A number of fast food workers have been arrested for carrying out strong protests in New York City, Chicago, Detroit and other areas against low wages. Discussing the issue of wages in fast food chains in a program on Bloomberg, Patrick Doyle, Chief Executive Officer at Domino’s Pizza, Inc. (NYSE:DPZ) said that wages are very difficult to increase in the current situation of the fast food chains and the problem can only be solved by increasing jobs. He said that Domino’s Pizza, Inc. (NYSE:DPZ) is very bullish on the business and has a capacity to hire more workers.
“[…] Right now we could probably use 15,000 to 20,000 more people in our stores in the US. We have been adding jobs and our business has been performing well, so we are growing, we are looking for people who want to be a part of something special and 90% of our franchisees in the US started as hourly workers so we are certainly still very very bullish on our business […],” said Doyle.
Doyle said that a normal delivery guy at Domino’s Pizza, Inc. (NYSE:DPZ) makes $15 an hour with tips. He thinks that two hundred and fifty thousand to three hundred thousand new jobs per month can solve the issues. Doyle also said that Domino’s Pizza, Inc. (NYSE:DPZ) is going to launch a huge advertisement campaign during the NFL and college football season.
Bloomberg View’s columnist, Mohamed El-Erian, disagreed with Doyle’s point and said that the solution does not lie in the creation of jobs rather its the minimum wages issue that needs to be addressed. He quoted the Federal Reserve report which says that the lower levels are not getting any benefits rather it’s only the top level which is experiencing the wage growth.
Jim Simon‘s Renaissance Technologies is one of the biggest shareholders of Domino’s Pizza, Inc. (NYSE:DPZ), having 3.6 million shares of the company so far.