New York Minimum Wage Hike Mandatory on Saturday
The minimum wage in NY is increasing by $.70 this Saturday and will continue to increase annually until Governor Andrew Cuomo’s plan for a $15 statewide minimum wage is realized. Business owners are implementing plans to stay in compliance with the new law.
Paying employees fair wages is important to many business owners and many are getting creative with their budgets so their team doesn’t suffer. The fractional workplace is gaining more momentum as business owners seek creative ways to offer high quality services at affordable prices while still paying their team well. At Back Office Betties, we are not only part of the fractional workforce, but we also hire other fractional experts. For example, we outsource our social media management to a team of experts and our bookkeeping to a professional instead of hiring a full time assistant. This allows us to ensure the projects at hand are handled professionally and the cost is minimal. When we get creative about keeping costs down, we’re able to continue paying our team over 60% more than minimum wage.
Our clients outsource the position of receptionist so they can offer expertly trained live receptionists while keeping overhead low. With the proposed wage increase, before taxes and benefits a typical full time receptionist costs over $20,000 per year. When a virtual receptionist takes over this role, the expense is decreased upwards of 50%!
What creative ways do you use fractional experts in your business?