Dinkin Predicts Increased Labor Costs for Employers and Decreased Retention of Employees
JoTo PR Client, Cowden Associates, wrote a bylined article in Newsmax titled, Don’t Ignore Impact of Minimum Wage Hikes.
Starting in 2019, 20 states have risen their minimum wages resulting in increased wages of about $5.54 billion as well as an average pay bump for each year-round employee between the amounts of $90 and $1,300, increasing labor costs for employers. The minimum wage increase will create a trickle-up impact for other employees. Said differently: if we do not address pay levels at all levels then we will create a wage compression problem for our work force.
What Should Companies Be Thinking About Doing Differently?
- Communicate with your employees the expectations and opportunities for growth – tied to achievement of certain performance levels, experience and expertise.
- Review all bonus, incentive and commissions plans: Plans and payout levels created several years ago may no longer be suitable.
- Evaluate pay equity: Legislation is sweeping across the country with the focus for employers on being able to defend that your pay practices do not discriminate. Keep this process at the forefront when making any changes.
Cowden Associates, Inc., headquartered in Pittsburgh, PA, was created in 2001 by the merger of Halliwell and Associates and MMC&P Spectrum Benefits, which was founded by Jere Cowden in 1986. Currently led by President & CEO Elliot Dinkin, Cowden Associates specializes in helping corporate clients find the best solutions, both for the enterprise and for its employees, with regard to compensation, healthcare benefits, retirement and pension issues, and Taft-Hartley fund consulting. Winning Workplaces and The Wall Street Journal have recognized Cowden Associates as a “Top Small Workplace,” a lifetime designation awarded to executives for their ability to build and lead savvy organizations. For more information, visit http://www.cowdenassociates.com
NewsMax covers money, economy, markets, business and investment. Breaking news and analysis offer insight into the American Economic and Financial picture.
Do you have a story to tell? One that needs to be shared?
JoTo PR’s proprietary PR process can get you the exposure you deserve.
Contact us today at 888-202-4614