It has been shown that when employers are required to pay their workers more it will force many to put off hiring, cut back the hours, and even lay off employees, just to keep labor costs down. A brewing company in North Carolina pays all of their 44 employees the minimum wage, but the owner estimates that with an increase in the minimum wage their company would have costs of up $40,000 (Quittner). Since costs would increase, small companies would be trying to find ways to compensate that pay. First they would have to cut back on the number of hours someone works, because they would not be able to keep paying the workers to be at work. It is necessary to balance their intake and outtake on money.
Through my analysis, the main stakeholders such as the management will be quite affected since they will lose their credibility and profit by many loyal and regular customers leaving. Profit is the most important thing management always focuses on to bring above their costs and if there is any strike or huge amounts of boycotting, the management will be in trouble. Not is very important for business as it’s a special tool for marketing and customer benefits. In addition, the employee will be affected for most since many have already lost their and possibly in the future can lose their jobs. This goes for mainly full-time employees because it may be their only source of income that can give them a decent living to support themselves and their families.
Americans today tend to believe that the world as they know it is coming to an end because they work so hard every day just to make a salary that will not support them or their families. When people begin to get this kind of mindset they start to give up on society. Then this causes the people to instead of work hard just stay at home and do nothing and get on welfare. These actions lead to the unnecessary increase of money that taxpayers have to give up. Paying more taxes means that the people are less likely to be able to provide for themselves or their families.
The information revolution is sweeping through our economy. No company can escape its effects. Dramatic reductions in the cost of obtaining, processing, and transmitting information are changing the way we do business. “To get ahead in today’s business world, a company must utilize the right resources. One of the most effective, of course, is information technology (IT), which has become an essential tool for businesses across many industries” (2013).
However, in the long run, many employers will not be able to maintain to stay in business due to the significantly high wages. An increase in minimum wage would cause millions to lose their jobs and put them further in poverty. It would even make it harder for them to obtain jobs after the increase due to the increase of competition in the job market, and most importantly an increase in minimum wage would cause increase in the price level and it will reduce significantly consumption due to the lack of purchasing power that is cause by the higher inflation rate. The minimum wage should not increase because it is unsustainable economically. Another approach of help guide people out of poverty can be a push for an increase in education and knowledge capital instead of continuously increasing the minimum
The remaining employees will have to work almost twice as hard for the same pay. Lower skilled employees get fired and the higher skilled ones do not reach their full potential. In a survey conducted by a Duke professor, 60% of companies said they would lay off employees if the minimum wage was raised to $10. 70% of companies said that they would move production outside of the US, firing current American workers (“$10/hour Minimum Wage Would Cause Mass Layoffs”). It would also be harder for immigrants and people with less advantage to find jobs.
Many people would not want to work for less than a dollar an hour. The purpose of minimum wage is to prevent this. Minimum wage has been a widely debated topic since it was introduced back in 1938 because many people are paid minimum wage, and it is some families incomes. The minimum be raised to benefit both workers and employers. Raising the minimum wage would create jobs and promote job growth.
Americans disengage from their jobs because they work to much and it decreases productivity. Working too much can be very hard on your family life and may cause conflict between your family. Americans have the least amount of vacation days in the industrialized world. Americans are very overworked and nothing is done about it. Americans work too hard and working too hard has many downfalls and many ways to prove the downfalls.
Over time, the celebration of the assembly line turned into critique. Workers attitudes towards the assembly line changed, becoming that of resentful. Worker turnover became a prominent issue, and “many workers walked away from a manufacturing job just after a few months. Yearly worker turnover in some industries was over 100 percent … keeping enough men in position on the assembly line was a managerial nightmare”. After the five dollars a day was enforced, worker turnover was still at “54 percent”.
Is College Really Worth it? Many college graduates are currently unemployed, which has left many parents wondering, is college really worth it? Some parents believe that college prepares students for more than a job or career, and others don’t think it’s worth the cost. Recent studies have shown that new college students are losing ground on wages by the time they graduate, higher education is becoming a risky investment, and most students are better off developing their own “lower-risk” business. These studies have proved that college is not worth it in the long run.