Patron Christopher Micallef is curious about a proposed huge hike in minimum wage. You, too, can become a Patron and receive priority answers to your questions!
How do you feel about the $15 minimum wage? Do price floors make you sad too?
I spoke about this briefly in a TLDR episode.
I feel that you should get paid a fair wage for fair work, but I’m also very well aware of costs that employers often assume on behalf of their employees.
Who wouldn’t want to be paid more for the work they’re doing?
But that’s not the problem.
Who is going to pay for those employees to get paid more? How are costs going to be offset now that they’ve increased across the board? What potential new hire isn’t going to get the opportunity to work? There aren’t definitive answers to these questions, either.
It’s like people who watch a “free video” on YouTube and assume that it came to them for free simply because they didn’t pay anything to see it.
A $15/hr minimum wage is outstanding for those who deserve it, but it also increases the chances of an employer burning through more revenue due to making a really bad hire (which happens all the time, trust me).
Despite what either side would have you believe, it’s not a black and white issue – and I do believe that, ultimately, employers will suffer more than those who are being employed. Think about it this way: as an employee, your only responsibility is to yourself. As an employer, you have to balance several “special interest groups” and the business-at-large.
There’s a metric buttload of hidden costs for any business, and most employees do not ever find themselves in the position to have to be concerned with them. Hell, most customers don’t know, either (and aren’t necessarily in the position to be aware of hidden costs at all).
When change happens, shit changes across the board. Period.