The minimum wage, the least possible payment an employer can pay their workers as enshrined in labor laws regarding a certain industry, should be changed based on the rapidly changing economic times and the fact that different professions keep changing with regards to skills desirable. This will be in furtherance with the spirit of conscious capitalism and a match to embracing the best ever conditions of employees across the globe.
Annotation Reference 1:
Tilly, C. (2017). From mobilization to revolution. In Collective Violence, Contentious Politics, and Social Change (pp. 71-91). Routledge.
Annotation: The article addresses the various milestones and achievements arrived at by activists of social change in the past with regards improving universal employee remuneration schemes and other legislation loops that provided for employee exploitation based on poor payments. The author identifies the movement groups’ movements and the factors that influenced their initiatives such as poor payments during the working hours and working for extra hours without extra pay. Tilly found out that the existing minimum wage was set as a culmination of radical labor movement activities and was based on the then prevailing economic conditions. The author recommends a continuous course of action to give employees their dignity through fair remuneration. This article will inform this research paper especially on appreciating the plight of employees subjected to exploitative constant minimum wage cutline in the face of the ever-rising cost of living. Secondly, the article will inform this paper on the foundational philosophies that inform the reasons that warrant a review of the minimum wage in the United States of America and to the extension of other parts of the world. Finally, this article will provide the basic economic parameters used in determining the frequency of employee remuneration schemes as well as their implications on the minimum salaries given to employees in all industries.
Annotation Reference 2:
Dube, A., Lester, T. W., & Reich, M. (2010). Minimum wage effects across state borders: Estimates using contiguous counties. The review of economics and statistics, 92(4), 945- 964.
Annotation: The research work by the three authors sought to investigate the effects of the minimum wage concept on the productivity of employees with the different levels of economy. Dube, Lester, and Reich found that a constant minimum wage in the face of the dynamic nature of the other parameters of an economy demoralized employees in all industries based on poor working motivation, attracted few employees seeking to serve an institution with a minimum wage, resulted in low employee turn-over and skill retention while at the same time leading to poor personal development of employee with regards to increasing their skill capacity, reducing their productivity and consequently resulting in poor organizational performance. The researchers recommended constant reviews of the minimum wage to match the current economic situation and special skill needs in some professions. The findings and insights, based on the recommendations given by the three authors will inform this research on the effects of constant remuneration on employees, the economic costs of the minimum wages as put by an institution. Secondly, the recommendations of this research paper will significantly draw from the insights put forward by the recommendations and conclusions of the research by the three researchers. Finally, the article will inform this study on the factors that should determine the frequency of changing the minimum possible wage across all professions.
Annotation Reference 3:
Belman, D., Wolfson, P., & Nawakitphaitoon, K. (2015). Who is affected by the minimum wage? Industrial Relations: A Journal of Economy and Society, 54(4), 582-621.
Annotation: Belman, Wolfson and Nawakitphaitoon embarked on a study that sought to identify the real bearers of the negative effects of a constant minimum wage for employees. The three scholars took their research to both large and small enterprises in rural and urban areas. Based on their study, the three authors found the following; First, that the greatest casualties of a rigid minimum wage were the employer who got poor services from employees resulting into low employee productivity and had to keep hiring new staff as workers frequently left the organization citing unfair remuneration and low motivation to work. Secondly, the scholars stated that employees themselves faced the blunt side of constant minimum wage as their employers were justified to them the least possible amount of money and disarmed employees seeking pay rise with the labor laws. The employees were therefore unable to meet their basic needs often opting to switch to other professions that had better payments and motivation. These findings will inform the study in identifying the cost of the minimum wage to the overall performance of workers in an organization and therefore develop persuasive recommendation seeking the review of the minimum wage bill. Further, the data collected and used by the researchers in their article will be referred to while reaching the various conclusions to give them logical credibility and consequently persuade policy makers to consider the review of the minimum wage through policies and even legislation.