Working a small enterprise isn’t straightforward, particularly throughout inflationary durations. In 2023, when the common price of inflation was 4.1%, 35% of small companies reported decreasing employees on account of growing prices, in accordance with a survey of 1,000 small enterprise homeowners performed by OnePoll on behalf of Melio.
In the beginning of 2024, 22 states and 38 counties and cities raised their minimal wages, impacting 10 million employees throughout the nation, per the American Institute for Financial Analysis — and the numerous small companies who’ve them on their payroll.
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The place do small enterprise homeowners must pay their workers essentially the most? The small enterprise lending firm OnDeck determined to search out out extra about this by analyzing U.S. Census Bureau information for companies with fewer than 500 workers.
In line with the analysis, Massachusetts, California and New York are the highest three states the place small enterprise homeowners can count on to pay their workers essentially the most, averaging annual salaries of $72,151, $67,237 and $66,924, respectively.
On the opposite finish of the spectrum, small enterprise homeowners pay their workers the bottom common annual wage in Mississippi — $39,310, in accordance with the information.
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Try the infographic under to see the complete rating compiled from OnDeck’s analysis:
Picture Credit score: Courtesy of OnDeck
