Impact of minimum wage increase on small business will be "significant"...

A Small-Businessman on the Common Sense Impact of the Minimum Wage

Economic Policy Journal

Richard Duncan, president of Rich Duncan Construction in Salem, Ore, tells WSJ:

As we close the gap between minimum wage and a firm’s starting wage, we lessen the ability to hire younger untrained talent.

When the minimum wage increases, we put more demands on the outcome and performance of the new emerging workforce. This leaves youth and the entry-level workforce less opportunity to enter, as the job description will have to match the pay scale. Our current workforce will have to do more work with fewer employees to share the workload, especially in the competitive small-business world, as it takes more than guts to hire additional employees.

If an additional person costs more to bring on, it will just be that much longer before a firm will next hire. Therefore yes, the impact will be significant.

Link:
http://www.economicpolicyjournal.com/2014/02/a-small-businessman-on-common-sense.html