More employers than ever are in agreement than the current federal minimum wage is not cutting it. According to a recent CareerBuilder survey, only 5 percent of employers said that $7.25 per hour is a fair wage, while 67 percent said they felt a minimum of $10 per hour or more was more reasonable – up from 61 percent last year.
What does this mean for you?
If you currently employ or are planning on hiring minimum wage workers, it’s important to stay abreast of changes in the discussion regarding fair compensation.
According to the survey, 66 percent of minimum wage workers said they couldn’t make ends meet, and 50 percent said they were forced to work more than one job.
Regardless of how skilled or dedicated an employee is, the stress from financial troubles can have a major impact on productivity, quality of work and overall employee satisfaction. And with more and more employers adjusting compensation policies in recognition of the challenges facing minimum wage workers, you may risk losing great people to competitors if you don’t follow suit.