After a year of soaring salary offers and pay headaches, experts say compensation will remain a tricky issue for small businesses to navigate in 2023.
But that's not just the case for white-collar roles, as small-business owners with a presence in numerous states will need to navigate increasing minimum wages, as well as escalating pay expectations for employees across the earnings spectrum.
About 23 states are raising their minimum wages to ring in the new year, while four more states have increases scheduled later in the year, according to an analysis by Business for a Fair Minimum Wage, an advocacy group that supports raising the federal minimum wage from $7.25 to $15 an hour by 2025. That includes Nebraska, where voters last November approved an initiative that would gradually raise the state minimum wage to $15 per hour. On Jan. 1, 2023, its minimum wage will rise from $9 to $10.50.
“Minimum wage increases are a great boost for the new year,” said Holly Sklar, CEO of Business for a Fair Minimum Wage, in a press release. “These needed raises don’t stay in workers’ pockets. They energize communities, as workers and their families have more to spend at local businesses."
D.C. will have the highest minimum wage, at $16.10 per hour. Washington State's minimum wage in 2023 will be $15.74, with California at $15.50 and Massachusetts at $15.
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