Quote:
Originally Posted by widebody911
What I think would be interesting to see is some sort of realistic modeling done with no minimum wage; I don't know what tools are available to do that. People like to cite the theory that people would work harder to get more money, and that companies will pay more to retain good workers, but I suspect it doesn't work out that way in real life.
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I can use myself as an example.
As I already mentioned, my best employees moved from $8 per hour 5 years ago, to $9, then $10 etc now up to $15. I have given bonuses of up to $4K as well. I have a really high retention rate for employees that have been with me for over 3 months. If I have not fired them, then they are worth keeping, and they are given more pay.
My biggest problem is that my crew all want to work as many hours as they can, and overtime is a burden for me, not for them.
I also explained that this understanding of more pay, more hours etc for better work is essential to making my company work. We have become dominant in our market. Oh, and my pay? I don't take raises or bonuses. I reinvest it all back into the company, which is amassing a warchest to go to battle with in the very near future.