Homegrown department store chain Macy’s recently raised their hourly wages and benefits in an attempt to attract talent to join their ranks in a labour market that is increasingly tightened.
Macy’s raising hourly wage
The American chain announced on Monday that they will be raising their minimum wages for new as well as current workers to $15 per hour, which is due to be effective from May 2022 onwards.
This would raise Macy’s average base hourly salary to more than $17 and their average total hourly salary to $20.
On top of that, Macy’s is also introducing an education benefit that covers the entirety of tuition, fees, and books; with the department store chain partnering with Guild Education on the new program which encompasses coverage for bachelor’s degrees, boot camps, professional certifications as well as the learning of the English language.
The program is expected to cost them about $35 million over the next 4 years.
Growing list of businesses doing the same
With their latest incentives, Macy’s becomes the latest member of a burgeoning list of businesses trying to attract employees to join their ranks, alongside other companies such as Starbucks and Walmart.
Macy’s Chief Transformation and Human Resources Officer Danielle Kirgan said that the program helps to remove major barriers to educational access and is intended to help their employees develop their skills and enhance their careers.
Coping with the festive crowd
With the festive and holiday season soon to be upon us, having enough workers on hand is of the utmost importance and will be very crucial for the stores to handle the upcoming shopping crowds.
Christmas is also upon us in over a month and more shoppers are planning to surge into malls to get their hands on some presents.
Separately, Macy’s shares have also risen to more than 177% to date, bringing their worth to about $9.7 billion.
In other news, Tesla CEO Elon Musk is facing a tax bill of $15 billion.