What If?
What if… we paid nurses more?
Apr 11, 2024
Academics Zeynep Ton and Julian Jessop discuss the disparity in pay for essential workers, including nurses, questioning the justification behind underpaying professions with significant real-world impact. They explore the balance between fair wages and non-monetary rewards in vital professions while discussing the implications of pay increases and strategies for creating value through job enhancements. The transformative effects of paying low-wage employees more are also highlighted, emphasizing the benefits of increased pay for both workers and society.
24:45
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Quick takeaways
- Low wages impact workers' health and job performance, while paying them more can improve outcomes and society.
- Investing in better wages, training, and job design can elevate low-wage jobs and benefit companies.
Deep dives
Impact of Low Wages on Workers and Companies
Low wages have significant negative effects on workers, leading to multiple job holdings, constant financial worries affecting focus, and health issues like heart disease and lower IQ. For companies, low wages result in poor job performance, high turnover, and operational inefficiencies, ultimately impacting customer service. The costs associated with turnover include hiring, training, and decreased trust in decision-making, leading to centralized operations that limit employee empowerment and satisfaction.
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