Apple Makes Major Moves to Combat Labor Shortage Some stores have not yet been informed of the changes, which will be implemented this month.
By Amanda Breen •
Companies across the U.S. have had to come up with creative ways to navigate the tight labor market in recent months. From Home Depot's accelerated job-application process to United Airlines' pay bumps for pilots and flight attendants, incentivizing employment has become commonplace.
Tech companies have also been in the game from the start, with Google and Apple offering cash bonuses and extending work-from-home policies — and now, the iPhone maker is ramping up the perks yet again, Bloomberg reports.
Apple is increasing the pay of many of its U.S. retail employees as the labor shortage drags on, inflation persists, and some staff members have expressed dissatisfaction with working conditions during the pandemic. Per Bloomberg's sources with insider knowledge, the company announced the pay bumps this week during store briefings and one-on-one meetings with employees. At least some of the pay bumps are specific to those employees who joined the company before the pandemic began in 2020 — a bid to "better align veteran staff with more recent hires."
Related: CEO of Major Bank Receives $3 Million Salary Bump
Although the 2% to 10% increases will go to salespeople, Genius Bar technical support staff and select senior hourly workers, not all employees will receive a raise. Some stores have not yet been informed of the new policy, which will be implemented this month. Typically, Apple's standard annual raises go into effect in October to line up with the fiscal year's end.
Of course, this isn't Apple's first attempt to keep its employees happy in the face of pandemic-related challenges. In December, the company delayed its return-to-office date indefinitely and doled out $1000 cash bonuses to employees. Additionally, just last week, Bloomberg reported that the company will give part-time employees paid vacation time for the first time in April, along with more sick days and new child- and elder-care benefits.
Corporate employees have reaped even greater rewards, receiving as much as $180,000 in stock-based bonuses last year as the company tried to keep critical engineers from leaving for Meta and other major Silicon Valley players.
Related: Meta Plans Physical Stores to Showcase Its Virtual- and Augmented-Reality Devices
Apple stock was down 0.36% as of 10:10 a.m EST.
