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On the other hand, increasing the minimum wages may spur productivity since companies that pay higher wages experience low employee turnover due to the efficiency wages. Furthermore, some jobs cannot be automated (McArdle, para 4).
It is possible to raise the minimum wages without much disemployment effect, but doubling or raising by 50 percent to $ 10.50 an hour The article asserts that the timing of the minimum wage increases is important since the labor market is currently weak, inflation is low and McDonalds’ customers are price-sensitive thus any increase in wages will lead to increase in the products thus leading to a decline in sales. The article identifies that a big hike in minimum wages will affect the overall payroll of the industry since a hike to $ 10.50 represents a 44 percent increase from the current federal minimum wage of $ 7.50 an hour. A 100 percent hike in wages will translate to about 25 percent for the affected businesses since other employees in senior positions will also demand wage increases. Furthermore, very few fast-food franchises have profit margins of about 25 percent due to high competition in the industry and value-conscious consumers thus it is impossible to absorb the huge hikes in labor cost (McArdle, para 6).
The article assert that current studies on minimum wage are short-term, since restaurants have a higher fixed investment component comprising of equipments thus higher labor costs may limit the opening of new restaurants in the future. The author is of the idea that efficiency wage concept is misunderstood since higher employee retention and output is influenced by the wage differentials in the industry, respect for employees and labor market competition. The author finally clarifies that lower wages may not necessary lead to increase in economic productivity since compensation rates outpaced productivity in mid-20th century, and the productivity levels have been increasing to
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Enlightened companies encourage their managers to look beyond the dictates of the regulatory system and do the right thing. The concept of ethics is very important in the day to day operations of any particular business especially with regards to food marketing.
ew Service and its Influence on Al’s Store 12 Customer Management System 12 Conclusions & Recommendations 13 Executive summary This report is written to address some of the key issues faced by a service operations manager while attempting to introduce a new service.
The increased liking for fast food had emerged owing to the globalization that led to numerous foreign food companies entering other countries' fast food industry, thus leading to the widening variety of food. Being a service providing industry, fast food restaurants give chief preference to building customer loyalty, considering the many substitutes their customers have due to the excessively available restaurants.
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From the table above, the habit of consuming non-organic foods is prevalent due to the high cost associated with buying organic foods. For example, in day one at 10am both organic and conventional apples were present. I choose the
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According to MTA, they had a surplus of $ 1 billion in that year.
They have certain characteristics and producing recipe which make them different from the conventional form of foods.
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The ceremony is observed to encourage close family to stick together and also integrate members of the community. Though brit Milah has no mandated foods and drinks, many Jewish families and groups practice traditions of dining foods. Many Jewish
The states had previously been governed under aristocratic authority of the queen of England and declaring independence meant a change to self-governance by Americans. In addition to the change that the document would
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