Despite the vast state workforce being highly skilled and competent however, there is an enormous demand for workers, making it extremely competitive when it comes to hiring, particularly in the technology sector.
Businesses are required to offer higher pay to their employees due to the economic prosperity of the state. This means that they are able to pay more and offer more benefits. Smaller businesses are frequently required to provide competitive wages and benefits in order to keep their employees since larger companies offer higher wages.
The rate of inflation is also an element in the Seattle's minimum wage increasing every year. This is due to the 2014 law that requires minimum wage which the city council voted to ensure that it is affordable for people to live at the expensive cost. Under Seattle law, the minimum wage is adjusted yearly on January 1 based on the Consumer Price Index in the Seattle-Tacoma-Bremerton area.
While some small-scale businesses might have lower minimum wages than other businesses, the entrepreneurs of small enterprises say that the higher salaries within the region are worth a look. Tija Petrovich from Seattle Fitness said, "It's expensive to operate in this area."
Most Seattle companies are required to pay $17.27 an hour to their employees. A worker who is employed by an organization that has under 500 employees has to be paid at minimum $15.25 per hour.
Washington State also increased the minimum wage for employees to $14.49 an hour up to $14.49 an hour. Companies in Washington have to pay their employees higher than the federal minimum wage.
The large corporations of Washington bring advantages for small businesses.
While big corporations can be an effective competitor for small and medium-sized companies Many entrepreneurs we spoke with stated that Washington's big companies can be a huge benefit to their businesses.
Opportunities for B2B-related services entrepreneurs in Washington particularly those in the Seattle region are taking advantage of big companies like Amazon as well as Microsoft. Small businesses often provide B2B services that larger corporations need in the state. Small B2B companies have a steady and a large client base.
A greater pool of talent Small entrepreneurs say they have gained indirectly from recruiting efforts outside of the state of large companies. Large corporations bring skilled workers from different countries and can bring talented people to Washington. The talented employees typically work for smaller companies. "Companies like Amazon and others have pushed up the job market in Washington so it's good for the city," stated Dave Parker who was the former chief executive officer of Code Fellows and current board member. "We have a starting point with something that will drive expansion within the marketplace."
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