Industry-rattling news continues to break this week as we hear of more financial institutions across the country taking advantage of their pending tax savings.
In response, Wells Fargo and Fifth Third Bank announced they would increase minimum hourly pay rates to $15. Additionally, Fifth Third will offer one-time bonuses of $1000 to its employees. These two aren’t alone. More than 40 banks have made similar announcements for wage hikes and/or bonuses.
It has, of course, put HR managers at banks, and credit unions alike, on high alert! Should they follow suit? If so, for all positions or just those that are highly recruitable?