Мобильный 1 Add news
March 2010
April 2010
May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021March 2021April 2021May 2021June 2021July 2021August 2021September 2021October 2021November 2021December 2021January 2022
123456789101112131415161718192021
22
23
24
25
26
27
28
29
30
31
News Every Day |

11 of America's most 'influential' companies have raised average wages during the pandemic — but historically high inflation has eaten away at those gains

minimum wage protest
Fast food workers and activists demonstrate outside McDonald's downtown flagship restaurant on July 31, 2014 in Chicago, Illinois.
  • Wages have been on the rise as companies struggle to hire enough workers.
  • An analysis of some of the US' most "iconic" companies finds that inflation "wiped out" most of those gains.
  • This limited real wage growth could in turn be contributing to ongoing labor shortages.

Ever since the number of workers quitting hit record highs and businesses began reporting labor shortages, wages have been rising.

But a recent analysis suggests that rising consumer prices have "wiped out" much of these gains.

Inflation is at its highest year-over-year rate since 1982. An analysis from Brookings looked at wage growth at 13 major companies. While most of these companies raised pay for their workers, "inflation has erased at least half of the average wage gains for frontline workers."

Molly Kinder, a fellow at Brookings Metro and one of the authors of this analysis, told Insider that while earnings are higher now than at the start of the pandemic for millions of hourly workers, most can't cover basic expenses, and "the sacrifices and the stress of the job have made those jobs worse jobs."

Amazon raised real wages 10%, factoring in inflation

Kinder said Brookings chose 13 "iconic" companies to study — Amazon, Walmart, Starbucks, Macy's, Chipotle, McDonald's, Target, CVS, Walgreens, Kroger, Best Buy, Gap, and Lowe's  — "because they're the biggest, the most famous, the most profitable and they are very influential." 

The overall findings, which are part of a bigger report coming out in 2022, say that after nearly two years of a pandemic and looking at pay from January 2020 through October 2021, "the average wage increase, in real terms, at the average company we assessed was only 3% through October."

Kinder and her co-authors compared pay at the big companies by using data from the MIT Living Wage Calculator. With a living wage of $17.70 per hour, they found that Amazon is the only company of the group that pays an average wage at or above that level — although Best Buy's average wage doesn't fall too far behind this amount.

But when it comes to the lowest workers on the totem pole at any of these companies, "not one of the companies pays a minimum wage that meets the living wage standard and ensures all employees can afford basic necessities," the authors added.

Kinder told Insider that Amazon has a high turnover rate, and has had to increase pay to keep bringing in new workers. In January 2020, Amazon's average hourly wage was $15.75, and in October 2021 it was $18.50. Taking into account inflation, that's a 10% real change.

Amazon did not respond to Insider's request for comment.

Employees at other major retailers got few, if any, meaningful raises

Walmart also had a high real average wage increase compared to other companies in the analysis.

However, the report notes the increase is actually only 2% when taking into account the end of Walmart's quarterly bonuses, which will end on January 31, 2022, when they will then be rolled into employees' base pay, according to The Wall Street Journal.

Walmart did not respond to Insider's request for comment. 

Real wage change actually dipped into the negative for some employers. That was the case for Best Buy, Gap, and Lowe's.

"Lowe's has done phenomenally well during the pandemic as a business," Kinder said, citing soaring sales, profits, and stock prices. While the company did provide temporary hazard pay during the first year of the pandemic, she said, they haven't implemented any company-wide raises since then.

"For the last seven quarters, 100 percent of our stores also earned a Winning Together profit-sharing bonus, resulting in additional payouts totaling more than $750 million to our frontline associates reflecting our appreciation for the hard work of our hourly workforce," a Lowe's spokesperson said in a statement to Insider. "In addition to a highly competitive package of wages and benefits for our frontline associates, we continue to invest in training and development to promote a more rewarding work experience and drive retention."

As for Gap, which did not institute a company-wide pay increase, Kinder said the company's minimum wage of $10 per hour "has lost 7% of its value, because they haven't raised wages to keep pace with inflation." 

"The Brookings report does not include Gap Inc. data on the wages, bonuses or pay increases we have given our frontline employees since the start of the pandemic," a spokesperson for Gap Inc. said. "We are proud to offer competitive wages and benefits in each market where we operate, as well as ongoing training and career development." 

Kinder said that most companies, like CVS, Walgreens, Kroger, Target, are likely in the middle. In a statement to Insider, CVS pointed to CEO and president Karen Lynch's comments that its upcoming minimum wage increase to $15 an hour is a first step, but likely not the last. Starbucks and Macy's both emphasized raises in their minimum and average pay, and expanded benefits.

The paltry real gains that workers saw might be why there's a labor shortage

There's a whole host of reasons employers are struggling to keep workers or find new employees. One is simply that people want good jobs — something not necessarily true of all available positions right now.  

