Macy's steps up its efforts to attract talent and increases hourly wages!

According to foreign media reports, Macy's is the latest retailer to increase benefits and wages , and the company hopes to attract more talent by raising prices.

The department store chain said Monday it will raise its minimum wage for new and current employees to $15 an hour by May 2022. Once the higher wage takes effect, the average base wage at Macy's will be more than $17 an hour , and the average total wage will be $20 an hour, the company said .

Image from Macy's official website

In addition, the report said that Macy's has also added an education benefit that will cover 100% of tuition, books and fees. Macy's is working with Guild Education on the program, which includes bachelor's degrees, boot camps, English language learning and professional certificates. Macy's said it expects the program to cost $35 million over the next four years.

Macy's is understood to have added to a growing list of companies offering college tuition and textbooks to try to attract workers. Target, Walmart, Chipotle and Starbucks already offer similar benefits, according to the report .

Macy’s chief transformation and human resources officer Danielle Kirgan said the program removes a major barrier to education for the company’s employees and will help its colleagues further develop their skills and grow their career and earning potential .

Macy's previously announced that its goal is to hire 76,000 full-time and part-time employees during the holiday season , in line with its pre-pandemic holiday staffing. This year, major retailers have increased labor costs to cope with the peak season, but some retailers currently say that labor issues have not yet been resolved.

Macy's stock price has risen more than 177% this year , and the company's market value has now reached $9.7 billion . Macy's is a subsidiary of United Department Stores and is a well-known chain of department stores in the United States , selling clothing, shoes and home decorations. In the second quarter of this year, the company's revenue was $5.65 billion, a year-on-year increase of 58.7% , and its net profit was $345 million . The third quarter data has not yet been released.

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Hourly wage