Macy’s is the latest retailer to sweeten its benefits and wages in a bid to attract talent in a tight labor market.
The department store chain said Monday it will raise its minimum wage, for new and current workers, to $15 per hour by next May. Once the higher pay is in effect, Macy’s average base pay will be above $17 per hour, and average total pay will be $20 an hour, the company said.
Macy’s is also adding an education benefit that will cover 100% of tuition, books and fees. Macy’s is partnering with Guild Education on the program, which will include bachelor’s degrees, boot camps, English language learning and professional certificates, among other options. Macy’s said it expects this program to cost it $35 million over the next four years.