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Craig Guillot discusses whether the marketplace and economy are indicators that it is now a good time to increase employee pay. While employees generally concur that wages have stagnated, some employers have increased wages because they consider it the right thing to do. Others have increased pay because they say it increases morale and results in long-term benefits to their companies.
Key Takeaways:
- A number of other large employers have raised wages in recent years, often citing market forces.
- Certainly, not all executives and economists share the enthusiasm for raising wages. Alex Tabarrok, an economist at George Mason University, told NPR that he’s skeptical of raising wages as a solution to increasing productivity.
- Former McDonald’s CEO Edward Rensi told Fox Business Network in May that employers would be more productive by cutting the workforce or looking for more cost-cutting measures as opposed to raising wages.
“JPMorgan Chase CEO Jamie Dimon told the The New York Times in mid-July that the company will lift employee pay for 18,000 staff members from $10.15 per hour to between $12 and $16.50 per hour, depending on geographic and market forces.”
http://chiefexecutive.net/now-time-ceos-increase-employee-pay/
