The Effects of Major Corporations Paying Low Wages Engineering Essay (Essay Sample)
Large corporations pay low wages despite managing superb profits and strong balance sheets.source..
The Effects of Major Corporations Paying Low Wages
Large corporations pay low wages despite managing superb profits and strong balance sheets. For example, McDonald’s and Walmart, which are among the leading employers in the United States underpay their workers. It is noteworthy that wage rates vary depending on the production policy of such corporations, workers’ professional experience, qualification, occupations, and the state of a country’s economy (Lyon 43). The majority of workers demonstrate a willingness to work for low pay and minimal benefits. Low wages from big corporations result in a vicious cycle of poverty, increased healthcare burden for workers, and slow economic growth.
Low wages have adverse micro and macroeconomic implications. Major corporations are the leading employers in most countries including the United States. As the majority of workers are underpaid, the population’s purchasing power declines. Lowest-compensated workers can only afford essential supplements (Ehrenberg and Robert 226). As a consequence, businesses struggle because a significant segment of the population shies away from their products and services. Also, Lyon (46) asserts that low wages lower the motivation of workers, which underpins organizational performance. The declining workers’ commitment prevents firms from achieving optimal production levels (48). Too, low wages reduce the government’s tax collection. As the majority of workers are less remunerated, the government has lower chances of obtaining taxes (Lyon 52). Therefore, low wages from significant corporations slow down economic prosperity.
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