Although the employment market has experienced an upswing in the past decade, the federal minimum wage continues to receive bad publicity as thousands of families continue to live below the poverty line or suffer from significant financial struggles. Due to these struggles, many state and federal representatives throughout the country have begun introducing bills aimed at raising the federal minimum wage. At first glance, raising the $7.25 minimum wage sounds like a way to keep the American workforce prosperous; however, for many organizations, this increase will seriously affect their business strategies and profits.
As a top job agency providing excellent online job search services in New Jersey, we at The Protocall Group have prepared an ebook that offers a helpful glimpse into the possible effects of the wage increase for your business. Click here to download a free copy of the ebook today!
- Higher Employee Motivation
When employees receive better pay, they usually place more value on the work they do. It also increases productivity and employee retention.
- Boosts to the Economy
When people have more to spend, they will more readily inject that money back into the economy!
- Improved Standard of Living
Employees can save more, so many will not have to live paycheck-to-paycheck anymore. Absenteeism may also reduce as more workers are less stressed about making ends meet, and the need for multiple jobs is reduced.
- Monthly Earnings May Decrease
With the increased wages comes the possibility that employers will have to cut worker hours.
- Employee Benefits May Change
Higher wages may require unfavorable changes to employee benefits packages to save money.
- Small Businesses May Fail
Small businesses with smaller profit margins may not cope with increased wages. States are attempting to deal with this issue by varying wage based on business size, but this may not save everyone.
- Product & Service Costs May Increase
New payroll costs may drive up the cost of doing business, causing dissatisfaction in clients and customers.
Learn More With The Protocall Group
With nearly half the states in the U.S. vying for increased minimum wages, it is only a matter of time before we begin seeing the positive and negative consequences play out. For more details about the increased minimum wage and to learn about what is being done on the federal level as well as in Pennsylvania and New Jersey, click here to download a free copy of our ebook, “Forecasting 15: Preparing Your Organization for the $15 Minimum Wage.” In this ebook, we also suggest smart ways to prepare for the challenges of increased wages and questions you should answer before bill becomes law.
As a top staffing agency in the tri-state area, we at The Protocall Group fill registered nurse jobs in New Jersey with qualified men and women each year, along with a variety of other industries and professions. Give us a call today if you need a job or are looking for a new staffing solution for your business.