What the 2024 Election Results Mean for Your Business 

The 2024 elections are behind us, and as the dust settles, it’s time to consider what the results mean for your business. Drawing on insights from President-elect Donald Trump’s first term (2017-2021), we have identified key areas to watch and prepare for as we head into his second term. 

Tax Policy 

Taxes may not be the most exciting topic, but they have a significant impact on your bottom line. Key provisions from the Tax Cuts and Jobs Act, such as the 20% deduction for qualified business income (QBI), are set to expire soon, potentially leading to higher costs if they are not extended. Additionally, proposed adjustments to state and local tax caps, along with changes to incentives like the Work Opportunity Tax Credit, could reshape how businesses approach growth. While these shifts present challenges, they also offer opportunities to optimize hiring practices—provided you have the right strategy in place. 

Immigration Policy 

For businesses that rely on skilled workers or temporary labor from abroad, things could tighten up. Immigration policies are expected to focus on employment visas, giving priority to workers who directly impact the economy. That is good news if you are hiring for specialized roles but could mean longer waits and more paperwork. With more I-9 audits and worksite inspections, staying compliant will become even more important. 

Trade Policy 

Bringing manufacturing back to America is a key focus, likely driving demand for skilled and unskilled labor in the industrial and manufacturing sectors—a significant win for staffing. However, tariffs and other trade restrictions could complicate things, potentially disrupting supply chains and increasing costs. For businesses in manufacturing, these shifts will require balancing exciting new opportunities with the challenges of managing higher expenses. 

Labor Policy 

Labor policies are expected to shift in ways that favor businesses, with potential adjustments to overtime rules and worker classifications offering some relief. However, the possibility of a federal minimum wage increase could create new pressures, requiring businesses to adjust wages across the board. For industries with tight margins, these changes could present significant challenges, demanding careful planning and strategic workforce management. 

Looking Ahead 

The 2024 election results signal changes, and with the right preparation and support, your business can thrive. The Reserves Network is here to help you navigate these shifts and turn potential challenges into opportunities. Whether it’s managing compliance, sourcing top talent, or optimizing your workforce strategy, we are your trusted partner.