COMP NEWS – CVS Health joins a long list of retailers who have announced an increase in base wages in order to attract new workers. On Wednesday, the pharmaceutical retailer announced that it was raising its minimum wage from $11 an hour to $15 an hour by July 2022.
The drugstore chain said it will boost hourly pay as soon as this month and ultimately hike its minimum wage to $15 an hour as of July 2022. Its current starting wage is $11, but CVS said about two-thirds of employees already make more than $15 an hour.
As part of that new wage structure, the company said some roles — such as pharmacy technicians and call-center representatives — will get an increase, too, even though they already have higher starting rates.
“Attracting and retaining top talent across our businesses is critical as we continue to redefine what it means to meet people’s health needs,” [CEO Karen Lynch] said in a news release.
Additionally, the retailer has also revised its education requirements. Entry-level roles will no longer require a high school diploma or GED.
CVS said it recently dropped education restrictions that kept some people from getting a job at its stores. It eliminated the requirement for a high school diploma or GED requirement for most entry-level roles, and this year it plans to end its GPA requirement when recruiting at universities.
Read the full story here.
For more comp news, see our recent posts.