Paychex, November 04, 2014
... How might raising the minimum wage affect small-business owners?
The effect on small businesses of a higher minimum wage is uncertain, but opinions abound. The Department of Labor has posted “Minimum Wage Mythbusters” that answer 17 commonly held but erroneous beliefs about the minimum wage, including: Increasing the minimum wage will cause people to lose their jobs; and Increasing the minimum wage is bad for businesses.
It’s worth noting results of a poll by the American Sustainable Business Council and Business for a Fair Minimum Wage, released July 2014, which found that 61 percent of small-business owners with employees support gradually increasing the federal minimum wage from $7.25 to $10.10, and then adjusting it annually to keep pace with the cost of living. The survey of 555 for-profit firms with two to 99 employees found that "small-business employers see important business benefits from raising the minimum wage, in addition to increased consumer spending. Those polled expect a higher minimum wage to decrease employee turnover, increase worker productivity and boost customer satisfaction."
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