A consultant at a culture management firm told Scripps News what employees and CEOs can expect in the coming years. (Scripps News)

Posted 2:55 PM, Nov 12, 2024

Business leaders and companies are gearing up for a second Trump administration, with President-elect Trump's victory potentially having a major impact on labor and employment laws.

Trump has pushed for deregulation at the federal level and pro-business economic policies on wages. He campaigned on eliminating federal taxes on tips and overtime pay and has also shown openness to a $15 minimum wage if it does not hurt small businesses.

The president-elect has enjoyed support from some union members, but he could roll back some pro-union policies that were instituted under President Biden.

Mattson Newell — the vice president of global delivery and channel partnerships at Culture Partners, a global management consulting firm — told Scripps News U.S. businesses see a cycle every couple of years, whether it be due to midterms or the presidential election, that brings forth changes of "policies and procedures."

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"Change is coming, and if you don't like the changes, just wait a couple of years because change will probably come back as well," Newell said. "While [presidents] do have an impact to change, it's not as far-reaching as some might think."

Still, Newell said CEOs of everything from Fortune 500 companies to small...

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