COMP NEWS – Financial planning and investment management firm Blackrock has announced plans to bump up compensation for all of its active employees by 8%.

“To recognize your contributions and ensure you’re sharing in our strong growth, we are increasing total compensation by raising base salaries by 8% for all active employees up to and including the Director level,” CEO Larry Fink and BlackRock COO Rob Kapito wrote the staff on Wednesday. “The increase takes effect September 1, 2021 for those actively employed as of today.

 

Employees are eligible for an additional salary increase effective in early 2022.

 

“By investing in you, we are investing in the future of the firm,” Fink and Kapito wrote. “It’s your contributions that are making BlackRock an essential partner for our clients, a leader in our industry and a great place to work. This reflects our approach to stakeholder capitalism – when we deliver for all of our stakeholders, it benefits all of them, including our shareholders.”

Blackrock has ramped up its efforts to hire new employees, but like many other organizations, it has struggled to fill its positions quickly.

In BlackRock’s second-quarter conference call, CFO Gary Hedlin said, “We’re hiring a little slower than we anticipated and are making sure we get the employee support to support our growth plans.”

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