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Before we take up our responsibility and right to vote on Election Day, however, we must educate ourselves as far as possible about the consequences of casting our ballot for one candidate, party, or proposition. You may think that Republican and Democratic parties fall in line with their traditional philosophy on issues like taxes, vaccines, and mandates, some stray from dogma in important ways.

Moreover, 2020 has been no ordinary, typical year. Instead, it has upset and shaken almost every facet of life and work in America for employees, leaders, and businesses at large. Just as it has been a uniquely challenging year, candidates and parties engage novel solutions to the issues in the US.

For example, many businesses are turning to outsourcing talent and teams (including HR functions) to cope with coronavirus-related changes in priorities, work structures, and technologies. In part, this results from increases and decreases in staffing across departments and their respective costs. In fact, four in 10 businesses have significantly reduced employment 58 percent have resumed hiring. To help you see this emerging trend’s relevance today, we have conducted extensive research into the imminent vote.

Here, we compiled research for business leaders on how each party, candidate, and issue could affect human resources and benefits for employees. Use these insights to understand how you can prepare for a post-election world regardless of the outcome. Along the way, ask yourself, “How will the 2020 morph presidential election impact my business, HR efforts, and structured benefits?”

Asking this question and reading this post will prepare you for the impact that the presidential outcome and state-wide changes the general election will bring. So, explore the issues below, and find the right solution for your business.

Minimum Wage Increases Threaten Business Bottom Lines

At stake during the 2020 morph presidential election is the contentious issue of defining a reasonable, sustainable minimum wage. Democratic nominee Joe Biden envisions a minimum wage of $15 an hour by the year 2026. Across the aisle, Republicans traditionally oppose this substantial increase though President Trump has supported the idea on occasion. While the solution and outcome remain indeterminate and up in the air, there is a definite trend.

States themselves have taken up the responsibility of maintaining or increasing the minimum wage. Already, 29 states have minimum wages that exceed the federal $7.25 per hour. Joining the ranks, states like Florida are already considering wage raises to the level Biden proposes. But, what will the consequence of the presidential election and state initiatives be on this issue?
Economists disagree. Some say that $15 an hour is a reasonable and “living” wage for most workers and employers. They even argue that the minimum wage has slipped far behind inflation, and, in reality, it should be closer to $20 per hour this year. An increase—whether to $15 an hour, or more, or less—is a matter of time for small and large businesses.

Other analysts say that raising the minimum wage—particularly to $15 an hour—will unnecessarily challenge business owners and result in negative consequences for the workers it intends to assist. For example, it could mean that millions of workers lose their jobs due to increased costs and less flexibility in business income. In short, some say that a wage increase would brutalize businesses, raise prices for consumers, and crush those with thin margins.

Business leadership should mind these possibilities and prepare for a wage increase that will stretch their resources and demand strategic changes in structure. Bottom lines could necessitate that layoffs increase dramatically alongside the price of their products or services. Predicting massive layoffs (over and above those which are COVID-related), many businesses are choosing to outsource in order to save on costs and recoup the money potentially spent on upcoming wage boosts.