2015 HR Budget Considerations
It's hard to believe Thanksgiving is already here and the holiday season is about to begin. There's just 6 weeks left in 2014. I'm sure you have a long list of things to do before the end of the year. Preparing your budgets for 2015 may be among them. Here are potential HR items to take into account for the budget.
There are 24 states increasing their minimum wage in 2015. Companies that hire at or near the minimum wage will have to account for wage rate changes in their budgets. In addition to the increased wage rates, companies may also want to develop a strategy to deal with wage compression issues. Wage compression occurs when new employee wages are at or near the wages being paid to existing employees. Tenured employees may expect compensation adjustments if they are now making the same as or not much more than new, entry level employees.
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