Minimum Wage |Get Solution

There has been much discussion about a $15 per hour minimum wage.  It would not be difficult to find news articles on this subject.  Here’s a quote from a recent article:”President-elect Joe Biden’s newly unveiled stimulus plan includes a federal minimum wage increase to $15 an hour, although the measure is likely to face pushback in Congress.  Currently set at $7.25 an hour, Biden moved to nearly double the country’s minimum wage in his $1.9 trillion economic relief package.” – Business Insider – 1/16/2021Please look at this subject in the news, pros and cons, and then review the Equity Theory in the textbook.  Please respond to the following scenario by opining on the questions listed below.CASE: Pull-A-Part is a Shreveport area business with several locations (I am making this up. This is not actually a Shreveport business, although similar businesses exist.)  The business revolves around buying junk cars and allowing customers to pull the parts.One fascinating element of the business is employee turnover.  Employees who enjoying working in this hustle-and-bustle atmosphere tend to stay a long time, in fact there is a group of employees (about 60%) who have been around for greater than five years.  There is also a group of employees (about 40%) who are in their first and second year.  The owners can see the trend.  They know if an employee makes it to the two-year mark, they are likely to stay with the business for five or more years.All employees are hired at $10.00 per hour.  With raises and promotions, five to seven year employees can make $15 to $16 per hour.  And it can go higher.1. An exchange relationship exists between companies and employees.  An employee’s wage is one of the elements.  A company “contributes” the wage in exchange for “demands.”  This is also referred to as “inputs” and “outputs” in the Equity Theory.– If the minimum wage increases to $15 per hour, should the company expect more from employees who benefit from the increase?  What would the owners think?  What would the affected (those getting a bump) employees think?– What action will the owners take if the cost of employing 40% of their workers is unexpectedly increased by a new law?  If they plan in advance, the owners would likely have a labor budget that is now larger than expected.You should write a paragraph on Item #1, I am not looking for a one sentence response.  Please learn the topic, look at the Equity Theory, and give me a solid analysis.2. How does the Equity Theory apply to this situation?  Explain it using the following questions.– Were employees being treated equitably or inequitably before the raise?  In either case, how did they determine this?– Were employees being treated fairly after the hypothetical raise?  Again, what would the employees consider to make this determination?– What is the perspective of employees who were already making $15 an hour? Are they being treated fairly?– Is there positive inequity or negative inequity in this scenario?Analyze the situation and give me your thoughts on these leading questions.3. A wage is only one element of being a “motivated” employee.  What are some other methods an employer can use to keep hourly wage workers excited about their jobs? Look at Maslow, McGregor, McClelland and other motivational theories as described in Chapter 5.  Tell me what employers might do to keep motivation high in any business.There is so much to write about in this question. One or two sentence will not meet my expectations.Use these terms as part of the answers: motivation,extrinsic motivation, intrinsic motivation, self determination theory,competence, Autonomy, relatedness,distributive justice, procedural justice, international justice, job  enlargement, job rotation ,job enrichment, skill variety, task identity, feedback,autonomy, self assessment,