Presto’s Post

Wages are typically negotiated between a state mandated minimum wage and some value relative to employee value and market demand to a point of economic equilibrium that works for both parties. However, legislated wage increases have shifted that equilibrium and has produced instabilities that drive up costs for employers and consumers alike to an unsustainable level. This example was just published in California, but it is happening in Florida too. https://lnkd.in/e87mQrR9 What if you could attract and retain employees while cutting expenses? What if you could increase revenues and keep more of what you make without adding additional net cost? #employers Melbourne Business Advisors can help you reduce costs and increase net earnings so you can grow your business under even under challenging economic forces. If you have more than 150 employees I am here for you. Schedule time to talk and make 2024 a great year. https://lnkd.in/eyNEShgm Florida's WARN notice system can be found at https://lnkd.in/eM-rw-tf

In the context of ongoing discussions about wage standards, it's intriguing to examine the compensation levels within the leadership of prominent fast-food chains. The CEO's compensation at McDonald's translates to roughly $8,543.27 per hour. In contrast, the CEO of Burger King earns an estimated $56,250 per hour, while Domino's CEO's hourly rate is about $4,875. These figures offer a great starting point for the conversation around a fair minimum wage, such as the proposed $20 per hour. #LeadershipCompensation #EconomicDiscussion #VRLIntegrative #WagePolicy https://lnkd.in/gvm8EatF

Again, without being able to directly access the article you provided, here's a general LinkedIn post based on the idea of California's fast-food minimum wage hitting $20. Please adjust specifics as per the article’s content! 🚀 Milestone Alert: California's Fast-Food Sector Takes a Bold Step with a $20 Minimum Wage! 💵🍔 In a ground-breaking move, California's fast-food industry is setting new standards by elevating the minimum wage to $20! This pivotal decision marks a significant stride towards appreciating and valuing the hard work of employees in the fast-food chain. 🙌👥 #MinimumWage #CaliforniaFastFood #EmployeeWelfare #FranchiseNews #BusinessInnovation #FairWage #FastFoodIndustry #FranchiseSalesAdvisors

Mark your calendars: April 1, 2024! That's when California's minimum wage for fast food workers rises to $20/hr. This legislation is a result of collaboration between legislators, restaurant owners, and employees to find common ground. Learn how self-service kiosks can help your business https://buff.ly/3M8qP39 #california #laborissues #selfservicekiosks #MinimumWageBoost

🍔 California’s New Wage Wave: Impact and Implications California’s landmark legislation setting a $20 minimum wage for fast-food workers is reshaping economic landscapes. This bold move is influencing other industries, leading to increased salary demands statewide and potential inflationary pressures as businesses adjust their pricing strategies to offset higher payroll costs. 📜 From Policy to Pocketbook: The Ripple Effect The wage increase, which is the highest since data began, has led to notable price hikes in popular eateries such as Chipotle, where the cost of a chicken burrito has already risen. Similarly, Wendy’s and Burger King have adjusted their prices. This trend is not just confined to the fast-food sector; other low-wage industries are feeling the impact, with similar pay increases being adopted. 🌍 Wider Economic Impact This policy shift may influence Federal Reserve decisions regarding borrowing costs as it navigates the delicate balance of stimulating economic growth without exacerbating inflation. 🔮 Looking Ahead: Economic and Social Dynamics As we observe these changes unfold, the question remains: Will this wage increase set a precedent for other states? How will businesses balance higher wages with pricing strategies without alienating consumers? 🤔 Join the Discussion What are your thoughts on the long-term effects of significant minimum wage increases? Could this be a sustainable model for economic growth and fairness in labor markets? #MinimumWage #EconomicTrends #CaliforniaEconomy https://lnkd.in/e3NnJMYb

Keeping California’s politics aside, I do firmly believe that hourly wage workers should be paid fair wages for them to have a basic decent living. Even $20.00 per hour is not fair wages in some cities in California due to high cost of living. So if fast food restaurants are raising prices to offset the wage increase and they are seeing a decline in foot traffic, that is an indication that eating at a fast food restaurant is not super critical to survive and possibly people are eating more at home. We have way too many fast food restaurants anyway. So what if people stop eating out, will fast food restaurants workers will lose jobs. Possibly yes, what do we do then? Bring manufacturing jobs back to America. Stop outsourcing anything that you can outsource to other countries. Let people work at more meaningful jobs and make better wages than flip burgers at a Burger King etc. I should maybe quit brokerage and work at making America great again.

Highly concerning legislative activity in the state of Mass. And although Restaurateurs in this state have the most reason to be concerned now, if passed these types of "employee-friendly" laws tend to become trendy political fodder, so all hospitality employers should be concerned, especially in the Northeast. Although the tip credit has become less common practice in recent years since COVID, I've been recommending that clients consider this once again as we stare down the barrel of projected minimum wage increases hovering near 3% consistently in NYS each year into the future. That's a consistent 3%+ increase in labor cost each year, in an industry where margins are razor thin. And where employees also consistently make more and more in tips $2-$5/hr on average typically), as ticket totals also increase with corresponding price increases to cover labor costs. It's simply unsustainable and illogical, in my humble opinion. What do you think? Should employers be allowed to take a tip credit? Should this be something that's reconsidered again coming off of COVID? Are you willing to pay $25 for a cheeseburger in the near future? https://lnkd.in/eJgVTxeV

California’s Fast Food Minimum Wage Hike: Much Too Much, Much Too Soon . . . But What Now? The recent minimum wage increase in California exclusively for fast food workers breaks from historical precedent. With any legal changes of this scale, the downstream impact and nuances can be significant. On April 1, the long-awaited and contentious minimum wage law for California fast food workers finally took effect, raising their hourly pay to $20. This represents a 25% increase and is $4 per hour higher than the state-wide minimum—a massive shift in an industry where margins are notoriously razor-thin. To boot, based on recent Black Box Intelligence (BBI) data, approximately 90% of limited-service employees in the state were projected to benefit from the raise, with an average hourly increase of nearly $3. To put it briefly, the new law mandates that chain restaurants with “limited or no table service” and over 60 franchises nationwide must adhere to the new wage requirement. This means that restaurants with specific exemptions, like bakeries selling bread as a standalone item, are not covered by the law. (The Department of Industrial Relations explains the law in more detail) Full article covers: *Job Shedding *Employee Turnover *Price Hikes *Customer Experience *Black Box Intelligence take on the true impact https://lnkd.in/g5ys4vuD