People Processes

Is your business prepared for a minimum wage increase? A quick update from http://poplarfinancial.com (poplarfinancial.com)! Many states across the country have recently raised the minimum wage, and more changes are on the horizon.   Even an increase of $.75 an hour for 20 employees can mean an annual payroll increase of more than $20,000. Seemingly small increases can leave you wondering how to manage this new expense.   There are several steps you can take to adjust to recent state legislative changes or to prepare for upcoming payroll increases that are rolling out in the months ahead. (See the table below to determine if your business operates in one of the affected states.) What can you do to stay ahead?   1. Evaluate expenses and revisit your budget Once you determine if and how new minimum wage legislation will affect your business, it’s time to look at the big picture. New payroll costs may have implications for how you manage other expenses like utilities, i