(WJW) – Target made headlines this week when it announced employees in some states would be hired at $24 an hour this year.
The federal minimum wage is $7.25 an hour, and hasn’t changed since 2009.
Target and other companies are offering starting wages to make the market competitive, which is good news for workers.
Aetna was ahead of the curve for starting wages.
The company announced it would increase the base hourly wage for U.S. employees to $16 an hour back in 2015. Its parent company, CVS, is also boosting wages.
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Grocery retailer Aldi is known for its discount prices, but you may not have known it is also rated as one of the top companies for workers.
“We know the importance of investing in our people,” David Rinaldo, co-president of Aldi U.S., said in a press release announcing an increase in wages and hiring.
Starting wages for store and warehouse positions are between $15 and $19 an hour, based on market and position.
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Amazon says $15 is just the start for its employees.
In some areas, the company says its starting pay is $18 an hour.
The company also offers day-one benefits, including healthcare, paid family leave and college tuition.
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BANK OF AMERICA
Bank of America announced in the fall that it was raising starting wages to $21 per hour. The company says it is on track to get those wages to $25 an hour by 2025.
“Our company’s focus on Responsible Growth requires that we provide a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America, in a press release.
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Best Buy announced in August that workers would start at $15 an hour.
The company also says it offers no-cost healthcare to employees and dependents, a fitness membership and other services for staff.
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Costco raised its starting wage to $17 an hour in October. That’s up from $16 in Feb. 2021, and $15 in 2019.
Costco CEO W. Craig Jelinek says raises equate to good business, because higher wages reduce turnover.
According to the company, the average tenure of a Costco employee was 9 years, at least as of 2021.
Workers also receive paid vacation and are eligible for healthcare.
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CVS Health announced in August that it was raising the minimum hourly wage to $15 an hour. The increase goes into effect in July 2022.
According to CVS, 65% of the company’s employees already make more than that.
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Hobby Lobby Stores, Inc. raised its minimum full-time hourly wage to $18.50 at the beginning of 2022.
The company made the announcement in December.
“We have a long track record of taking care of our employees,” said David Green, Hobby Lobby founder and CEO. “In 1998, we made the decision to close our stores on Sundays, and at 8:00 p.m. the rest of the week, to provide employees time for rest, family, and worship. We’ve also worked hard over the years to provide the best pay and benefits in retail, which has allowed us to attract and retain an outstanding group of associates to serve our devoted customers.”
The company offers healthcare and paid vacations to employees. Check for openings here.
PNC Bank bumped the minimum hourly wage to $18 in November of 2021.
“Our employees are our most precious resource, and by investing in them, we invest in our future,” said Vicki Henn, executive vice president and chief human resources officer for PNC.
The company says the pay boost is to attract and retain the best employees, which in turn, will strengthen the bank’s position in the marketplace.
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The $24 hourly wage will be offered in areas with competitive markets, like New York.
Its universal starting wage is $15.
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