In this series, we’re discussing how to inflation proof your business. For most businesses, payroll costs are their largest expense item.
Recently, President Biden signed an order requiring all federal contractors, including any subcontractors, to increase their minimum wage from $10.95 an hour to $15 per hour in 2022.
This action will drive wages higher and force the private sector to pay more for good help. As wages increase, other employers may poach your good employees if you’re not proactively paying your good people more.
James 5:4 teaches, “Look! The wages you failed to pay the workers who mowed your fields are crying out against you.”
To be able to prepare for this payroll inflation, you will need to budget accordingly and be quick to raise prices when able.
