To employers raise in minimum wage saves them a lot on recruiting employees and invest money on their training. Existing workers will be more experienced to increase the efficiency of the business than the new workers. As a result, customers will be more relax about the service. Whereas, to the country the tax will be increased by large amount of money which can help to give free of cost services to workers such as free education, free electricity, free medical, which will again motivate the worker to work hard. The most important thing the GDP of the country will increase and will help the government a lot to pay of the loans as soon as possible before more interest to be
If labor market has no restrictions, the wage would adjust so that anyone willing to work could find a job. Small businesses would not be the ones that are most hurt and would not be forced to close down. Companies would not have to lay off employees and decrease hiring levels. Higher wage floor also disrupts economic system and causes a lot more of side effects that are very damaging to the market. I think every country should try balance the minimum wage levels to help to stimulate economic growth and keep all the citizens happy, including the poorest and most unskilled and create many job opportunities for them.
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. Although the minimum wage can be beneficial and advantageous for individuals and to our economy as a whole, it can also be detrimental to our nation’s finances. The federal government should not allow this to pass, but rather they should increase the citizens’ knowledge of the pernicious consequences and complications that will arise with a higher minimum wage, especially one as high as $15 per hour. Some of the resulting conflicts that will occur if this possible raise in the federal minimum wage takes effect are: job loss, business failure, higher consumer prices, and a lower demand for uneducated employees. Although it may appear as if increasing the federal minimum wage will help to lift families out of poverty, in
The last alternative is that if a company were to vaguely use “free range” on their packaging, they should not be over-charging prices for profit if they are not over-compensating for the labeling. I recommend hiring more personnel to ensure the quality of the product which will benefit the customers and the company. Although this alternative is costlier because the company will have to pay wages to the workers, it is not only beneficial to the company but to the economy. By hiring more workers, this action will stimulate the economy. I recommend this alternative because it boosts the image of the company within the company and with the
“Industrialists touted automation as a way to improve working conditions and workers’ standard of living” (130). As seen from this quote, automation shaped the way we view labor. Not only did it provide a better alternative instead of using many people, but the use of machines reduced the number of accidents that may have occurred otherwise. Clearly, industrialists needed to look to “how to get the most out of machines rather than how to get the most out of people” (131). This was reduced because many of the more dangerous machines used in factory jobs were replaced with more modern and safer machinery.
His staff should be limited until a time when business increases and the additional workers are needed. Delegating more authority to other managers to allow present managers to focus on a certain issues instead of multiple issues, can create better management of that department and greater focus on the issues of that department. Reporting information could be easier if regular meetings were held to discuss the current state of the firm to better understand what issues need attention and how to address them. 2. Do Robin Hood and the Merrymen need a new mission?
While the general sweeping statement that everyone is a stakeholder may sound absurd, the minimum wage debate affects everyone. Society as a whole should care about the decisions being made regarding wages and how it will affect business and economy. Arguments: The Pros and Cons The Pros Pro #1: Positive Impact on Economy Argument The argument that raising minimum wage will stimulate the economy in a positive way is based on the thinking that more money in the pockets of minimum wage workers, as well as anyone who experiences increased wages due to employers increasing their overall salary ladder, will in turn spend that money on items and services that pour back into the businesses that need to increase wages. The idea is that not only will more people be able to afford essentials, but they will have additional disposable income to spend. Argument Analysis Pro #2: Increased Availability of Jobs Argument Going along with the positive economic growth is the idea that if minimum wage is increased, and these workers turn around and spend this additional income, sales will increase to the point that businesses will need to employ extra workers.
Workers who lost or about to lose their jobs shouldn 't be left forgotten to avoid the social and psychological adverse effects of unemployment. Structural unemployment cannot be solved by a fiscal or monetary policy. Alternatively, here are some general solutions suggested to recover from it; First with governments investing in education and increasing its level to match with the actual technological progress and adapt to the rapidly changing economic conditions, like it has been done in South Korea and south-east Asia. Furthermore, governments ' involvement is also needed by providing training programs for unskilled unemployed workers, and subsidies to companies that supply training to their employees affected. Housing subsidies could also be beneficial to workers in need to relocate to expensive areas due to structural unemployment.
It notes that stiff competition can reduce the potential profit of like companies. Firms must determine the strategy that will be utilized to gain and maintain the upper hand in the industry, as it relates to price, marketing, competition and the introduction of new and innovative products into the market. The more a company senses competition the intensity of its strategy may increase as it does not only respond to other firms, but also to the industry as a whole. It is natural for firms to respond to competitive moves made by its rival as it will have an effect albeit positive or negative on the industry. Firms may be forced to supply the demands for cheaper but more reliable products or to create differentiated products to maintain the competitive
Employees who suffer from greater conflict in the workplace will be more willing to seek employment elsewhere, especially prefer those workplaces with ‘less stressful’. Mowday, Poter, and Steers (1982) stated that employees experiencing conflict between family members may raise their intention to turnover and employees who perceive organizational values that are supportive of work-life balance report are found characterized with higher job satisfaction and less likely to quit (Burke et al.,
The New York Times states, “Employers do not automatically cope with a higher minimum wage by laying off workers or not hiring new ones. Instead they pay up out of savings from reduced labor turnover, by slower wage increases higher up the scale, modest price increases or other adjustments” (4). It would not make sense for businesses to raise prices for consumers because the possibility of losing sales is very real. That argument, that raising the minimum wage would hurt consumers, just furthers the negative sentiment people have towards this topic. Numerous studies have shown that employment increases from the state and federal level had an overall positive effect on employment (Whitaker et al.
Under the new provisions, employees have the opportunity to gather information before filing claims, instead of filing claims that had little or not merit. This act puts more pressure on employers to pay equal money for equal work, regardless of sex. During the previous rule, employees filed claims they could not support, allowing for the companies to win the decisions in court. Under the new guidelines, employees can now take their time in gathering information, building a stronger case against their employer. The benefit of this for employers would be less lawsuits filed against them, unfortunately, if they are discriminating against an employee, it means they could end up paying more in damages then
Many people, form state legislators to various interest groups, in the United States are advocating increasing the minimum wage. There are several reasons for this, including the thought of it boosting the economy out of recession. Some other reasons are that it will improve the standard of living, boost consumer buying power, and provide a more stable and productive workforce. While these reasons are good in theory, raising minimum wage can be detrimental to small businesses and the economy. While earning more money is a positive thing, the negative of job losses are bigger.
There are many effects of raising minimum wage to the U.S. economy in both negative and positive ways. When minimum wage is increased, it is supposed to help improve the lives of the workers and their families since they will have more income. It is especially meant to help lower income families. This is great for those families, but the company and economy can suffer from this. When minimum wage increases, companies have to pay more to their workers.
The expansion will occur due to the change in the workers income caused by the federal minimum wage rise. When the income will grow the amount of spendings will grow as well. As the result, businesses’ profits will go up which will give them an opportunity to provide more workplaces.Thus people who seek jobs will be given a chance to find one. However, it would perfectly work this way only for a big businesses with higher profits level while small businesses will not feel the benefits that much. However, big businesses may collaborate with small businesses since they are able to produce and earn more than they did before.