Re: “,” Jan. 1 business story.
Many Coloradans received a raise on January 1 under the state’s new minimum wage increase. And while there’s still debate as to how this will impact Colorado’s economy, many small business owners actually supported this increase. Here’s why.
Employers who currently pay above the minimum wage have noticed that providing their workers with more financial certainty increases productivity and minimizes distraction. Additionally, higher wages leads to higher employee retention, saving valuable resources that would be otherwise wasted on training.
Perhaps most importantly, higher wages will put more money back in the pockets of low-income workers, who will in turn spend that money at local businesses, helping to stimulate our economy. And lastly, Small Business Majority’s scientific opinion polling found 60 percent of small businesses nationwide support raising the minimum wage to $12.
Despite claims that increasing Colorado’s minimum wage will hurt the state’s economy, small business owners support this measure.
Tim Gaudette, Denver
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