– 53 percent of employers say a higher wage would increase consumer spending
– All major industries surveyed support a minimum wage hike, including retail and hospitality.
With state, local, and midterm elections just five weeks away, the minimum wage remains one of the nation’s top socioeconomic and political issues. Recent national polls have shown support for minimum wage increases among voters at large, and according to a new CareerBuilder survey, many businesses are right there with them.
The survey found that a strong majority of employers (62 percent) think the minimum wage in their state should be increased, including 58 percent of company senior leaders.
The nationwide survey, which was conducted online by Harris Poll on behalf of CareerBuilder from May 13 to June 6, included a representative sample of 2,188 full-time hiring and human resource managers and 3,372 full-time workers in the private sector across industries and company sizes.
What is a fair minimum wage?
While most employers would like to see a hike in their state, only 7 percent think a minimum wage of $15 per hour or more would be fair. Nine percent don’t think there should be a set minimum wage. Nearly half (48 percent) think a fair minimum wage should be set between $10 and $14 per hour.
- $7.25 per hour (current federal minimum): 8 percent
- $8.00 or $9.00 per hour: 29 percent
- $10.00 per hour: 29 percent
- $11.00-$14.00 per hour: 19 percent
- $15.00 or more per hour: 7 percent
- No set minimum wage: 9 percent
Why do employers say the minimum wage should be increased?
Among employers who want an increase in their state, improving the standard of living of workers led all business-related reasons for their support. A majority say a higher minimum wage helps the economy and helps them retain employees.
- It can improve the standard of living: 74 percent
- It can have a positive effect on employee retention: 58 percent
- It can help bolster economy: 55 percent
- It can increase consumer spending: 53 percent
- Employees may be more productive/deliver higher quality work: 48 percent
- It can afford workers the opportunity to pursue more training or education: 39 percent
Why do employers say the minimum wage shouldn’t be increased?
Employers who do not support a minimum wage increase in their state cite several reasons related to negative effects it may have on their business.
- It can cause employers to hire less people: 66 percent
- It can cause issues for small businesses struggling to get by: 65 percent
- It can cause hikes in prices to offset labor costs: 62 percent
- It can mean potential layoffs: 50 percent
- It can lead to increased use of automation as a replacement for workers: 32 percent
- Wages for higher-level workers may suffer and create retention issues: 29 percent
Chosen excerpts by Job Market Monitor. Read the whole story at 62 percent of employers think minimum wage should be increased, finds new CareerBuilder… — CHICAGO, Sept. 25, 2014 /PRNewswire/ —.
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