ADP Chief Economist on Living Wages

The video discusses the global issue of living wages, highlighting the gap between market wages and the cost of living. It emphasizes the benefits of paying fair wages, such as increased employee engagement and social stability. The roles of both public and private sectors in addressing wage issues are explored, with a focus on government intervention and company responsibilities. The dynamics of the labor market, including labor shortages and their impact on wage bargaining power, are also examined.

What is the main issue highlighted in the first section regarding wages?

• The gap between market wages and living wages

• The increase in luxury goods prices

• The decrease in global employment rates

• The rise in technology-related jobs

Which company is mentioned as being prominent on the issue of fair wages?

• Amazon

• Google

• Unilever

• Microsoft

What is one of the benefits of paying fair wages according to the second section?

• Increased product prices

• Decreased company profits

• Higher employee turnover

• Improved employee retention

What role do governments play in addressing wage gaps?

• They can lower interest rates

• They can raise minimum wages

• They can reduce taxes for companies

• They can increase import tariffs

How does a tight labor market affect the bargaining power between employers and employees?

• It reduces the need for negotiations

• It shifts power to employees

• It has no effect on bargaining power

• It gives more power to employers