Fed chief Janet Yellen wants to see stronger wage growth to justify higher rates. But businesses are already spending more on workers in other ways, according to one wealth manager.

“The Fed’s looking for data and one of the last pieces they’re looking for is a rise in wages,” said Jimmy Lee, CEO of the Wealth Consulting Group. “We’re starting to see that now. Companies at that point might get some pricing power enough to increase their prices, thus [lead] the Fed to raise rates, and that’s the correlation there.”

Year-over-year wage growth has stayed below 2.5% since 2009, according the Bureau of Labor Statistics. Just prior to the recession, that rate was above 3% and in June 2015, it was 2.2%.

Yet wages aren’t the only employee expense business face, noted Lee. He said healthcare costs have seen a sharp rise, particularly for smaller businesses.

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They “have a tougher time keeping up with all the cost of expense when it comes to benefits planning,” Lee said. “They’re trying to pass as much as they can to the employees, but they want to be competitive. The benefits market is getting very interesting in terms of how employers play that out to retain the right employees, attract the right employees, and to be competitive in the space they’re in.”

Data from the Kaiser Family Foundation show employers spent an average of $12,011 for family coverage per worker in 2014. That represents an increase of 69% from ten years ago or an average of 8.8% annually for the past decade.

With provisions in the “Affordable Care Act” (ACA) kicking in, Lee expects some business will hire more part-time or freelance workers rather than full-time employees.

“It’s one of the trends because of the rules around Obamacare and what kind of employer needs to provide benefits, including health insurance,” he said. “If they get below a certain number, they don’t have to provide that type of coverage, so you’re seeing a trend toward outsourcing.”

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