Working a small enterprise is rarely straightforward, particularly throughout inflationary intervals. In 2023, when the typical price of inflation was 4.1%, 35% of small companies reported lowering employees on account of rising prices, in line with a survey of 1,000 small enterprise house owners carried out by OnePoll on behalf of Melio.
Initially 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 various small companies who’ve them on their payroll.
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The place do small enterprise house owners must pay their workers essentially the most? The small enterprise lending firm OnDeck determined to seek 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 house owners can anticipate 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 house owners pay their workers the bottom common annual wage in Mississippi — $39,310, in line with the information.
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Try the infographic beneath to see the complete rating compiled from OnDeck’s analysis:
Picture Credit score: Courtesy of OnDeck
