I would like to thank you all for the good work and support in the business as we come to the close of business today. There are a few issues, which have been a concern in recent weeks, I would like to handle at this time. The main agenda for the speech is minimum wage increase to the set rate by the state of Idaho, which stands at $15/hour. According to the calculations, which the accountant and I have done, the company cannot afford to meet the requirement at the time. There are a few reasons, which I will state later, that will come about if the company is to adhere to the order. However, there is another option, which entails discussing a comfortable figure that the company can manage at the moment. Without much further ado, I will provide a summary of the whole topic and the options available for those that are comfortable with the company.
The minimum wage debate is a national discussion with different opinions and views towards it. Most of the employers do not feel comfortable adhering to the requests set by the government while the employees fight for its enactment. However, the employees do not know what it would take for the law to be fulfilled by the various employers. There is a bridge between what is possible and the impossible, which is quite hard for the employees to understand (Staff par 1). One of the main criteria to look into is whether the company has good returns annually to sustain the increase. The small and medium size companies are trying their best to keep up with the economy and beat their competitors (Huppke par 3). One of the ways to make it possible is through proper budgeting. Hence, most of them can only work with what they have at the moment and increase equally in all sectors. It implies that they have to set their minimum wages and seek employees who will be comfortable with it.
Another issue is price inflation since companies have to look for ways to break even. Most of the time consumers feel the pinch as the government increase taxes (Huppke par 4). If all companies increased their minimum wages to the one set by states, the stable ones would manage to break even while others will have to close shop. In the long run, the citizens will suffer the most as more companies will have to lay off their employees to make up for the lost revenues. Lastly, adhering to the minimum wage will lead to employee exploitation by employers (Staff par 3). Most of the companies will place strict laws and conditions for their employees. Most of the employees will scrap off some of the benefits and allowances for its employees. Many of the employees will become jobless because of minor mistakes such as lateness by a few minutes.
However, there are benefits to the debate such as employee satisfaction. Most of the employees complain about low salaries, which make it hard for them to cope with life (Knato par 7). Hence, the slight increase will a great help to them as they will manage to improve their life. For instance, the $4-6 increase by an hour will help most of you enjoy working and provide enough for saving. Others believe that the increase will stimulate consumption and boost the country’s economy. Indeed, it is true that people spend more when they have extra money in their pockets (Huppke par 6). Most of them will manage to buy some of the items they were saving for earlier than they expected. Others will be able to spend more in their leisure time or vacations. Lastly, others believe that it will increase work ethics for those with low incomes. It will boost their morale and encourage them to put more effort towards their posts.
Implementing the minimum wage will see the company lose most of its revenue to salaries and wages, and there will be little for development.
Despite the growth, the company will take time before it can fully adhere to the law. Hence, the employees should be patient and lenient to the matter.
It is possible for the company to implement the law immediately but there will be a few changes that will be effective immediately.
The company will have to lay off most of the staff to cater for the increase in wages, though it will not be a random selection. There will be criteria for the selection and a three-month notification.
Those that remain will have to work extra hours and days to make up for the other’s duties. Hence, it will be a tough time for them, but the company will compensate them.
However, the company would wish to enter into an agreement with all the employees by assuring them a significant increase in wages annually, though it depends on the progressive growth.
In conclusion, it is quite possible to reach the minimum wages, but it will take time and sacrifice from both the employees and employers. It is the company’s hope and wish that the employees will choose the second option as it provides more benefits to both parties. However, the decision lies with each employee and their input to the matter will be of great importance.
Works Cited
Huppke, Rex. In Minimum Wage Debate, Both Sides Make Valid Points. 17 March 2014. Web. 22 April 2016. <http://articles.chicagotribune.com/2014-03-17/business/ct-biz-0317-work-advice-huppke-20140317_1_minimum-wage-income-inequality-increase>.
Knato, Saki. Minimum Wage Proposal Inspires Brooklyn Mall Debate: 'If People Earn $9, They Get Comfortable'. 22 February 2013. Web. 22 April 2016. <http://www.huffingtonpost.com/2013/02/22/minimum-wage-proposal_n_2744417.html>.
Staff, Debate.org. Minimum Wage. 2016. Web. 22 April 2016. <http://www.debate.org/minimum-wage/>.
