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Changes in Minimum Wage and the Effects on Businesses

Changes in Minimum Wage and the Effects on Businesses

#BeavertonAreaChamberofCommerce

 

Many people may not know that Oregon Minimum Wage changes went into effect on July 1, 2022. For most employers in and around Beaverton, the Portland Metro rates apply (Washington, Multnomah, and Clackamas Counties). See the graphic for a summary of changes.

A few good business practices to prepare for changes like this from the business owner’s point of view include:

  • Audit expenses and build a hiring plan. Assess the types of employees you need to run a business that fits within the needs of your customer base. This might mean temporary workers to assist in a busy season versus bringing on more full-time staff.
  • Consider your pricing strategy. If your prices are based on costs from even a year ago, it might be time to recalibrate and raise prices. While this might not be your first choice, remember that your competitors are going through a similar process. Your best price is the one that keeps your customers happy AND keeps your needs met.
  • Technology updates. Are there ways you could automate part of what you do? More efficient ways of doing business, such as table-side payment devices, can save the time of servers waiting for a terminal, as well as turn the dining room tables more quickly.

 

Protect your biggest asset:  your employees

We know most employers have struggled with staffing in recent years, and that trend seems likely to continue in the foreseeable future.

What are some ways you can help attract and keep great employees?

 

Here are some ideas:

  • Be very clear with your current employees how much you appreciate them and how vital they are to your business success. Encourage them to talk to you if they ever feel the need to look for another job.
  • Provide new employees with engaging onboarding and training. Be sure to set aside significant time for you, the owner or general manager, to spend with the new employees. If you want them to be committed to you and your business, you must show that commitment in return.
  • Get all employees engaged in ongoing learning and development. Help them learn new skills. Have them share with each other key things they have learned about doing their job well. Also ask them to teach you things along the way.

 

More information about the details of the minimum wage changes can be found here: https://squ.re/3xvyvEe

For more ideas on attracting and keeping great employees, contact Rob Routhieaux by email rob@beaverton.org or call direct:  503-350-2003.

For more information about how your business can be involved or sponsorship opportunities, email us at info@beaverton.org or call, 503-644-0123. 

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