A national bank with a strong presence in western Michigan has announced that it will increase its minimum hourly wage in the United States to $ 25 by 2025.
Additionally, Bank of America said last week that all of its U.S. vendors are now required to pay their dedicated employees to the bank at $ 15 an hour or more. Today, over 99% of the more than 2,000 US sales companies and 43,000 company employees are at or above the $ 15 hourly rate due to the implementation of this policy.
“A fundamental tenet of responsible growth is our commitment to being a great place to work, which means investing in the people who serve our customers,” said Sheri Bronstein, director of human resources at Bank of America. “This includes solid compensation and competitive benefits to help them and their families so that we continue to attract and retain top talent.”
Bank of America’s Raise to Pay $ 25 an Hour Builds on the Company’s History as an Industry Leader in Setting a Minimum Wage Rate for its Hourly Employees in the United States . Since 2010, the company’s minimum hourly wage will have increased by more than 121% (an increase of nearly $ 14 per hour). In the past four years, Bank of America has raised the minimum hourly wage to $ 15; in 2019 it jumped to $ 17 and in 2020 to $ 20 – a year earlier than expected.
Bank of America said its pay-for-performance philosophy “reinforces the core values and culture of the company by inspiring employees to do great work, nurturing and retaining talent, and building trust in people. teams ”.
The company’s efforts have been recognized by a number of outside organizations, including LinkedIn and Fortune, as the only financial services company to make Fortune’s “Best Large Companies to Work for” list for three consecutive years.