Amidst a rapidly changing job market, employees are re-evaluating their workplace needs, demanding higher wages and better benefits. More companies are turning to
Retail banking company Santander recently announced that it will increase its minimum hourly wage to $20 — nearly triple the federal minimum wage and higher than the minimum wage offered by most leading competitors — for all employees.
The wage change was implemented in January and February for in-person team members working during the Omicron surge; now the increase will be made available to all Santander personnel, either working in-person or remotely through the bank’s flexible hybrid model.
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“Our customer-facing team members provide in-person support and business critical services to our clients to help them achieve their financial goals,” said Santander U.S. CEO Tim Wennes in a release. “This latest pay increase recognizes their hard work and contributions and ensures we remain competitive in the marketplace as we look to attract and retain top talent.”
Santander is not the only company that has recognized the importance of fairly compensating their employees —
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In addition to base pay increase — a value that has surged 33% between 2018 and 2022 — merit increases and bonus opportunities will also be offered to employees, according to the press release. Santander also invests in team member training, career development and health and wellness programs, as well as employee network groups to help colleagues achieve their personal and professional goals.
It’s all part of what employees now expect when choosing to stay or leave an employer. In order to keep up, pay and benefits will need to keep pace, too.
“At the end of the day, we have to work to support ourselves and our families,” Annie Rosencrans, U.S. people and culture director for people management platform Hibob previously told EBN. “Be clear about what is make or break for you.”
