July 2016
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July 2016
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JPMorgan Chase Boosts Wages, Human Capital
Tuesday, July 12, 2016

Income inequality, wage stagnation, and a lack of training in the workplace have as many as two-thirds of Americans believing that the next generation will be worse off than the last. However, some business leaders, like those at JPMorgan Chase, are working to reverse this sentiment at its most basic level: by giving employees raises. The minimum wage at JPMorgan Chase is $10.15 an hour, significantly higher than the federal minimum. Over the next three years, the firm plans to raise the base pay for nearly 20,000 employees from anywhere from $12 to $16.50 an hour, depending on geographic and market influences. While the company says it believes pay increases are the right move for employees, it also says raising wages is good for the company, helping attract and retain talented individuals in an increasingly competitive environment. Some companies view higher wages as an unnecessary expense, but others view this spending as a long-term investment in human capital.

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