Living Wage Reflection Essay Example

While researching living wages and comparing it to minimum wage I was able to learn a lot and understand the differences. I will be summarizing what I found in my research. In response to the questions, I will be exploring ideas and topics related to them. In this reflection I will be covering topics such as: do all employees have a right to a living wage, not just a minimum wage, should companies cut CEO and executive pay to cover the costs of increased wages, should employers raise their rates like Amazon, and What do you think is going to happen in the economy given that employers have started paying employees at a higher wage, offering signing bonuses, etc. 

While researching if all employees have the right to a living wage and not just knowledge I found out. With minimum wage being below livable wage, it is unjust and immoral that the corporation should benefit from the employees that much. I think everyone deserves equal economic, political, and social rights, as well as opportunities that a living wage can provide. Everyone should have the ability to live a life where they do not have to worry about being able to provide for their families and should expect economic stability. Research shows that having a livable wage is actually better for the corporation and helps encourage employees to stay longer so this means better retention and better employees. Originally when minimum wage was created it was intended to be a living wage and reflect the cost of living per state, this is not true in today's age.  

Should CEOs and executives receive less salary? As I looked into this topic and researched aspects of that question, I was able to realize the short answer of, yes. Rapidly increasing CEO compensation has increased inequality in the United States since the 1970s: high CEO pay leads to wage increases for other senior executives, while pay at the lower-level managers and workers tend to stay lower than needed. In my opinion CEOs should take a large pay cut and the company should pay its lower-level employees more because they're the ones who also likely do all the hard work. I understand paying executives and higher-level employees more, but we should try to close the gap and allow for economic freedom for everyone.  

I believe that all companies should raise their rates like Amazon, because Amazon now provides a living wage, and its employees are happier and more economically stable. A quote from Jeff Bezos states “We strongly believe that this will benefit our business as we invest in our employees”. This quote shows that Amazon believes that paying livable wages is necessary to empower the company Aswell as the employees. Providing these wages will help amazon retain and hire new employees who want a salary that they can live on and be treated right by the company. Through my research and personal opinions, I believe all companies would benefit from raising wages.  

In my opinion when companies start to give their employees higher wages, signing bonuses, and other incentives I believe employee retention will increase as well as how much they enjoy the job. will also help the economy grow and become stronger. Raising minimum wage will increase the standard of living and help mitigate cost of living price increases. Offering these incentives will lift millions out of poverty and create a life they are happy to live. Taking in account inflation it is still better to increase wages to a livable standard than let inequality grow year by year.  

Through companies meeting these standards we can increase living standards for millions of people. I think everyone deserves equal economic, political, and social rights, as well as opportunities that a living wage can provide. Everyone should have the ability to live a life where they do not have to worry about being able to provide for their families and should expect economic stability. Exploring these questions and doing the minimal for equality should be the minimum we strive for.