Today we share with you responses to two different, but related, questions related to employee compensation and changes or potential changes in federal and state/local law regarding the same.
The first question related to the minimum salary rule which some participants did not even know what it was. Rachel Gebaide of our firm will likely be posting on that topic in the next few days – particularly in light of the election results last night, which may well change implementation of the rule.
The second question was tied to increases in the minimum wage. In Florida, there is a $0.05 increase for 2017, but there is a national movement to increase the federal minimum wage and many local communities are also passing such increases (particularly in the Pacific Northwest). As employee expenses are a significant factor in operational costs, increases in the minimum wage have the ability to impact profitability, which is reflected by our results. Although the majority of respondents were not concerned with the increase for 2017, some folks did anticipate it potentially having a significant effect.