- Many companies are offering higher wages and other incentives to keep their staff and attract new employees.
- Select roles through Verizon will now have a minimum hourly wage of $20.
Verizon is boosting pay rates for many of its employees.
The Great Resignation has workers waving goodbye to a toxic culture, low pay, and unattractive employee benefits. Instead, people are seeking more rewarding jobs. That's causing some businesses to struggle with keeping employees or attracting new ones.
Their pay structure and benefits offerings may have something to do with that. A recent FlexJobs survey found that low salary is one of the top reasons employees quit their jobs. As inflation causes everyday living prices to spike, it's not surprising that employees are becoming pickier and looking for more fulfilling and better-paying roles.
As more workers push for higher pay and better benefits, some companies are increasing wages. Verizon recently announced that it would be raising its minimum wage to $20 for many workers. This will apply to both current staff members and new hires. Here's a look at the details.
Many current and new employees will now make $20 hourly
While not all Verizon staff members will see an increase in wages, many will. Customer service, retail, and inside sales positions will now have a minimum hourly pay rate of $20.
Existing employees in these roles who receive below $20 an hour will be automatically raised to the new rate. The pay boost will likely help many people reach their financial goals.
Verizon will offer additional incentives
The company will also offer sign-on bonuses for retail specialist and assistant manager positions in select markets. And it's is adding premium pay differentials for assistant managers who work on holidays or Sundays and for bilingual assistant managers.
The telecommunications brand hopes these improvements will help retain and attract great workers.
How to make a raise work for your personal finance goals
If you're due for a raise or are beginning a new job with better pay, you want to make sure you take advantage of your increase in income. If you're strategic, you can maximize the extra earnings you're bringing in.
- Don't be tempted to make big lifestyle changes. Depending on how much of a boost you're looking at, you may feel tempted to make lifestyle changes to improve your life. You deserve to treat yourself and have nice things, but make sure you don't alter your lifestyle so much that you're spending all of your money.
- Prioritize debt payoff. If you have high-interest debt, now is the time to tackle it. If you continue to let debt sit, it will accumulate more interest. If you're bringing in more money, it's a good idea to make additional payments so you can pay off your debt faster.
- Set aside some of your income for savings. If you can, save at least a portion of your earnings. This way, you have extra money set aside for future expenses and emergencies. If you struggle with saving, set up automatic transfers through your bank.
Don't give up if you're not yet making the kind of money you want to make. More employers are making positive changes to improve pay, benefits, and the work environment for their workers. While it may take time to secure a new role, there are well-paying job opportunities.
If you're looking for advice on how to improve your financial situation, check out these personal finance sources.
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