So, define "maximize profits"? Do you mean the maximize short term profits or maximize return over many years? What's going on right now is maximize short term profits at expense of long term.
One of the factors in the hollowing out of this country is that low wages give people much incentive to leave a company and destroys incentive to give extra effort. Just extra hours isn't what I'm getting at.
I worked for a company that had a profit sharing program, it was also a top performing company and well respected. Some of the profit was plowed into a pension plan some payed out every six months. Company does well, more is put into the pension, better payout. It was common for workers at all levels to say something like: that's going to cut into profit sharing when they saw waste and they did something about it. Later on, when Wall Street sharpies got control of the Board, they eliminated profit sharing altogether. Along with abusive layoffs and cuts in wages and along with increased bonuses to the CEO, the attitude of employees dropped. Fuckem was the mantra when we saw waste. We weren't going to do anything about it, we already working our asses off just to keep our jobs. At the end of 10 years, this company is stagnant. Workforce has turned over and none of the old spirit remains. It's on its way down and nobody cares, not the shareholders, not the management and especially not the workers. About three years ago, I tendered my resignation. My boss panicked and sought to get me to change my mind. He offered a 10% increase if I'd stay another year...10% was more than I'd seen in total increases over 5 previous years. My reply: "what about don't want to work here and don't need the money don't you understand?". Companies aren't just financial entities to be managed like banks. People work there, good people at all levels. Real managers like the ones I worked for before the change empowered workers and rewarded them. They also treated firings like the plague. The result was a creative, committed workforce that gave the company what it really needed -- they gave the company everything including their creativity and desire to succeed.
This idea of people's right to a living wage isn't going away. It's going to be debated in several ways. The right tends to simplify the argument, like it always does. Their argument -- if everybody received a living wage, nobody would have an incentive to work hard -- bullshit. If management treated people like they were more than a nuisance, they would get more than their body during the time at work. The people in Germany have pretty strong unions, a strong medical system, a good pension. Those workers are damn good at what they do and they compete about as well as anybody anywhere. They are proud of their company, their work and their country. Pay at least a living wage and find incentives that give people something more to work for than the incentive to find a better paying job elsewhere and you'll see good results in this country.