A minimum wage essay is an important tool that can highlight changes in laws that regulate wages in a country. Very often, amendments are made invariably to increase minimum wages based on the rising living index. In the UK, the national minimum wage increased to £5.8 from October 2009 from the earlier £5.73 minimum wage. There are different views on whether the current minimum wage should be increased regularly like it is. Many are of the opinion that it harms the interest of free trade and living standards of employees within an organization due to cutbacks. The most affected of all is the consumer who has to eventually pay on account of increased prices. A custom essay can be written to highlight these aspects.
Startup and other small businesses prepare a financial plan anticipating circumstances that could affect their business. It is not geared to survive in a hostile environment, and regular changes in laws can put it out of business. Approximately one million people would benefit from the recent hike in wages. Most online businesses survive the onslaught of big companies by keeping minimum staff on their payroll. It has become customary to outsource work to third-world countries based on their needs. A minimum wage essay can offer solutions to maintain best practices.
Employees are adversely affected by these changes as well. The cutbacks implemented by companies lead to lower incentives and poor working conditions. An enterprise with minimum staff can bear the additional costs, as it would be met by the contingency reserve fund. Bigger companies can offset the additional financial burden by raising prices marginally while establishing a more rational labor policy. The first step they normally take is to reduce waste and create awareness among the staff.
Many states in USA have made way for higher minimum wages than what the federal government has specified. In the states, legislative activities dictate the minimum wage rate requirements. A business essay can be written about the fluctuating rates. Though federal laws supersede state laws, some states do not follow the minimum wage requirement, as they offer higher minimum wages. There may be some temporary benefits applicable to employees, but the downturn is that we see people losing their jobs on a daily basis. The situation warrants for a serious introspect by the government. They need to address the issue with a very broad perspective.
In the fast-moving world of business, it is imperative that there are no hindrances to how businesses conduct free trade. Employees are very important for the smooth functioning of any business, but the approach taken by enterprises is based on systems and evaluations. Performance driven incentives can motivate people to perform better in an assignment. It is more likely there would be less retrenchment when a company is performing better than average. The source of funds is limited, and profits decide the value put on staff members who strive to excel in the workplace.
It is likely that a good employee would rather have his work decide higher remuneration than legislative laws that could adversely affect his chances of getting higher wages. The government tries to protect the interest of the weaker section of society, but the approach should also consider benefits being offered to those who excel and move out of the minimum wage index through sheer hard work and perseverance. The minimum wage essay online can show the direction toward true progress.