Wage Inequality Mars Indiana’s Economic Resurgence
Over the past few years, the state on Indiana has experience a resurgence in economic development. The success of this growth has been attributed to policy making that has enabled investment within the state revolving around tax incentives aimed at promoting business in the Hoosier State. That approach has enabled Indiana's manufacturing economy to strengthen itself at the core of the state's marketplace.
Despite the rebounding growth in Indiana, the state's economy remains less than ideal. One key issue affecting the state is wage inequality. While Indiana has added more jobs than average since the most recent economic collapse, income disparities have grown greater as well. On average, jobs added since the 2008 crisis pay $14,000 less than before the recession.
Jobs lost within the manufacturing sector since 2008 are a key component of the wage inequality that has arisen. Nearly half of all jobs lost within Indiana over the last 6 years have been manufacturing jobs. Those positions offer higher than average wages. While manufacturing jobs have been added to the state due to prudent, domestic policy making, the aspect of lower wages for those occupations still haunts the Hoosier State.
A report commissioned by the U.S. Conference of Mayors brings the reality of income inequality to light. In Indianapolis alone, income inequality grew by 5.4 percent. Regionally, the capital of the Hoosier state is on the high end of that issue according to the study. For comparison, Chicago's wage inequality only rose 2.5 percent in the same period that the study examined.
In order to improve wages for workers, manufacturing enterprises should implement ERP that can lower operational costs. Doing so ultimately enables manufacturers to be able to pay their employees fair and equitable wages due to the cost reduction facilitated by business management software.
Accent Software, Inc. provides manufacturers within Indiana to improve their operations by implementing business management software solutions. By optimizing the efficiency of operations, an enterprise has the ability to improve different facets of its business, including wages.