The new gender identification regulations are not the only new item for July 1st. A number of cities (and in some cases, counties) are increasing their minimum wage rates.
Might as well face it, we are all going to have to stay on top on minimum wage increases every six months until…well, for a very long time. Take a look at the updated chart. It’s a great guide for July increases, and what happens next.
A quick reminder:
Your company should take some steps to ensure that increasing the employee wages won’t damage the financial health of the company overall. For smaller companies, the extra requirements can be exceptionally taxing. Here are a few things to consider when planning for the immediate and long-term future:
Knowledge is Key. It’s important for you to stay up-to-date on changes in your area. It’s a good idea to review new regulations with an HR professional, or counsel, to make sure that your practice and process meets state and federal standards.
Conduct an Internal Audit. It’s important that you know how these increased payroll expenses will impact the company ahead of time. An internal and thorough audit will give you a good indication of where your financial solvency is after the increase. It will also help you to map goals for growth into the future.
Employee Assessments. Your employees are your most valuable resources. The reality is that the new minimum wage may mean a decrease in hours for some employees or even a downsizing, depending on your specific circumstance. For the most successful road forward, it’s important to assess, and develop strategies to retain, your most valuable employees. Keeping good employees who are loyal and capable is essential to flourishing.
Streamlining Workflow. There are often areas of workflow that can be simplified to save person hours. This might include adding new technology, or changing set processes to improve production.
Meeting the New Minimum Wage Requirements in 2017 and Beyond
You’re not alone if you’re worried about how the wage increase will affect your business. Proper planning and good oversight will make the adjustment far smoother than you might fear. Keep in mind, yours isn’t the only business faced with these challenges. Other businesses in your area will be maneuvering through these requirements, as well.
The minimum wage increase for West Hollywood has been rescinded.