Will a $15 minimum wage hurt businesses more than it will help employees?
President Biden is proposing an increase in the national minimum wage to $15. This is a hot button issue because the arguments that it will hurt hiring because businesses can't afford to hire more individuals. But on the other hand, it's argued that businesses won't have to hire more people because their workers won't leave as often because of the higher wages. So long term, businesses won't have to constantly find, hire and train up new employees who are less efficient.
What do you think? Should the national minimum wage be raised to $15 an hour?
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Good question @Paul Baker ! I often find higher pay rates among local and regional size companies for the same roles larger, national companies, offer their employees. The federal minimum wage is at $7.25 right now so doubling it to $15 helps but it's not a permanent solution for workers seeking employment opportunities that offer minimum pay rates.
I believe the long term solution relies on better employee benefits. Work schedule flexibility, affordable health insurance, legal aid assistance, healthcare prevention programs, childcare spending accounts, Flexible spending healthcare programs, on the job skills training, leadership development programs, and aggressive career advancement opportunities are some employee benefit examples that help workers progress and retain employees.
Curious to see what other members have to share on this issue. Thanks
There are several categories of small business that are unable to pay $15 per hour based on fixed revenues that can not be changed. Businesses like retail and food services will merely pass that cost on to consumers, but there are tons of businesses that do not have this luxury.