January 3, 2024
If you are unable to join us for Business Days at the Capitol, January 10-11, be sure to tune in to the 2024 State of American Business from the U.S. Chamber of Commerce
THURS, JANUARY 11
9:00 - 10:30 AM MST 
It’s almost time for the U.S. Chamber of Commerce State of American Business which draws a virtual audience of more than 10,000 people from around the world – from small business owners to Fortune 500 CEOs, community leaders, policymakers and journalists, as well as state and local chamber executives and American Chamber of Commerce leaders. It will promote the innovation and impact of America’s free enterprise system that enables businesses to serve customers, solve problems, and strengthen society. 
What Every Small Business Needs to Know About the Corporate Transparency Act
The Corporate Transparency Act, which went into effect on January 1, 2024, may require small businesses to report information about ownership to the government.

‌What it means: The Corporate Transparency Act (CTA) aims to combat illicit activity including tax fraud, money laundering, and financing for terrorism by capturing more ownership information for specific U.S. businesses operating in or accessing the country’s market. Under the new legislation, businesses that meet certain criteria must submit a Beneficial Ownership Information (BOI) Report to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), providing details identifying individuals who are associated with the reporting company.

‌Why it matters: The CTA will impact millions of small businesses across the U.S. Knowing the intricacies of this act and its potential impact is essential for small businesses. Otherwise, they may incur criminal or civil penalties for not filing or updating this report.
Montana's Minimum Wage

Previous Minimum Wage: $9.95
 Minimum Wage Effective 1/1/2024: $10.30
The minimum wage is subject to a cost-of-living adjustment based on the Consumer Price Index no later than September 30th of each year. Montana's minimum wage is to be the greater of the federal or current Montana minimum wage.

Exception: A business not covered by the Fair Labor Standards Act whose gross annual sales are $110,000 or less may pay $4.00 per hour. However, if an individual employee is producing or moving goods between states or otherwise covered by the Fair Labor Standards Act, that employee must be paid the greater of either the federal minimum wage or Montana’s minimum wage.

No tip credit, meal credit, or training wage is allowed under Montana's Wage & Hour Laws.

The Department of Labor & Industry calculates the cost-of-living adjustment based on the increase in the Consumer Price Index (CPI), if any, from August of the preceding year to August of the year in which the calculation is made. If there is no increase in the CPI, no adjustment is made. If there is an increase, DLI will round the amount to the nearest five cents.
 
The Montana Wage & Hour Poster is an optional posting recommended for employers to display alongside required labor postings. To obtain information on required postings, click here.

More information can be found on the MT DLI website here.
Take advantage of event opportunities from the Montana Manufacturing Extension Center to connect and improve your manufacturing business and workforce in 2024. Check out their website or contact them to learn more. 
Advancement in technology is rapidly changing the world we live in, the careers we pursue, and undoubtedly affecting nearly every aspect of our lives. Traditional “big iron” companies like John Deere and GM have become “technology companies”. Electric vehicles, medical devices, military innovation, energy production and storage, are a small sampling of how technology is inextricably woven into our lives. This is the new frontier, with businesses and our nation investing massive sums in advancing technology to reclaim global leadership, improve national competitiveness, and secure our supply chains. 

There is a direct link to the role of Critical Materials and Minerals and improvements in our lives (see list here. Unlocking our economic potential and protecting our freedoms hinges on our ability to domestically produce more of the metals and materials that are necessary, including copper, platinum, palladium, zinc, and rare earth elements (REEs) like neodymium and praseodymium. 

These natural resources – the majority of which are abundant in Montana -- are vital to technological advancements and our transition to cleaner energy production and delivery. A full-scale, global transition will require massive leaps in improved technology production. It is impossible without a corresponding investment and extraction of minerals including copper and rare earth minerals.  
Montana Chamber Signature Events:
WED-THURS, JANUARY 10-11, 2024
Delta Helena Colonial, Helena, MT
Next week, executives, policy makers, association directors, and more will connect in Helena for the 24th Annual Business Days at the Capitol. This event will touch on issues impacting Montana's economy - and your business. Sessions include Federal & State Tax Update; Childcare; Held Case; Medicaid Expansion; 2025 Legislative Outlook; and Housing. Space is limited and the event is almost sold out – Register Now!


