(CNNMoney.com) - The issue of compensating your employees just got a bit trickier.
President Barack Obama's first bill, the Lilly Ledbetter Fair Pay Act he signed into law on Thursday, loosens the statute of limitations under which workers can sue employers for pay discrimination based on characteristics such as gender, race, age or disability.
To ward off discrimination suits, companies will need to meticulously document pay decisions and retain detailed employment records, legal experts say. In this, small companies may be at a disadvantage – few have access to the attorneys and human-resources professionals that will help larger businesses comply with the newly expanded law.
"This will affect [small companies'] legal and compliance costs... and potentially make them reluctant to hire additional employees," said Elizabeth Milito, senior executive counsel of the National Federation of Independent Business. "There's also the potential for one lawsuit that goes south to put a small business out of business."
(CNNMoney.com) – Never mind Joe the Plumber; meet John the Manufacturer. That's what President-elect Barack Obama will be doing Friday, when he stops in Ohio to pitch his $825 billion economic recovery and job creation package.
While in Bedford Heights, Ohio, Obama will be touring the Cardinal Fastener & Specialty Company, a local manufacturing company that supplies steel screws, washers and bolts to industries such as construction and mining. The company is a carefully chosen poster child for Obama's stimulus plans: While so many manufacturers struggle with slowing sales, Cardinal Fastener is growing and adding staff, thanks to its focus on the green energy industry.
"People call it the next automotive industry for the United States," said John Grabner, 56, president and owner of Cardinal.