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Hourly Wage Index
Discover how your pay practices stack up against other regions, positions, and industries. 
HOURLY WAGE INDEX

Let’s talk wages in Colorado

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$13.65

What is the minimum wage in Colorado?

As of January 2023, the minimum wage in Colorado is $13.65 per hour for employees covered by the Colorado minimum wage law. This is up from the previous year's rate of $12.56 per hour. Employees not covered by the Colorado minimum wage law, such as those exempt from the law or who work in certain industries, may be paid a lower wage.

The Colorado minimum wage refers to the legally mandated minimum hourly wage that employers must pay their employees within the state. It's important to note that the minimum wage in Colorado can change over time to keep up with the state's economic conditions and cost of living. To get the most up-to-date information on the current minimum wage in Colorado, it is advisable to consult the Colorado Department of Labor and Employment or other authoritative sources. Employers in Colorado must ensure compliance with the minimum wage laws to avoid legal penalties and provide fair compensation to their workers.

 
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$23.05

What is the average wage in Colorado?

The average wage in Colorado is $23.05 per hour, or $47,892 per year. This is higher than the national average wage of $20.73 per hour, or $43,460 per year. The cost of living in Colorado is also higher than the national average, which means that workers need to earn more money to maintain the same standard of living.

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$16.54

What is the living wage in Colorado?

The living wage in Colorado is $16.54 per hour, or $34,488 per year. This is the hourly wage that a worker needs to earn to support themselves and their family. The living wage is higher than the minimum wage, but it is still below the average wage.

Wages aren’t everything!

While pay is one of the main factors that hourly employees consider when choosing to join (or stay at) a company, it’s not the end all be all. Research shows that advancement opportunities, supportive management, and schedule flexibility are all incredibly important as well.

Want to learn more about this trend? We dive deep into the data behind which perks and benefits matter most to hourly workers. Check out our full conversation with expert Sara Wasserteil of Cara Collective.

Frequently asked questions

What is the difference between gross wages and net wages?

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.

What is a good hourly wage?

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.

Offering competitive pay is one of my top priorities—what other resources do you have that might help?

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:

  • Short, easy to understand job descriptions
  • Mobile-friendliness
  • Quick communication
  • Streamlined interview stages
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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.

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