Hot off the presses, Florida minimum wage is increasing by 36 cents per hour effective January 1, 2012. This increase takes effect just seven months after a 6 cent increase on June 1, 2011.
What does this mean?
Employers are going to have to review payroll and make adjustments to anyone earning $7.68 and lower.
They should also evaluate all employees’ wages to see if the increase might cause other issues (morale, wage compression). For example, someone who is currently making $7.69 per hour and has been in their position for a while is not going to be happy when a newcomer joins the organization and earns the same rate.
This comes at a difficult time for small business owners. While trying to make ends meet and keep their doors open, they now must make adjustments to wages, increasing expenses and reducing an already dismal bottom line.