This year, almost 30 states saw a hike in Minimum wage rates. It’s now rising from $7.45 per hour to $10.35 per hour. It has been a long-time coming to keep up with cost of listing. After all, how many of us can live off $7.45 per hour? It is hard to think that such a drastic jump in pay has happened, but this should have no affect on you, the good employer that you are. You want to know why?
Because you should already be paying your employees more than minimum wage.
When you pay employees the state mandated minimum amount, you get employees that do minimal work, put in as little effort as possible, and will jump at the next opportunity that offers more. Guaranteed. That’s not me being pessimistic, that’s the truth. Let’s put it this way… if you were making the least amount of pay as mandated by the federal government, wouldn’t you look for a better paying job?
Many studies show that money is not a major factor in deciding on whether or not employees will work for a company. However, you should realize that, as business person, it is a way to show the value of a position to the company. So, instead of losing people to others, just make it a rule to hire top-notch workers and expect to pay a little bit more for them. In the long run, the few dollars an hour difference will be nothing compared to the cost of having to hire someone new.
Not sure how to get those great employees? Visit my Services page to find a coaching package to help you make better hiring decisions.