If you are unable to attend the full event, consider attending one of the largest business networking events of the year, the Lawmaker Appreciation Reception. Attendees will be joined by legislators from the 68th Session, including the Montana Chamber Champions of Business and Governor Greg Gianforte.

PRICE: $200 / per person (includes reception) or $85 / per person (reception only)
 
Thank You to Our 2024 Sponsors

Lawmaker Appreciation Reception: Navajo Transitional Energy Company

Platinum: Atlantic Richfield Company; Blue Cross Blue Shield of Montana; BNSF Railway; Boeing; First Interstate Bank; Montana State Fund; Montana State University; New Horizons Studio; NorthWestern Energy; Stockman Bank; University of Montana; and Valley Bank of Helena

Gold: Allegiance; Charter Communications; FAST Enterprises; Marsh McLennan Agency; PacificSource Health Plans; and Republic Services

Silver: Crowley Fleck; Eide Bailly, LLP; Montana Department of Commerce; Montana Secretary of State; Montana's Credit Unions; University of Washington (WWAMI); and The Washington Companies

Bronze: Bozeman Chamber of Commerce; Blackfoot Communications; MDU Resources; Montana Electric Cooperatives Association; Par Montana; Reach Higher Montana; and Zero to Five

Copper: Enbridge; Montana Bankers Association; Montana Bioscience Cluster Initiative; and UBS
WED-FRI, MARCH 6-8, 2024
AC Hotel Bozeman Downtown | Kimpton Armory Hotel
Bozeman, MT
Lodging $179 / night
Join us for our first-ever BLAZING TRAILS Montana Women in Business Summit, March 6-8, 2024 for two and a half days of educational programming and networking with powerhouse ladies from across the Treasure State at the AC Bozeman Hotel and Kimpton Armory Hotel in downtown Bozeman with proceeds going to fund our childcare policy initiatives in the 2025 Montana Legislature. As part of the Summit, we will join the world in celebrating International Women’s Day on Friday, March 8, 2024.

Deep dive into leadership development, financial well-being, entrepreneurship, civic engagement, advocacy, philanthropy, and more and connect with fellow trailblazers, industry leaders, and policymakers. Register today, book your room, and pack your bags. Let's blaze new trails together! 
EARLY BIRD PRICING until Jan 31, 2024
Full Conference Registration: $395 / per person
IWD Power Lunch Ticket: $125 / per person
FOR SPONSORSHIP OPPORTUNITIES: Contact Candace Carr Strauss, VP, Marketing & Communications at Candace@MontanaChamber.com | 406.640.1331
HR Minute
Employee Value Propositions - How to Know What to Offer Employees
By: Ryan R Callan, HR Business

Our work world is constantly shifting, annually, seasonally, monthly at times, and as a result the employee experience should evolve with it.

With all employees, an agreement is established with the employer. This agreement is called the “Employee Value Proposition” (EVP). The EVP agreement outlines the workplace exchange; employee performs tasks and duties, while employer provides a combination of compensation in return (paycheck, health insurance, PTO, training, etc.).
While North America faces challenges with staffing vacancies and maintaining full employee rosters, many companies have begun offering highly generous EVPs. These EVPs may include hiring bonuses, top shelf employer-paid health insurance, and / or increases in paid time off. Unfortunately, many of these changes are being made with a lack of data to drive them. Often based on an executive’s consumption of a trendy article, a viral video rant, or following a coffee shop visit a peer who suggested the answer to such problems is to, “just offer a ridiculously high pay rate”. Although this is a piece of the puzzle, referred to as market practices, such quick-fix remedies are truly a “shoot from the hip” type of effort.

