Taking a Look at Minimum Wage - 701 Words

Since employers are paying more money, they expected that their employees would increase both products’ quality and quantity. The businesses would concern about their employees’ ability by training their employees to be able to work more efficient. The businesses upgrade their employees, especially entry-level employees, to increase product’s quantity. In this case, the businesses tend to use technology, including robots and machines, to decrease the number of employees, and use their upgraded employees to work with the new technology. Upgrading own employees affect to labor markets because there would be fewer jobs that are offers in the markets. As a result, more people, especially entry-level people, have a difficulty to have a new job. However, this negative effect encourages currently employees to work harder because they do not want to lose their jobs. In addition, a situation, when employees have more money to buy their needs to support their family and themselves, would reduce employees’ worry and stress about their family, so the employees’ performances and efforts for their company would increase. Decreasing the number of new employees would reduce a turnover rate, a rate at which an employer loses employees. Generally, employees decide to turnover because other company offers them with higher salary and a better chance to improve their performance. The cost of employee turnover could cause up to 150% of their employment annually salary, which is estimated fromShow MoreRelatedIs It A Problem With Our Priorities? Essay1689 Words   |  7 Pageseven amateur athlete get more cheers and admiration than the person, who instead of taking unemployment, or partaking in illegal activities, or â€Å"going on the dole†, finds a way to get up every day and go to work and get paid less than a living wage. As a society we give athletes more respect than the person working themselves to death to house, feed, and clothe their family. A worker earning the federal minimum wage of $7.25 will gross $15,080 a year if they are lucky enough to work 40 hours everyRead MoreThe Effects Of Min imum Wage On The United States1168 Words   |  5 PagesResearch shows if minimum wage was to climb that it would hurt the least skilled and the least experienced people trying to seek a job the most. There are different of opinions people believe in about the positive and negative aspect of minimum wage. Supporters argue that such a boost will shrink poverty without plummeting jobs and that it will boost confidence, increase the normal living, and cut inequality and have businesses to be well-organized. Opponents that are not for minimum wage say it will increaseRead MoreShould Congress Raise The Minimum Wage?721 Words   |  3 PagesEcon 201 10 February 2017 Article Summary 1 Should Congress Raise the Minimum Wage Many states, including Oregon, has been considering a raise in the minimum wage. A raise of the minimum wage can cause job cuts or raise in product prices, but a rising number of economist have come to the conclusion that there is quite a considerable room of raise that cities can do without affecting the unemployment rate. Raising the minimum wage can ease the lives of many people. It can even cause an economic stimulusRead MoreRaising The Federal Minimum Wage1225 Words   |  5 Pages Study shows that wage increases do lower poverty, by 2.4% if wage at $8.00, consistent with other studies. (Washington Post/ Arin Dube) 1. Raising the federal minimum wage doesn’t cause substantial unemployment as most economists agree, including over 600 economists who wrote a letter to Congress urging a wage increase, and the Economic Policy Institute. A. Identify shortcomings of the opposition (fallacies they make, or weaknesses in the evidence they use) 1. Arin Dube’s study would be great,Read MoreThe Federal Reserve s Goal887 Words   |  4 Pagesadded over time. So, why is inflation out pacing minimum wage? The answer, because it will do harm to employees and business owners. Supporters of an increase in minimum wage, the McDonalds employees that demand $15 per hour, argue that they need a â€Å"living pay†. Furthermore, they state that it will bring workers out of poverty and will have little negative effects. There is evidence to support this claim. One of them being that when the minimum wage increased from $6.25 to $7.25, there was no immediateRead MoreThe Federal Reserve s Goal Essay897 Words   |  4 Pagespercent is added over time. So, why is inflation out pacing minimum wage? The answer, because it will do harm to employees and business owners. Supporters of an increase in minimum wage, the McDonalds employees that demand $15 per hour, argue that they need a â€Å"living pay†. They state that it will bring workers out of poverty and will have little negative effects. There is evidence to support this claim. One of them being that when the minimum wage increased from $6.25 to $7.25, there was no immediateRead MoreEssay The Importance of Increasing the Minimum Wage634 Words   |  3 Pages An adult supporting themselves on minimum wage is hard enough, but to support a family as well can send a person plummeting below the poverty line. The set minimum wage of $7.25 is not the minimum wage we think it is. Minimum wage workers are not just teenagers taking your orders at a fast food restaurant, they are people of any and all ages trying to earn enough money to put bread on the table. The causes of the inflation of minimum wage are a conglomerate of selfish political leaders, lackRead MoreRaising The Minimum Wage Increase On Employment And Family Income Essay877 Words   |  4 PagesRaising the minimum wage America’s economy is built upon the free enterprise system which operates according to five principles: the freedom to choose our businesses, right to private property, profit motive, competition, and consumer freedom. This system allows pricing of goods and services and employee wages to be determined by the market. Raising the minimum wage will adversely affect the pricing of consumer goods and employee wages and can temporarily disrupt our economic system. According toRead MoreThe Increasing of the Minimum Wage1140 Words   |  5 Pagesera where people are looking for more increasing on everything, and they look for the increasing every single day. One of the most political issues that are noticeable in 2014 is the idea of the increasing of minimum wage. An article that was written by a group of journalists in the Governing the State and Localities discusses this issue. They say that President Obama talked about increasing the minimum wage. The minimum wage is 7.5, and he wants to increase this number to be around 9 dollars. ThereRead MoreThe Wage Of The Minimum Wage871 Words   |  4 PagesWith the presidential elections right around the corner policy on minimum wage has come up for debate once again. William Hoar from The New American argues in his article â€Å"Misguided minimum wage mandate† that raising the minimum wage will only result in loss of jobs. According to the editorial board at USA Today, â€Å" inflation adju sted income of the top 1 percent has grown by 58 percent and the remaining 99 percent has only grown by 6.4 percent†. They then state that a raise to 15 dollars an hour only