Importance of Increasing Wage Rates for Employees HLT 308V
Importance of Increasing Wage Rates for Employees HLT 308V
Importance of Increasing Wage Rates for Employees HLT 308V
HLT 308V Topic 2 DQ 1
With the growing importance of increasing wage rates for employees, many health care organizations are implementing technology such as self-help kiosks to reduce staffing. Describe both an advantage and a disadvantage to this practice and discuss how patients may perceive reductions in dedicated staffing.
GET PAPER HELP. PLACE AN ORDER FOR A CUSTOM-WRITTEN, PLAGIARISM-FREE PAPER Importance of Increasing Wage Rates for Employees HLT 308V
Businesses Support Raising the Minimum Wage
• Business executives support a higher minimum wage. A survey conducted by Republican pollster Frank
Luntz that was leaked to the Washington Post in April found that 80 percent of business executives
supported increasing the minimum wage.
• Small business owners support a higher minimum wage. A national poll of small business owners
conducted by the American Sustainable Business Council found that 60 percent of small business
owners support increasing the federal minimum wage to $12 by 2020 and indexing it to inflation.
Importance of Increasing Wage Rates for Employees HLT 308V• Businesses are voluntarily raising wages. Hundreds of businesses across the country have pledged to
pay their workers at least $12 an hour by 2020.
Businesses Will Benefit from a Modest Increase in the Minimum Wage
• Raising the minimum wage increases worker productivity. Studies by leading economists, including
Nobel laureate George Akerlof of Georgetown University, found that employee morale and work ethic
increase when employees believe they are paid a fair wage. Economists have also linked higher wages
to better physical and mental health and reduced “decision fatigue,” leading to higher productivity.
• Raising the minimum wage reduces turnover. Higher wages lead to lower employee turnover, resulting
in reduced recruiting and training costs. An analysis by the Center for American Progress estimates that
the cost of replacing low-wage workers is equal to about 16 percent of the employee’s annual salary. A
2012 study by Arin Dube, William Lester, and Michael Reich concluded that increases in the minimum
wage can reduce turnover substantially, leading to savings in turnover costs.