3 October 2015
Legal and Ethical Issues Business Owners Face
Legal and ethical issues play a big part in the operation of a business for many owners. Business owners have to take into account many issues such as legal, regulations, safety, liability and brand of the company. Business owners must know their legal responsibilities and code of ethics, because they have to adhere to both when running a business. Many business owners face these issue everyday with changing regulations and laws, making sure that their reporting is ethical and up to standards.
"Navigating all of the legislative and regulatory changes that occur throughout the course ...view middle of the document...
Overtime regulations have been changing as well since the U.S Department of Labor has been looking to change certain things. The U.S Department of Labor revised regulations are expected to increase the number of workers so business owners have to review what makes an employee eligible and review to how pay them accordingly with the increased time.
Employment regulations is something else that business owners have to look out for since their is a shift in the minimum wage requirements. Since this is a trend that many state and local governments are doing the “hiring procedures and employment applications will need to be revised for employers in jurisdictions covered by "ban-the-box" laws that prohibit pre-employment inquiries into applicants' criminal histories” (Brooks, 2015). Another issue that business owners will have to look closely at due to regulation and law regulation is there cybersecurity. Since there has there has been many data breaches within companies like Target and Google there will be new legislation laws that address the issues of technology and security. To do this business have to “businesses have to begin analyzing the relationships between technology and their customers' personal data and to expect increasingly vigorous enforcement actions from agency regulators following violations of federal and state privacy laws” (Brooks, 2015).
Other changes that are on the horizon are changes to retirement and the change can really affect small businesses. “The U.S. Treasury will more broadly introduce its nonmandatory myRA workplace savings program, which allows employees to place deferred funds into a program that is similar to a Roth IRA” (Brooks, 2015). Businesses will have to take this into consideration if they already offer a retirement plan or plan on offering one in the future. Business would also have to take into consideration “additional incentives to small businesses to open retirement plans, provide lifetime income information on plan statements and require further disclosures around target-date funds included as plan investment options” (Brooks, 2015).
No matter what type of business an owner is running whether it be a restaurant or a doctor’s office they have to know the rules governing workplace safety. “Creating a safe work environment is critical to the success of your business, and is one of the best ways to retain staff and maximise productivity” (Green, 2015). Business owners have a responsibility to their employees to make sure that they work in a safe and harm free environment. Business owners have to know workplace health and safety laws to avoid unnecessary costs and damage to your business caused by workplace injury and illness. It will give their business a strong foundation to achieve long-term success.
Business who should check insurance provider to implement all state and federal safety regulations.Businesses have to make sure that they get an annual inspection on their workplace and to know all of...