This is the biggest issue for people entering the workforce today.Different world than 60 years ago and different world than 30 years ago. Like it or not, kids today have it much harder than you and I did. And I got my start making $2.50 stacking bales of hay in barns. That doesn't mean my son should accept the same pay for the same job today.
$2 an hour weeding onions 30 years ago sucked, but I had some pocket money and could buy a few video games on my own.
In the 60s and 70s, houses could be paid off well inside mortgage terms with just an average job. Same with college. Now kids will be lucky to even qualify for a mortgage in a location that's halfway decent and/or will be paying off their college loans for an exorbitant amount of time.
Wage stagnation is a thing. You see all of the signs up looking for employees? They wouldn't be there if they paid people a living wage.
What hits your bottom line harder, paying your employees more or having to reduce hours of operation because you can't even keep your business open?