Listen to this articleBank of America, with branches across Nassau County, has raised its minimum hourly wage to $24 for full-time and part-time positions in the United States, with a commitment to pay $25 an hour by 2025. The increase brings starting salaries to nearly $50,000 a year.
Over the last seven years, the bank has increased its minimum hourly wage from $15 to $24.
“Providing a competitive minimum wage is core to being a great place to work — and I am proud that Bank of America is leading by example,” Sheri Bronstein, Bank of America’s chief human resources officer, said in a news release about the salary increase.
In addition to their regular compensation, employees have also received awards that are mostly in the form of Bank of America restricted common stock. Since 2017, when this program began, the bank has awarded more than $4.8 billion, according to the news release.
Beyond compensation, employers are also looking to provide benefit policies that help them attract and retain talent, experts say.
Healthcare benefits, leave benefits and retirement savings and planning benefits are among the top offerings that employers find most important, according to the 2024 SHRM Employee Benefits Survey. Next up were flexible work benefits, family care benefits and professional and career development benefits.
Bank of America, for example, offers 16 weeks of paid maternity leave, a sabbatical program and personalized support for team members navigating critical life events, in addition to professional development, education and more.