Bruce Mitchell, director of development with SCORE, a small business advice group, says there are a number of things to look at when considering how this change will affect individuals.
With the turn of the year, minimum wage will see an increase in 2019 to $8.60 per hour, up from $7.85 in 2018. The change will see a wave of effect take place for business owners and employees alike.
Bruce Mitchell, director of development with SCORE, a small business advice group, says there are a number of things to look at when considering how this change will affect individuals. Mitchell says that, when looking at what minimum wage is set to accomplish, it is a starting wage, not a living wage. With the wage being increase, he says this may show an increase in difficulty for the minimum-wage workforce to find jobs. He says the increase in pay will lead businesses to afford less work and thus creating less jobs.
Mitchell says that families should look out for an increase in cost of normal household items as businesses look to make up for revenue margins with the increase. He says the wage will, of course, put more money into workers in this wage bracket, but those on a fixed income may suffer.
On a Facebook inquiry held by the Lake Sun, three people shared their opinion of the increase. Curtiss Gardner shared the concern that, though the raise in wage will help those with minimum wage, it will hurt the entire workforce by forcing every person to pay for increase prices. Rich Valley Raines responded by stating that the increase was a good step, but still less than half of what is needed to support a family.
In order to help businesses and workforce personnel understand how this increase changes their outlook, Trish Creach, Executive Director of the Camdenton Chamber of Commerce, says they will be holding a seminar at the end of the month. Alongside the Department of Labor, they will be showcasing how seasonal businesses may be affected differently than those year round and giving out guidance to adapt.
With the wage increase, Creach says that the best thing a business owner or employee can do is inform themselves on exactly how this will effect them on a personal level. She says the more involved a person can be, the less they will have to worry about when it comes time to adapt to the changes as a whole.
“The best things that businesses can do to prepare is to be informed,” Creach said.