Michigan Business Beat | Star Crawford Bank of America - Raises Its U.S. Minimum Hourly Wage to $24

Michigan Business Network

Chris Holman welcomes Star Crawford, Market Executive Detroit, Bank of America. Chris had several things he wanted to find out in this conversation: Why did Bank of America decide to raise its U.S. minimum hourly wage to $24? Were factors such as inflation considered in making this decision, and when will the salary increase be implemented? From 2017 to 2024, Bank of America raised its minimum hourly wage from $15 to $24. Has the goal throughout this process been to lead the way in the banking industry and encourage bank partners to also offer higher wages? Does Bank of America believe these changes will allow it to better recruit Michigan’s top talent in the years to come? Beyond salary itself, what other benefits can you talk about that Bank of America offers its employees to enhance their personal and professional lives? Will pay raises continue beyond this year? Specifically, is the plan still to reach $25 per hour by 2025? » Visit MBN website: www.michiganbusinessnetwork.com/ » Watch MBN’s YouTube: www.youtube.com/@MichiganbusinessnetworkMBN » Like MBN: www.facebook.com/mibiznetwork » Follow MBN: twitter.com/MIBizNetwork/ » MBN Instagram: www.instagram.com/mibiznetwork/