Eleanor Kennedy
Nashville Business Journal, Nov 20, 2015
Affluence is about more than money, and making sure prosperity is shared doesn’t mean just increasing income. Here’s the take from some local public and private sector leaders on improving income inequality in Nashville: ...
Sherry Stewart Deutschmann, CEO, LetterLogic:
Opponents of raising the minimum wage argue doing so would lead employers to eliminate jobs. That’s not how Sherry Stewart Deutschmann, CEO of a company with one of Nashville’s most-lauded business cultures, sees it.
“Forget about the ‘socially responsible’ reasons to increase the minimum wage. Instead, approach the issue from the practical, proven, positive effects to the bottom line. … It is less expensive to pay a fair living wage. How You will absolutely have less turnover if your employees are paid well. There have been dozens of studies to determine the true costs of replacing an $8/hour employee. The results range from $3,500 to [more than] $10,000, but all agree that it is cheaper to retain the employee.”