President-elect Donald Trump committed to “require each federal agency to prepare a list of all of the regulations they impose on American business, and rank them from most critical to health and safety to least critical. Least critical regulations will receive priority consideration for repeal.” While this may spell freedom for some organizations, it will create a need for HR and comp professionals to keep closer tabs on what’s happening in their state.
Here are some regulations that could change during the next four years:
Minimum Wage. Trump suggested tax breaks instead of increasing minimum wage significantly. Twenty-nine states have already taken the initiative to increase minimum wage above the federal law, but minimum wage won’t be changing as a result of Trump’s policies.
Fair Labor Standards Act. On November 22, a federal judge issued a preliminary injunction preventing the the U.S. Department of Labor’s FLSA overtime rule from taking effect on December 1. The fate of the overtime rule is now uncertain. The Trump administration will take over the USDOL in less than two months’ time, and the incoming administration has repeatedly indicated that it wants to eliminate unnecessary regulations hampering the business community.
Paid Family and Medical Leave. Trump supports six weeks of paid maternity leave for working mothers. This would improve upon the U.S.’s current lack of paid leave policies, but still remains far behind other countries’ policies.
Health Insurance. Trump would like to replace “Obamacare” with health savings accounts (HSA). Long and vigorous debates will likely decide which parts of the Affordable Care Act remain.
Trump plans to change American businesses primarily through tax and trade agreement alterations. He intends to support working people through tax breaks, and plans large changes for our NAFTA and Trans-Pacific Partnership (TPP) trade agreements.
If his plan does bring jobs back to America, unemployment would drop in an already competitive market environment and raise salaries as the market competes for specific talent.
Potential Job Growth in Certain Sectors
Trump wants to redirect money to the energy sector, leading to job creation particularly in oil and gas, shale, and clean coal.
Trump expects his proposed trade agreement changes to positively impact manufacturing.
Trump plans to build on our infrastructure, which could create more jobs.
However, Trump has said he would put a hiring freeze on federal employees and let the number of federal employees dwindle through natural attrition, decreasing jobs in this sector.
We’ll keep tracking the initiatives, from the Oval Office to your office. Did we miss a key area? We'd like to hear from you.