A Note From TimeForge on Minimum Wage Changes
If you’re in one of many states or cities where minimum wage is already higher than the federal minimum wage, you’ve likely already ironed out your wage increase plan. Most businesses in the U.S., however, are finding themselves facing a potential minimum wage increase for the first time. Even if you feel that you’ve had competitive wages for your area, it’s important to analyze and predict the impact of wage changes to your business.
When the minimum wage increases, the impact to businesses can be broad. Most business owners immediately think of the cost of their labor among entry-level positions, which is the obvious and immediate impact. However, it’s important to consider impact to other parts of your business and how to anticipate these needs.
If you feel overwhelmed by the process, you’re not alone.
But you can’t afford to “wait and see” without having a plan of action in place.
Even if a minimum wage change were to somehow not impact you, the compensation world is being turned on its head with large corporations announcing increased “minimum wages” for their organizations. If these companies will compete with you for job applicants, you should be prepared.
This eBook was written for people like you. If you’re just starting to learn about preparing for minimum wage changes, we hope this will help guide you.
– The TimeForge Team