A national bank with a sizeable West Michigan presence said it will raise its U.S. minimum hourly wage to $25 by 2025.
In addition, Bank of America said last week that all of its U.S. vendors are now required to pay their employees dedicated to the bank at or above $15 per hour. Today, over 99% of the company’s more than 2,000 U.S. vendor firms and 43,000 vendor employees are at or above the $15 per hour rate as a result of implementing this policy.
“A core tenet of responsible growth is our commitment to being a great place to work, which means investing in the people who serve our clients,” said Sheri Bronstein, chief human resources officer at Bank of America. “That includes providing strong pay and competitive benefits to help them and their families so that we continue to attract and retain the best talent.”
Bank of America’s increase to paying $25 per hour builds on the company’s history of being an industry leader in establishing a minimum rate of pay for its U.S. hourly employees. Since 2010, the company’s minimum hourly wage will have increased by more than 121% (an increase of nearly $14 per hour). In the past four years, Bank of America raised the minimum hourly wage to $15; in 2019, it rose to $17 and in 2020 to $20 — one year ahead of schedule.
Bank of America said its pay-for-performance philosophy “reinforces the company’s core values and culture by inspiring employees to do great work, encouraging and retaining talent, and building trust within teams.”
The company’s efforts have been recognized by a number of external organizations, including LinkedIn and Fortune, as the only financial services company included in Fortune’s “Best Big Companies to Work For” list for three consecutive years.