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May 26, 2022
One of the hottest topics in every industry right now is the attraction and retention of talent. The federal minimum wage has remained unchanged at $7.25 since 2009, and workers are demanding a raise. Businesses are offering more to their employees and applicants in terms of better benefits and higher wages.
The new minimum wage
Many companies raised their minimum wages during COVID to retain and attract new employees – and it worked. Amazon, Costco and Target offer a starting wage of $15 for all its employees. However, with inflation and taxes rising, some companies are giving even more.
Bank of America recently announced their wage increase from $21 to $22. This increase is just one of many planned for the company, as they have announced their goal of paying every employee at least $25 by 2025.
With so many businesses increasing their base pay, it is almost impossible for competitors to not do the same.
Sustainable pay initiatives
Many Indiana businesses have joined the Good Wages Initiative – an organization with a mission to provide sustainable pay to employees.
Apex was one of the first companies to join the initiative. In a recent interview, Apex Benefits vice president of human resources and administration Stephanie DiBlasio commented on the company’s involvement with the organization.
“We want current and future employees to have resources they need to be successful, inside and outside the workplace,” DiBlasio said.
As DiBlasio shared, increasing wages not only helps employees and companies, but it also aids in statewide well-being.