Work-life Balance
If low wages are causing people to overwork themselves and eventually stop them from engaging in social matters, would higher wages or a raise to the minimum wage help solve this issue?
Since the very first moment we become part of a society we are told how vital it is that we find a way to sustain ourselves as well as becoming independent in most aspects, such as the economic one.
There are multiple reasons why people spend a big amount of time seeking for jobs throughout their life, many are just looking for being economically stable while others have desires and family needs to fulfill, or social status to reach. The harsh truth is that we don't often get what we want because there is no such thing in life that you can achieve without being hard working. There are cases in which the job that we chose did not satisfy our economic needs, probably due to how low the wage was, so we work longer hours to benefit from a higher payment.
Adults nowadays struggle with finding a balance between their work and personal lif so low wages do no good to that. Low wages are proven to be related to high-stress levels and very low self-esteem while the health-related effects become a vicious cycle when the person's health is put at stake in order to achieve income growth. In 2019 in the US, full-time working men spend 8.35 hours in the workplace, while women work 7.84 hours. And of the employed adults, 33 percent work on an average Saturday, Sunday, or holiday. This has led 66 per cent of full-time employees to say they don't strongly believe they have a work-life balance.
The potential benefits of higher minimum wages come from the higher wages for affected workers, some of whom are in poor or low-income families. The potential downside is that a higher minimum wage may discourage firms from employing the low-wage, low-skill workers that minimum wages are intended to help. If minimum wages reduce employment of low-skill workers, then minimum wages are not a donation with which to help poor and low-income families, but instead pose a trade-off of benefits for some of the costs for others.
Amazon recently made headlines by announcing that it would voluntarily increase its minimum hourly wage to $15,with a federal minimum wage of only $7.25 thinking that pay hikes can also boost workplace productivity. Beyond the classic idea of efficiency wages — I work harder because I fear losing a better-paying job — above-market wages can lead to a second productivity gain driven by employees’ sense of reciprocity.
Research has found that when a company gives unexpected pay increases, workers often reciprocate by working harder than is required which turns out as a win-win situation for both the workplace and the worker.
It’s unfortunate that not all employers place enough importance on mental health in the workplace. The topic is really relevant as of now, as studies show the dangers and risks that could lead to a variety of issues, from stress-related illnesses to depression.
Perhaps money can buy happiness in certain circumstances, but if you spend all of your time working or thinking about work; then, it’s more than likely that it won’t.
By Daniela Yúnez, Step 10