Your company’s workplace is a unique setting, with unique offerings. No two workplaces are identical, no other organization experiences the exact same challenges and limitations yours does. So why blindly apply a trend or society referenced change? When you go hunting, do you shoot from the hip? No, of course you do not. You take measures to assess the wind, slope of the terrain, and then aim wisely. Apply that same measured approach when assessing EVP and employee experience.

Companies need to change how they retain employees. Updates to the EVP are needed. Do so efficiently and effectively, by focusing on regular assessments that ask, “What is our employee experience?”.

To identify weaknesses and improve upon them, we must first define what we want to measure. The Employee Experience is everything that an individual employee learns, does, hears, sees, receives and feels from their date of hire through to the moment they separate from the company. All the engagements between these two key moments contribute to the employee experience. These are the reasons that an employee chooses to stay with you company as their employer of choice or abandon your organization for a better alternative.

We cannot just ask, “What is your employee experience like, Ned?”. We need to directly call out the key variables that make up the EVP and then measure them. Identify what is supporting retention, and what is not. Determine how to adjust and fine tune these variable offerings and experiences and communicate the plan and implementation.

There are a lot of options and variables that can be examined; here is a shortlist we highly recommend for consideration:

  • Autonomy / independence,
  • Clarity of expectations and assignments
  • Involvement / commitment
  • Peer cohesion
  • Supervisory support
  • Work Pressures
  • Benefits satisfaction
  • Innovation
  • Pay satisfaction
  • Physical comforts
  • Task Orientation: Planning and Efficiencies
 
This list is not exhaustive by any means. These are some aspects that can be measured and compared to the average USA workplace, allowing management to identifying what and where weaknesses, strengths and opportunities exist.

There are several avenues to consider using to measure the employee experience including stay interviews, employee questionnaires, strategic observations, and employee-safe open-door practices. A combination of these approaches is best in identifying what aspects of employment need attention and which your employees find most valuable.

Employees appreciate when someone listens and the opportunity to be involved in the evaluation process. Even more when they receive a synopsis of the findings and see an effort from management to make things better.

To strategically analyze the data from different perspectives and truly leverage what you gather from surveying, breakouts can be valuable. Breakouts allow you to assess differing levels of employees, hierarchically (employee, supervisor, manager, director, etc.) and tenure-based (example: new hire, 2-5 years, 5-8 years, 9+ years, etc.). Breakouts that analyze positions vs. position, by department, or location can be highly informative.

After establishing insight and understanding on what is most valued, consider developing custom experiences with options for staff to select from to best fit their interests and needs regarding their employment lifecycle. Remember that the employee value proposition is based on an employment relationship, and it does not have to be the same for all staff members. It is also not just about compensation. Fair and equal treatment is important. By providing options, and the right balance of total compensation you can create a culture and climate that best fits their interests and preferences for an overall employment experience.

Management’s approach to this overall employee experience is what needs to change. The need to modernize is imperative in the face of a quickly evolving talent pool and challenges faced here in North America. If you take this strategic step, you could gain an advantage on competitors in the region, improve retention and boost recruitment efforts.
Montana Chamber Member Spotlight:
Empire Building Materials
Established in 1954
Wholesale distributor of building products

Empire Building Materials sells to lumberyards and home centers throughout Montana, Wyoming, Idaho, North Dakota, South Dakota, and Washington. Empire Building Materials maintains its corporate headquarters in Bozeman, Montana, and has distribution facilities in Bozeman, Missoula, and Laurel, Montana.

They pride themselves on seeking out the best products in each area of the building material industry. They believe the loyal relationships between their suppliers and their customers will continue to make Empire Building Materials a leader in wholesale distribution.

To learn more about Empire Building Materials visit their website.
This Business Brief Is Sponsored by Our Treasure State Member:
To learn more about Treasure State Membership benefits for your business, contact Matt Olson, Director of Network Engagement at Matthew@MontanaChamber.com | 406.360.6443
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