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Name: Professor: Course: Date: Minimum Wage Rate A company is sustained and thrives depending on its ability to balance its expenses and revenues. If the expenses are not managed the company operates at a loss and goes bankrupt. One of the expenses that is essential is salaries and wages. Wages are usually fixed expenses and affect the totals of the bank. In this case a change in the Minimum Wage Rate would increase the salary expense. Requirement 1 An increase in the minimum wage rate by 0.5 dollars per worker would increase the wage bill by 350 dollars per hour for the company. This would translate to two thousand eight hundred dollars per day if the productivity (Kirzner 15). Requirement 6 The increase in the minimum wage also has some benefits. One of the benefits is increased staff morale. A happy and motivated employee will have an increased productivity. The increase in productivity leads to an increase in the output. Higher output means more sales and it would even help cover the increases brought about by the rise. Works cited Kirzner Israel M. Competition and entrepreneurship. University of Chicago press 2015. “Fair Labor Standards Act (FLSA) Coverage (Exempt vs. Non-Exempt -- The Online Wages Hours and Overtime Pay Resource.” Fair Labor Standards Act (FLSA) Coverage (Exempt vs. Non-Exempt -- The Online Wages Hours and Overtime Pay Resource flsa.com Accessed 1 Sept. 2017. [...]
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Imagine you are a Compensation Manager at a large service organization. Roughly 700 of your employees are paid the MWR (Minimum Wage Rate), which is presently $7.25 per hour. The CEO recently came to the CFO (your boss) in a highly excited state. He was upset because he had learned that local legislators were preparing to propose an increase to the local MWR to $7.75. His frustration was obvious as he declared, “This will put us out of business!” The CFO wants you to prepare a brief that will make the CEO feel better. Your assignment is to submit that brief.
Subject Area: Employment
Document Type: Reports
