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Florida minimum wage increase passes
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(11-04-2020, 12:26 PM)EricC85 Wrote: Here’s a scenario to put it in perspective. I pay entry level live guys $13 an hour starting out. It’s a physically demanding job long hours and lots of grunt work. Paying them $5 over minimum wage is fair it’s a start in a very good trade, if they stick with it they can grow to make a good living but I absolutely can’t pay them $15 and keep my labor cost the same. Now my mid level guys with experience already making $15-$17 an hour are going to be at near the same pay as fast food workers. If I can’t get corporate to give them significant increases they’re going to leave and I’ll have to hire their replacements at near $20 an hour. That kind of increase in labor cost is naturally going to influence what I have to charge for labor. How much probably looking at another $50-$75 an hour to keep the same profit margins(which are extremely low in our line of work already) a 1.5 million dollar shop will only be profitable by about 100k at the end of year. Good point. I didn't think about the domino effect of the person currently making $15 ultimately wanting $20 and so forth. |
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