Throughout his presidency, Barack Obama has been outspoken about his desire to raise the national minimum wage. Since 2014, at least 10 states voted to increase their minimum wages, with many more state legislatures seriously discussing the issue. Some are poised to raise their minimum wage in the coming years.
A report from the White House claims that about seven million workers would benefit from a wage hike, but the report didn’t address how rising payroll costs will affect businesses. If your company is in one of the states that has increased the minimum wage, or is looking to do so soon, how can you prepare for the impact this will make on your bottom line?