More managers are jumping onto the minimum wage train.
If you’re a minimum-wage employee, we’d bet you support being paid more. But a study released today suggests there’s a good chance that your boss thinks so, too.
The poll from CareerBuilder found the majority (62 percent) of employers from all major industries — including healthcare, retail, and manufacturing — supported the idea of paying their employees a higher wage than the current federal minimum of $7.25 an hour. Nearly half of employers (48 percent) said that minimum wage should be between $10 and $14, while 7 percent support $15 or more.
Minimum wage increases have been a hot political topic this year, since President Barack Obama signed an executive order increasing the minimum wage to $10.10 for all federally contracted workers. This means, while working at a McDonald’s in Kansas gets you the going rate of $7.25 an hour, if you’re lucky to work at the McDonald’s on Capitol Hill, you earn an extra $2.85 per hour.
And despite the success of Congressional Republicans in preventing a federal minimum wage law from getting to a vote this year, some cities and states have enacted minimum wage legislation of their own. The White House says that since Obama’s 2013 State of the Union speech, where the president called for a wage increase, 13 states as well as the nation’s capital have passed laws to raise minimum wage.
Yesterday, the Los Angeles City Council voted to raise the minimum wage of hotel workers to $15.37, one of the highest minimum wage requirements in the country, according to the Washington Post. Earlier this year, Seattle’s city council approved a $15 minimum wage for all workers, a measure that will begin taking effect in April 2015.
Critics of the minimum wage increase in the survey said that it would force businesses to lay off workers and cause problems for small businesses already struggling to get by. But the study also found that a majority of employers (74 percent) who favored an uptick in wages did so out of the desire for their workers to make a decent living.
And in the age of a startling gap in CEO-to-worker pay, this statistic is heartening. Vox reports that while Americans want a smaller CEO-to-worker ratio, many of them have no idea how large this ratio actually is. According to the researchers at Harvard Business School and Chulalongkorn University in Thailand:
- Americans believe a CEO should earn about 6 to 7 times what an unskilled worker makes.
- Americans think CEOs actually earn around 30 times that worker’s pay.
- But the average CEO actually earns more than 350 times that pay.
Harvard’s study “suggests that – in contrast to a belief that only the poor and members of left-wing political parties desire greater income equality – people all over the world, and from all walks of life, would prefer smaller pay gaps between the rich and poor.”
With more Americans favoring an increase of minimum wage, it’s possible we’ll see an increase in all 50 states soon.
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Article last modified on August 31, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Employers want a higher minimum wage - AMP.