McDonald's is among fast-food franchises to raise wages in a tight labor market and plans to reach an average of $15 an hour by 2024 at all company-owned restaurants.
Competition for workers is intense and food franchises like McDonald's and Chipotle are competing with retailers like Amazon, Walmart and Target, McDonald's CEO Chris Kempczinski noted in a recent CNBC Evolve interview.
Labor experts say McDonald's move will pressure the 95% of its restaurants not owned by the company, and at least some McDonald's franchise owners say it is time to raise wages and think long-term.
How many times are liberals gonna fall for the bait & switch from Obama and Joe Biden? They sold you out the last time they had a chance to lower drug prices. I posted the leaked memo. Busted red-handed.
It's like Charlie Brown trying to kick the football.
- McDonald’s is among fast-food franchises to raise wages in a tight labor market and plans to reach an average of $15 an hour by 2024 at all company-owned restaurants.
- Competition for workers is intense and food franchises like McDonald’s and Chipotle are competing with retailers like Amazon, Walmart and Target, McDonald’s CEO Chris Kempczinski noted in a recent CNBC Evolve interview.
- Labor experts say McDonald’s move will pressure the 95% of its restaurants not owned by the company, and at least some McDonald’s franchise owners say it is time to raise wages and think long-term.
In a recent interview at the CNBC Evolve Global Summit, McDonald’s CEO Chris Kempczinski said the company’s decision to inject roughly $1 billion of liquidity into its system earlier this year after the worst of the pandemic had passed — and on top of several years of balance sheet growth in the U.S. — was part of an effort to move the franchisee mindset away from worrying about, “am I going to be able to pay, you know, my mortgage or pay my loan that’s due this month? ... it’s this mindset switch from being, you know, one of defensive to really being much more aggressive.”
While he didn’t want to comment on a raised federal minimum wage, the McDonald’s CEO said, “there’s no doubt that $7.25 in this day and age is not what you should be paying or need to be paying to be competitive in the marketplace. ... wages are going up because the economy is strong.”
One thing to remember about when South Carolina Representative Joe Wilson shouted "You lie" during Obama's address to a Joint Session in November 2009, the really big lie was that Obama even had a plan, or at least on paper. At that time there were 2 plans on paper, Nancy Pelosi's House and Harry Reid's Senate. What we actually ended up with should actually be called Dingy Harry Care.
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