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How President Trump Is Likely to Impact HR
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As we prepare for Donald Trump to enter office on January 20, what changes might his administration bring? Will he honor the former administration’s bold moves around EEO reporting, contractor rules, minimum wage, FLSA, and equal pay laws? Or will it be a brand new day in comp?
It’s safe to say in the past decade, pay and politics have never been more tightly linked. As such, each new president is a game changer. How will Trump’s office impact compensation as we know it?
One of the main components to the Trump platform has to do with minimizing federal regulations. In an August announcement, his administration 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, that will create the need for HR and comp professionals to keep closer tabs on what’s going on in each state where they do business. Here are some of the regulations that we may see change in the coming years:
One of the primary ways in which Trump plans to create change for American businesses is through changes to both taxes and trade agreements. He intends to use tax breaks to support working people. Then in terms of trade, expect changes to our NAFTA and Trans-Pacific Partnership trade agreements. The final thing in this sphere that Trump has been explicit about is ending the Offshoring Act.
The implications of having a new president are far-reaching for organizations in the US. We’ll keep tracking the initiatives from the Oval Office to your office. Did we miss some? Share about additional impacts of the Trump presidency on your work in the comments below.