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
With the price of housing, food, etc. going up, and the value of money going down, the cost of living increase exponentially. The cost of living is something that affects everyone, rich and poor, meaning people who are lower middle class would end up being forced down into poverty, once again, increasing the poverty rate. The final way the counterclaim is disproven, is because the increase in taxes would likely offset any monetary gains people would be
America is losing its freedom and changing its economic system. By increasing minimum wage, America would be hurting its people, not helping them. Therefore, raising the minimum wage is not a smart move for America. Increasing the minimum wage would hurt the jobs of America profoundly. First of all, if one looks at it logically, increasing minimum wage increases the amount that an employer pays his employee.
The degree of unemployment in a nation indicates the economic health of the country. Unemployment rate is used to measure the mess to take full advantages of labour resources because it signifies the percentage of labour force that is unemployed but are willing and actively seeking for work. Unemployment rate provides a precise measurement which was assured by The Bureau of Labour Statistics. However, there are several factors that affect the unemployment rate in a nation such as company downsizing, merger or acquisition, changes in technology and foreign competition, and job outsourcing to other nations. Long term unemployment creates a very large amount of cost for an individual and economy as a whole.
However, in the long run these will have an effect on unemployment that will rise up and getting even worse. Moreover, most people are unlikely to be happy to accept higher taxes as it reduces disposable income and the level of consumption. A reduction of government spending may result in less people will support the government. Demand side policies will bring down the price level (reduce inflation), but they will result in lower national output and rise in unemployment. Therefore, government could use supply side policies to deal with the unemployment situation such as in interventionist supply-side policies will increase the levels of human capital of an economy by support education and training institutions with subsidies or tax benefits and for market-based supply-side policies will reduce trade union power.
Furthermore, although this is obvious that economic integration can provide employment for countries where factories are set up, it also means that small businesses have become more dependent on large groups, which in turn makes them more vulnerable to investors’ decisions. When, for example, a corporation decides to move its production facilities to another country, this has a harmful influence on its workers who lose their jobs. At the present time, there are a number of work become unemployed when some China’s companies move their factories to other areas which poses harmful effects on quality of our dwellers’
1. Introduction In the modest term, a minimum wage is a lawfully authorized minor bound for wages, but the term “lawfully authorised” is unclear, leading too many different kinds of minimum wages institutions (Cunningham et al, 2007:19). It further states that in the most straight forward cases, such as Brazil and Bolivia, the federal government identifies a wage level and all employers in the country must pay at that level or above it (2007:19). Economist have tended to oppose minimum wage on the grounds that they reduce employment , hurting many of those they are supposed to help (the economist:24/11/2012). The main “common sense” argument is that by imposing minimum wages, one artificially raises the price of labour way from its “market-clearing” level and higher unemployment results-and the first to lose their jobs will be the least-skilled workers (city press;2014/11/25).
Where employers only expect from their employees to miss a certain number of working days each year, excessive absence resulting decrease of productivity & can have a major effect on company’s financial activities, morale & other factors. Causes of Absenteeism in Workplace People miss
However, because of high volatility economic times, retail industry may suffer and in turn, this situation causes significant number of unemployment, small business retail closures. 1.2. Strategic human resource management (SHRM) Strategic human resource management (SHRM) is the process of combining the human resource function of an organization with the strategic goals of the organization in order to improve performance (Bratton, 2001). Strategic human resource management (SHRM) is vital to the organization 's success. The reason is because strategic human resource management represent a more flexible structure and the use of human resource to obtain organizational objective and assists in achieving competitive advantage (Wei, 2006).
When this labor is strong-stretching, unemployment becomes severe and prolonged. + Unemployed due to lack of demand: due to the decline of demand. This type is also called career cycles by in the market economy, it is associated with recession of the business cycle occurring everywhere in the industry. + Unemployment due to external factors market: It occurs when the salary is not fixed by market forces and higher than the actual balance of the market strengthened. - Voluntary employment: + Voluntary unemployment is division of employees who do not work by the job and the salary does not conform to their