Crazy Wage Mike Durant once said, “Making it more expensive to create new jobs is a perfect way to guarantee fewer of them.” The recent, “Raise the Wage” campaigns have sparked an interest in many low-wage workers, however those who support this initiative are unaware of the economic problems that will arise if this is successful. Several cities have already raised their minimum wages and some, like Seattle, are raising it as high as $15 per hour. Currently, supporters of this campaign argue that this raise should be implemented federally. However, doing so will have broad and negative financial implications. Ever since the Great Depression, the minimum wage has been in effect — in order to reduce poverty and solidify that employees are paid a reasonable sum.
If the mill was unable to economically carry a profit based on using the smaller sheets in correlation with the other mills it would not be a wise choice to open the mill. Now, if the mill could expand and make those larger sheets as the other mills do, then the cost options would have to be weighed out to determine if it was profitable. What other capabilities would the new mill have, maybe it could be set to only do small jobs, or the headquarters for all offices to call for orders and paperwork statuses. This would change the marketing strategy and the manufacturing determined on the financial approach. Would this align with the company culture and the financial targets they are trying to
2. Re-orient the middle management: I would say that the lack of communication between the top and the middle management is one of the primary reasons for these issues being created. To create an organization with a single-minded focus on customers, Nordstrom’s top management needs to better control the middle management. Decentralization is great but more engagement through monthly meetings, setting and evaluating specific goals for middle management, trainings, correcting their approaches etc. would be the way to address these
The risk of the inventors was also a reason for the lack of advance, many times they would end up poor if it failed or if it was too expensive to spread. When governments began to get incentives, like patents and money for inventions more inventions began to be created. Many time countries would pay popular inventors to move to their country, so that they could advance farther than other countries and create more economic progress for their country. Technology that was created during the classical time period is not well documented, some inventions can even be attributed to later periods but really be created during this time. Many great inventions were made during this time, and then built upon during later periods.
The minimum wage should be raised due to having a healthy economy, according to statistics the economy should grow. Many employers are seeing their workers suffer from earning minimum wage, so the employers decide to raise the minimum wage themselves. The toughest thing is that many families cannot support a sustainable life while earning the current minimum wage of
It is human’s nature to strive for a better life and compete with each other. If we live in a society that promises us nothing but an equal income no matter how hard we work, the motivation factor would die which will result in a lazy environment. Contrary when people see others achieving their goal dreams and earning high incomes, they get motivated and work harder. Having a strong skilled labor force raises the employment rate and reduces inefficiencies. this indirectly impacts the economy because human capital is one of the strongest factors that contribute to the economic growth.
Generation Y: These generation people feel more pressure than their older colleagues as they don’t prefer to spend more time in the workplace. They can juggle many projects at one time as they are skilled multitasking. So, you have to choose these category people to handle multitasking work. They stay focused in the team work so better to choose these people in teamwork. As a common solution, companies should concentrate more on issues of ethical culture during the orientation of new employees, which should mitigate their feeling of not knowing much about how to act within the culture of their
There are just few things that both people and companies want and that is to make money. Companies want to make a profit to survive and become stronger and grow. Then you have people or employees they just want to make money to provide for their families. The nations minimum wage right now is low and many people struggle to provide for their families, and then the companies they work for are getting richer and so are their leadership, but the employees are still low or at a minimum pay rate. Which side will win, many states and politicians want the higher minimum wage.
One of these is the advancement of technology in America. A couple hundred years ago companies had to rely on human workers in order to get their products made. But as technology got more advanced as time went on and around the early 1900s is when machines got to the point where the machines were able to do simple tasks that they would originally have to pay people to do. So the companies started to replace jobs with the machines, which lowered the amount of jobs significantly. This still continues today and is even worse than before, the most recent example being the electronic cashiers at McDonald 's recently been added, which will cut a significant amount of jobs for people.
Thirdly, local business will have a lot of difficulties because people tend to like import goods or foreign goods more than local products. The trend of globalization put developing countries into a hard competition. Globalization allows countries in the world are free in trading without any barriers about tax, not only that the cost of domestic and imported goods are not too many differences cause major competition about commodity (The Impact, n.d.). That force developing nations have to make their product quality better, improve design of goods and reduce production cost. The next point is the pressure on the natural environment.
To raise or not to raise, that is the question, whether it is beneficial or not to the many businesses and minimum wage workers. This question remains answered as huge debates arise from simply stating the question. Many support raising the wage and have their arguments to back it up while others can also argue against it. Considering the benefits and the costs, the best option would be to raise the minimum wage. At this point the benefits seem significantly more important than the costs.
Also, it might take time for employers of many low-skill workers to learn how to economize on their labor costs. They will over time since the incentives to do so are much larger and that would be bad news for the very low skill workers the higher minimum wage is designed to help. Whenever increasing the minimum wage is discussed, there is always a concern that doing so might hurt job growth or imperil businesses that employ low-wage workers business they have to pay their works more and that could be hard for some business or companies. The effect of increasing the minimum wage on employment is probably the most studied topic in labor economics because the government has to worry about inflation and prices going up and also the consensus of the literature is that moderate increases in the minimum wage have little to no effect on employment. The Good Thing that comes from raising the minimum wage is that it will give people more money for their families.