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A Workstream hiring specialist can help you identify high impact ways to improve your applicant experience, and even help you determine what is a good hourly wage for your location and business.
The minimum wage in Nashville, Tennessee is currently $7.25 per hour, which is the same as the federal minimum wage. This means that all workers in Nashville, regardless of their age or occupation, are entitled to earn at least $7.25 per hour. The current minimum wage in Nashville is lower than the national average of $7.50 per hour. This is because Tennessee has not adopted its own state minimum wage, and instead relies on the federal minimum wage.
The minimum wage in Nashville has not increased since 2009. This means that the minimum wage has not kept pace with inflation, which has eroded the purchasing power of minimum wage workers. A livable wage in Nashville is estimated to be $15.50 per hour for a single adult with no children. This means that a worker earning $15.50 per hour would be able to afford a modest apartment, food, transportation, and other basic necessities. It is estimated that there are approximately 100,000 workers in Nashville who earn minimum wage.
It's important to remember that the Hourly Wage Index data above reflects gross wages, or the amount of money an employee earns before accounting for payroll deductions like taxes, benefits, or wage garnishments. Due to variability in tax rates across locations, slightly lower gross wages in a certain location might result in higher take home pay, or vice versa.
This question is a difficult one to answer, as a "good hourly wage" is highly subjective according to experience, work responsibilities, cost of living, and other factors. We recommend using Hourly Wage Index data as a starting point. Once you have established a baseline for certain positions, do further research into similar businesses in your area.
Lastly, consider surveying your employees. They're the best resource to help you know what is a good hourly wage, what competitive pay looks like in your location, and how competitive wages change in your industry over time.
We know that getting applicants to pay attention to your business can be extremely challenging, and that offering competitive pay is a huge part of that. Wages aren’t everything, however! Applicant experience is another important factor that can help set you apart from your competition. A few examples include: