Running a small business is never easy, especially during inflationary periods. In 2023, when the average rate of inflation was 4.1%, 35% of small businesses reported reducing staff as a result of increasing costs, according to a survey of 1,000 small business owners conducted by OnePoll on behalf of Melio.
At the beginning of 2024, 22 states and 38 counties and cities raised their minimum wages, impacting 10 million workers across the country, per the American Institute for Economic Research - and the many small businesses who have them on their payroll.
According to the research, Massachusetts, California and New York are the top three states where small business owners can expect to pay their employees the most, averaging annual salaries of $72,151, $67,237 and $66,924, respectively.
On the other end of the spectrum, small business owners pay their employees the lowest average annual salary in Mississippi - $39,310, according to the data.
#inflation-impact #small-business-challenges #employee-compensation #minimum-wage-increases #regional-salary-variations
[
Collection
]
[
|
...
]