The possible profit decline is what drives the opposition to the minimum wage increase. I ll go out of business, Taimi Dunn Gorman said. But what it really amounts to is that raising wages might mean one less trip to Hawaii. Again, this is an assertion that is not backed up by the facts. Paying workers wages below poverty creates its own economic problems.
Employee turnover is high, as are the associated costs of recruitment and training.
Increasing the minimum wage nudges business toward investing in their workers, with workers becoming more productive and more loyal to the firm, thereby increasing profits. It is important to note that in our dynamic market economy, businesses are always trying to increase productivity and mechanize work. But all businesses need workers and they will pay what s necessary to keep them if they add value to the organization. Unfortunately, some businesses pay only what they can get away with, instead of rewarding a person for the true value of his or her work. A minimum wage worker in Eastern Washington has as much right to a pay increase as a worker in the Puget Sound area.