rights by preventing their misclassification as independent contractors. Pennsylvania is the latest of 31 states to work with the DOL and IRS to help combat misclassification and ensure workers get the wages, benefits and protections to which they are entitled.
- Former U.S. Labor Secretary Robert Reich calls the gig economy a potential “nightmare” and advocates for portable benefits.
- The DOL has also jumped on the portable benefits bandwagon, announcing the availability of grants to help develop portable retirement savings plans for low-wage workers.
- A new law in Arizona will allow independent contractors to provide a declaration of independent business status (DIBS) to help establish the nature of their relationship with clients. This law, very similar to MBO’s own Certified Self-Employed proposal, is a step towards allowing independent workers to take charge of their own careers while simultaneously helping clients avoid misclassification issues.
- Many workers will continue beyond traditional retirement age – and a good portion of those will try independent careers. This new piece from Harvard Business Review outlines how retirees can design their ideal post-retirement career.
- A record number of people are entering business for themselves – around 550,000 people become entrepreneurs each month, finds the Kauffman startup index.
- Emotional intelligence is tightly tied to career success. Here are five signs that you have high EI.
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News and notes for independent professionals and their clients. This is the October 17, 2016 edition.