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Miami Herald

October 9, 2020

October 9, 2020 - Power Financial Credit Union President and CEO Allan Prindle quoted in Miami Herald article "‘Two sides to it’: Workers and businesses at odds when it comes to Amendment 2" by Yadira Lopez.

Click here to read the article.

Local Case in Practice

The local Power Financial Credit Union is among companies — including Ikea and Walmart — that have raised their minimum wage in recent years.

Earlier this year, Power Financial implemented a $15 minimum wage. It wasn’t a huge financial lift, CEO Allan Prindle acknowledged, since the lowest paid employees did not earn the state’s minimum wage and instead averaged $11 to $12 an hour, but the move went a long way toward boosting morale.

While businesses may fear the costs incurred by the amendment, Prindle thinks the pandemic has made consumers more aware and sympathetic to low-wage workers who have been hardest hit. There’s a renewed sense of togetherness, with more people buying local for instance, that he thinks will make consumers more amenable to modest price increases.

“The advice I would give is to consider your most important asset,” said Prindle. “Replacing people is far more expensive than simply bumping up the minimum wage in a given time frame. Look at it as an investment in your people rather than a cost increase.”