With a new year, comes a slew of new compliance laws and regulations – is your business ready? 2023 has already seen new states introducing pay transparency laws, minimum wage changes, new paid family leave laws, and more.
Inflation hit the U.S. hard in 2022, which has put additional pressure on states to look hard at their minimum wages. During 2023, a staggering 27 states will increase their minimum wage. While the federal minimum wage hasn’t changed since 2009, individual states are taking action to help low-income workers with rising costs of living.
Speaking of pay, 79% of employees say they want some form of transparency when it comes to pay, and candidates want to know the salary for jobs as they’re applying to. Pay transparency is becoming more prevalent with new states and cities introducing pay transparency laws each year. New York City has passed one of the most recent laws requiring businesses to post salary ranges for job opportunities and promotions. From a pay equity standpoint, advertising ranges is a great way to narrow the pay gap. Now, companies across the country are grappling with the decision to disclose pay ranges in all job postings, or just remain compliant.
Across the country in Colorado, FAMLI went into effect at the start of the year. This insurance gives new family and medical leave options to employees and adds Colorado to a growing list of states introducing their own version of paid family and medical leave. These programs, designed to help employees care for their families while retaining their jobs, have different requirements from state to state, making management of the plans increasingly difficult for businesses.
While these changes are certainly wins for employees, it’s hard to deny they increase the workload, and the potential for error, for you and your business. Let Guided Arrow guide you through these regulations and keep your business compliant. Reach out today for a free consultation.
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