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Glossary of Human Resources Management and Employee Benefit Terms
The advantages of minimum wage policies:
The disadvantages of minimum wage policy are:
A minimum wage is the lowest hourly wage that employers are legally required to pay to their employees for their labor. It is a government-mandated wage floor designed to establish a baseline level of compensation to protect workers from exploitation and ensure that they receive a reasonable income for their work.
Minimum wage laws vary from country to country and, in some cases, from state to state or region to region within a country. The specific minimum wage rate is typically set by government authorities through legislation or regulations. Employers are obligated to pay their employees at least the established minimum wage, and any attempt to pay less is generally considered illegal.
The purpose of minimum wage is:
The advantages of minimum wage policies:
The disadvantages of minimum wage policy are:
Workers exempted from minimum wage are:
As of my last update in January 2022, the federal minimum wage in the United States was $7.25 per hour. However, it's important to note that individual states may have their own minimum wage laws, which can be higher than the federal minimum wage.
As of my last update, Washington D.C. had the highest minimum wage among U.S. states and territories. However, state minimum wages can change over time due to legislation and economic factors.
As of my last update, the minimum wage in California was $14.00 per hour for employers with 26 or more employees and $13.00 per hour for employers with 25 or fewer employees. However, this may have changed since then.
As of my last update, the minimum wage in Florida was $8.65 per hour. However, this may have changed since then.
As of my last update, Texas followed the federal minimum wage of $7.25 per hour. However, some cities within Texas may have established their own minimum wage rates.
As of my last update, the minimum wage in Illinois was $11.00 per hour. However, this may have changed since then.
As of my last update, the minimum wage in Ohio was $8.80 per hour for non-tipped employees and $4.40 per hour for tipped employees. However, this may have changed since then.
As of my last update, the minimum wage in Missouri was $10.30 per hour. However, this may have changed since then.
As of my last update, the minimum wage in Arizona was $12.15 per hour. However, this may have changed since then.
As of my last update, the minimum wage in Colorado was $12.32 per hour. However, this may have changed since then.
As of my last update, Georgia followed the federal minimum wage of $7.25 per hour. However, this may have changed since then.
As of my last update, North Carolina followed the federal minimum wage of $7.25 per hour. However, this may have changed since then.
These are short surveys that can be sent frequently to check what your employees think about an issue quickly. The survey comprises fewer questions (not more than 10) to get the information quickly. These can be administered at regular intervals (monthly/weekly/quarterly).
Having periodic, hour-long meetings for an informal chat with every team member is an excellent way to get a true sense of what’s happening with them. Since it is a safe and private conversation, it helps you get better details about an issue.
eNPS (employee Net Promoter score) is one of the simplest yet effective ways to assess your employee's opinion of your company. It includes one intriguing question that gauges loyalty. An example of eNPS questions include: How likely are you to recommend our company to others? Employees respond to the eNPS survey on a scale of 1-10, where 10 denotes they are ‘highly likely’ to recommend the company and 1 signifies they are ‘highly unlikely’ to recommend it.
The impact of minimum wage on various stakeholders are:
1. Workers
2. Employers
3. Government
The arguments for minimum wage increase are:
The arguments made against the minimum wage increase are:
The frequency of minimum wage increases varies widely by country, region, and economic conditions. In some places, it can change annually, while in others, it may remain unchanged for several years or more. There is no fixed schedule for minimum wage increases, and it depends on legislative decisions, economic factors, and local regulations.
Minimum wage calculations can vary depending on the jurisdiction and the laws in place. Generally, it involves determining an hourly rate that ensures workers receive a fair wage for their labor.
This calculation can take into account factors such as the cost of living, inflation rates, prevailing wage rates in the region, and economic considerations. Minimum wage laws are typically enacted by government bodies and may be adjusted periodically to reflect changes in economic conditions and living expenses.
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