Mid-Year Reminder: Prepare Payroll Systems for the January Minimum Wage Increase
DeVon Billups, CPA
|As we move past the halfway point of the year, now is a great time to start making preparations for the increase to the minimum wage effective 01/01/2024. Preparation is paramount to ensure a seamless transition into the new year! Here are some quick tips to make sure you are covered:
1. Review your current payroll systems and pinpoint which of your employees are affected. This includes employees who were previously paid above minimum wage and may also be hoping for a pay raise.
2. Contact your HR and payroll teams to ensure they are informed about this increase.
3. Adjust your annual budgets to account for this wage increase.
4. Start making plans for a thorough audit of payroll in early 2024 to correct any issues on the front end.
5. Inform your employees of the law change and how these adjustments align with your commitment to fair compensation in your organization.
6. Update job posting templates to ensure the updated minimum wage is reflected.
We would love to consult and work with you when the need arises.