Beauty Store Business

JAN 2017

Beauty Store Business provides solutions for better retailing! New products, industry news, savvy business moves and important trends affecting both brick-and-mortar and online retailers are included in each issue.

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Page 69 of 107

68 January 2017 | Fesus Robert, by Jordan Rosenfeld Learn about minimum wage hikes, their potential effect on business—and strategies that may help your business thrive with the changes. N ew changes in the federal minimum wage policy that took effect in January 2016, and some state minimum wage increases that will continue to rise in annual install- ments until 2022 are striking fear in small beauty store business owners. The greatest concern lies in states where the rate will climb as much as $5 higher than their current wage in just a few years' time. While everyone deserves to make a living wage that keeps up with steeply rising costs of living, beauty businesses need to be strategic in order to navigate wage increases successfully. It's true that beauty stores often employ younger workers who might be capable of living on a state's given minimum wage without requiring their jobs to provide health benefits or other perks. However, surprisingly, many adults 25 and older also work for minimum wage. According to the United States Department of Labor (DOL), 89 percent of those who would see the most benefit from a minimum wage increase to $12 or even $15 per hour, which will only take place in a handful of states, are 20 years old or older— and 56 percent are women. The figure indicates that many adults will benefit from the changes. Still, business owners are understandably balking at how they will find the extra funds to keep up with the federal and state demands.

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