TIP SHEET
The 4 Cornerstones of Minimum Wage Management
Are you and your team planning for the future with the right compliance blueprint?
To help you on your way, we’ve provided four foundational areas where your HR team can ensure success in the crucially important area of minimum wage management:
- Build a Minimum Wage Plan with Accurate Wage Forecasting
- Establish Access to Precise Location Data
- Take Steps to Reduce Your Compliance Risk
- Make Communication a Top Priority
Continue scrolling to view The 4 Cornerstones of Minimum Wage Management or click the button below to view the tip sheet as a PDF.
1. Build a Minimum Wage Plan with Accurate Wage Forecasting
How far out are you tracking minimum wage updates for each of your locations? Accurately tracking and managing minimum wage in the present is challenging enough, costing you valuable time and resources. In an area as critically important as minimum wage, it’s crucial that your team has the tools they need to access and integrate reliable minimum wage data for the coming years, including regular notifications to keep your payroll and compliance teams in the know.
2. Establish Access to Precise Location Data
2. Establish Access to Precise Location Data“Good enough” just isn’t good enough when it comes to making sure that you’re paying your employees the correct minimum wage rates. Zip codes aren’t always an accurate representation of jurisdictional boundaries. Moreover, there are 130 jurisdictions that have their own minimum wage outside the federal rate, with 70% of those increasing on an annual basis. This makes it especially important that your HR team has access to pinpoint accuracy for each of your locations, ensuring they have the “coordinates to coordinate” minimum wage rates in multiple jurisdictions.
3. Take Steps to Reduce Your Compliance Risk
Are you confident in your current minimum wage compliance process? Ensuring minimum wage compliance for each of your locations helps protect your company from unnecessary costs and potential litigation. If possible, avoid the risk of manually searching for or monitoring compliance data with access to a single source of carefully vetted information. There are experts out there who can help your team track and plan for compliance updates that are relevant to your specific locations, helping you comply with the increasingly complex landscape of minimum wage legislation.
4. Make Communication a Top Priority
4. Make Communication a Top PriorityCommunication is key, especially for something as important as minimum wage compliance. Your HR team needs to know when changes to minimum wage rates are occurring or will occur so they, in turn, can quickly and accurately communicate those changes to location managers and relevant stakeholders. Prioritize communication in your minimum wage management with tools that leverage today’s technology to keep your team connected.