Labor costs forecasted to continue rising
Posted by Arshad Merali on July 18th, 2007 | filed in General, Time & Attendance
It used to be that you could be sure of 2 things, death and taxes… nowadays, there seems to be a lot more that we can count on. For example, governments will always be less efficient than private enterprise, property prices keep going up and labor costs will increase annually.
In my last post ‘Managing the increase in minimum wage‘, I talked about the Fair Minimum Wage Act of 2007, and how the federally mandated wage increases will affect the majority of businesses. Wikipedia has an interesting graph that is important to understand:
The graph above visually demonstrates the impact of these proposed increases and really puts things in to perspective. Notice how minimum wage has been flat for the past 10 years? See how big the pending rise is in relative terms?
If you have a labor force that is at or near minimum wage, what are you doing to ensure you minimize the impact of these increases to your organization? What is your Workforce Management strategy?
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July 19th, 2007 at 10:24 am
[...] I wrote about the increases in minimum wage in the US. Well, US Companies are not alone in their challenges against minimum wage increases. Companies in [...]