"I think COVID exposed that even before the pandemic, millions of hourly frontline workers were in jobs of very low quality," Kinder said, which includes poor benefits or lack of respect.

"These challenges have gotten worse in the pandemic," Kinder said. "Pay is up a little bit, but a lot of the other aspects that make someone happy in their job have gotten worse."

As Kinder said: "While I think there's a lot of headlines about there's not enough workers, there's a shortage of workers, I think the reality is that these employers would have an easier time filling these jobs if they were better quality jobs."

Are you a worker whose pay is being impacted by inflation? Reach out to jkaplan@insider.com and mhoff@insider.com to share your story.

Read the original article on Business Insider








Read also

New York Mayor Adams to receive first paycheck in cryptocurrency

The unexpected Mrs Brown’s Boys crossover hidden in new Netflix film A Madea Homecoming

Topeka police credit caller with stopping burglary


News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

Who is Dan Evans’ girlfriend Aleah, and how long as she been with Australian Open tennis star?

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Mike Tyson brands Muhammad Ali ‘the greatest man ever’ in touching message on what would have been icon’s 80th birthday



Sports today


Новости тенниса
Новак Джокович

Джокович после скандала в Австралии купил компанию по разработке COVID-лекарств



Спорт в России и мире

Обвиняемого в краже у футболиста 4 млн рублей арестовали в Москве


Загрузка...

All sports news today




Загрузка...

Sports in Russia today

Триумф надежности Toyota: Нассер Аль-Аттия за рулем Toyota Hilux стал победителем легендарного ралли-рейда «Дакар-2022»


Новости России

Game News

Intel CEO says AMD is in the rearview mirror and "never again will they be in the windshield"


Russian.city


Вадим Стукалов

Вадим Стукалов о ситуации с коронавирусом в Сочи


Губернаторы России
Спартак

«Пересвет-ЮФУ» победил на своём паркете ногинский «Спартак»


Песков заявил об отсутствии предпосылок к встрече Путина и Зеленского по инициативе Турции

Доктор Руженцова допустила тяжелое течение заболевания при заражении штаммом «Омикрон»

Президент РАКИБ Припачкин указал на невозможность запрета майнинга криптовалюты в России

Зимняя палатка куб – отличное убежище от мороза


Источник: полиция не задержала подозреваемых в нападении на вдову Градского - 19.01.2022

Отец Марины Коташенко рассказал о состоянии детей Градского после ограбления квартиры

"Противно!" Сестра Градского заявила, что его брак был недействителен - 19.01.2022

Певица Maruv взяла паузу в музыкальной карьере из-за выгорания


Теннисисту Джоковичу принадлежат 80% компании-разработчика препарата против COVID

Карацев сыграет в паре с оренбуржцем Артёмом Ситаком на Australian Open

Джоковича депортировали из Австралии, Карацев завоевал титул, Радукану провалилась. Главные события минувшей недели

Смотреть онлайн Хенри Лааксонен — Даниил Медведев. Теннис. ATP Австралия Опен. Прямая трансляция 18 января 2022




Парковка у ТПУ «Внуково» в Москве временно закроется

Второй сезон комедийного хита ТНТ «Девушки с Макаровым» стартует 31 января в 21:00

Лукашенко в новом году продолжает практику встреч с главами российских регионов

Героизм не всегда блистает медалями…


Максим Галкин показал Пугачеву на шопинге у Гуляева

Все школы Челябинска 20 января распустили детей по домам из-за сообщений о минировании

Власти Москвы предупредили о сильном снегопаде вечером в четверг

СК и прокуратура начали проверку после пожара в подмосковной электричке



Путин в России и мире







Персональные новости
Russian.city

PR time

Юбилейный концерт Евгения Григорьева (Жека) в БКЗ «Октябрьский» в эту субботу



News Every Day

AMD RX 6500 XT is Worse Than 2016's GPUs: Benchmarks vs. GTX 1060, 970, 960, & RX 580




Friends of Today24


Загрузка...
Музыкальные новости
"Воскресенье " Олег Митяев



Персональные новости
Близкий друг Путина миллиардер Пугачев. Вся правда о Путине, его семье и деньгах. В гостях у Гордона (2021)

Навальный об уволенном за пост священнике (2021)

Slava Marlow – суперуспех и депрессия в 21 год / вДудь (2021)

Обнаглевшие дети путинской элиты (2021)

Дайте собакам мяса (новый звук) -Владимир Высоцкий

Группа "Рождество" - песня "Так хочется жить!" (Видео с концерта в Киеве группы "РОЖДЕСТВО" в 2011 году в Доме офицеров)

Adriano Celentano Любимая песня Челентано (высочайшая энергетика) talentTV

Moscow.media