According to the U.S. Bureau of Labor Statistics, in 2019 the average pay raise was 3.1 percent, while in 2021 it is 3.6%.
Pay increases in the US are varied depending on location, inflation, job performance, and sector.
Most employers give their employees an increase of 3 percent each year.
But since the Covid pandemic, staff have been more willing to leave jobs for better pay.
As a result, companies have been moving to offer better pay and benefits to staff.
Here are some of the giants who are increasingly employee salaries considerably.
Amazon is an American multinational technology company.
Its current CEO is Andy Jassy and the company’s headquarters are based in Seattle, Washington.
In February this year, Amazon declared that it will double the maximum base salary of $160,000 to $350,000 for corporate and tech employees.
Amazon claims that it increased compensation ranges for most jobs globally.
Google LLC is an American multinational technology corporation.
Its current CEO is Sundar Pichai with its headquarters based in Mountain View, California.
In January, it was announced that Google increased the pay of its top executives, however, not its employees.
According to sources, Google increased the base compensation of four of its senior employees from $650,000 to $1 million.
Apple is an American multinational technology company.
Its current CEO is Tim Cook with its headquarters based in Cupertino, California.
The tech giant has confirmed that Apple staff are to receive a pay rise later this year.
An Apple spokesman said: “Supporting and retaining the best team members in the world enables us to deliver the best, most innovative, products and services for our customers, this year as part of our annual performance review process, we’re increasing our overall compensation budget.”
Apple is also going to increase the starting wage for all retail employees in the US from $20 to $22 per hour.
The corporation also states that stores in certain regions may have higher starting pay.
Bank Of America
The Bank of America is an American global investment bank and financial services holding company.
Its headquarters are based in Charlotte, North Carolina.
The current CEO is Brian Moynihan.
It’s been revealed that Bank of America will increase its minimum hourly wage for US employees to $22 starting from the end of June.
This act brings the bank a step closer to reaching its target of paying $25 per hour by 2025.
The bank has also increased the starting wage from $15 in 2017 to $21per hour in October 2021.
Walmart is an American multinational retail corporation.
Its headquarters are in Bentonville, Arkansas and its CEO is Doug McMillon.
Walmart is expanding its attempts to attract college graduates by introducing a fast route to employment as store managers, which pay over $200,000 per year.
Top achievers will be offered a newly created management position as an “emerging coach,” which would pay a minimum of $65,000 per year.
Microsoft is an American multinational technology corporation.
Its headquarters are based in Redmond, Washington and the CEO is Satya Nadella.
Microsoft plans to increase merit-based increases and stock-based pay for its employees and middle managers.
Satya Nadella announced the salary revisions on May 16th.
Microsoft would double its global budget for merit-based pay raises and raise its yearly stock-based compensation range for workers at the senior director level and below by 25 percent.