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Human Resource Management 326 - Essay Example

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Minimum wage creates unemployment and discourages workers from working hard and acquiring required skills for work. The impact of minimum wage on productivity and unemployment has been…
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Human Resource Management 326
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Download file to see previous pages Organizations get a different level of output from the workers by paying through different payment schemes such as skill based pay, incentive pay, payment on standard market rate or even payment according to minimum cost of living and different social norms. So, this paper contains a detailed discussion of the effect of different payment schemes on productivity and, most importantly, on the workers.
Generally, two types of employers are there in an economy. One are government agencies and the other are private organizations. Both of these institutions pay the workers through different payment policies but desire adequate productivity based on organizational requirements, capabilities of employees, skills and knowledge and experience.
Minimum wage is the lowest wage rate paid by the employers to the workers on an hourly basis, daily basis, or on a monthly basis. It is the employer who decides. Similarly, according to workers’ perspective, it can be said that minimum wage is the lowest wage rate at which workers provide their labor to the employers. Though minimum wage payment is effected by many jurisdictions in many countries, several opinions exist for the benefit and drawback of this wage payment concept in terms of both the workers and the employer’s perspective. Supporters of positive outcomes of minimum wage say that minimum wage enhances the standard of living of people, reduces poverty and also forces the business organizations to focus on the workers’ interest rather than only profit for the organizations. On the other hand, opponents of this payment method have been providing more evidence and supportive analysis for the drawbacks of this payment policy. They have argued that it increases the unemployment especially for the low skilled workers who do not have minimum skills and knowledge to provide labor for getting the minimum wage rate of a country. It forces these lower ...Download file to see next pagesRead More
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