Bank of America has plans to raise its minimum wage to $20 an hour in two years. Effective on May 1, 2019, Bank of America will increase to $17 an hour.
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“If you get a job at Bank of America, you’ll make $41,000, with the success our company has, we have to share that success with our teammates” – Brian Moynihan Bank Of America CEO
Most people I know that work at or have worked for a bank hated it. I found it hard to believe that $20 an hour will not ease that pain of working for a big commercial bank.
Bank of America currently employs over 200,000 people.
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Perhaps, the company will only hire those they feel have the skills and experience to earn those higher wages, or if they are not, will be fired. When minimum wages rise, companies must decide upon hiring, whether the candidates will earn their salaries. Either that, or they reduce hours and find other ways to run business (i.e. technology). It’s a must situation. Or they must raise their prices to make up for the higher salaries, but this changes the scope of their business. Those who suffer will be the ones looking for jobs, looking for the opportunity to start somewhere, but don’t have the skills necessary to earn those higher salaries. As a young person, I liked the idea that I could walk down a street, door to door, until I found a job. That I was willing to work for less opened the opportunity. But while there, I had the chance to learn and prove my worth, moving up in the company should I do so. As it stands, I wonder how many become disgruntled because they cannot find a job. I wonder how many would have found a job if wages were more up to the companies. I wonder how many companies wish they could hire less experiences individuals, but bring them up slowly in the company. We wonder.
I agree with a lot of things you said, but today is a little different, I think companies are now in a psace where they have to compete to get the get and keep employees.
That is so true. Political movements, interests groups communicating, and advertisements all have a lot to do with persuading companies. It’s just how it is.