BIRMINGHAM, Ala. — Small businesses are being pressured to raise wages to keep skilled workers on board, according to NorthJersey.com.
According to the Labor Department, U.S. job openings in October were at their highest level in 14 years, reported the article. Hourly earnings also rose by .4 percent, the largest gain on more than a year.
In a recent survey by the National Federation of Independent Business, 15 fifteen percent of small business managers indicated they would increase wages, said the article.
“For growing companies, finding the right people and retaining them is a big challenge,” shared Elisabete Miranda, president and chief executive officer of CQ fluency, in the article. Her company has 20 employees, and since it has quadrupled in size over the past three years, raising pay would not be a problem.
CQ fluency provides raises annually, but many small businesses give them out based on merit, reported the article.
Many companies will give raises to comply with new minimum raise requirements in 2015, noted the article.
Click here to read the entire article.