In Moab, UT, McDonald's is advertising some of the highest wages for staff ever seen. Although Summer tourists make up a large part of the revenue for area businesses and fast-food restaurants, motels and attractions require more employees, local year-round businesses are forced to pay even more than that just to get applicants in the front door.
As mentioned in a previous article, a modular factory that is forced to offer more money to new hires than to workers that have been there for years could cost the factory an additional $1,000,000 in payroll and benefits even if they were to hire just one new employee.
Rising LBM costs, transportation costs and now rapidly rising labor costs look like they will be with us for at least the next 6 months according to some leading economists.
If you own a factory and don't have a "Plan B" or even a "Plan C" in place to meet those and future challenges to your business, maybe you should be planning an exit strategy!
Gary Fleisher is the Managing Director and contributor to the Modcoach Network and its affiliated blogs.
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