On October 28th, 2019 Fifth Third Bank is raising its minimum wage to $18 per hour for approximately 4,900 employees.
Greg D. Carmichael, Chairman, President and CEO of Fifth Third Bank wrote on a recent LinkedIn post, “It is my great honor to announce that Fifth Third Bank is raising the minimum hourly wage to $18/hour for approx. 4,900 employees, effective Oct. 28. We are proud to invest in the people who, every day, deliver banking that is a Fifth Third better. When we make a positive impact on the lives of many of our employees, they, in turn, positively impact the lives of our customers and communities.”
Attracting and retaining the best employees is one of the biggest challenges HR departments face and offering competitive compensation is always a top-ranking concern. Fifth Third Bank’s increase follows Bank of America's recent announcement of raising its minimum wage.
In the white paper titled, How High-Performing Organizations Compete for Talent, Kronos lays out tactics banks can do to improve their talent acquisition strategy. Spoiler alert, it's more than just having the highest pay rates.
High-performing organizations' recruiting strategies:
- Emphasize the development of strong internal pipelines for talent just as much as external pipelines
- Are more likely to offer comprehensive total reward packages, developmental opportunities, and flexible work arrangements
- Have a robust integration of technology solutions that manage workforce complexity
- Market the employer brand by increasing investments in the talent acquisition process
- Customize processes for talent segments to effectively and frequently reach different types of candidates
Download this white paper today to learn how the right talent acquisition strategies can help your financial institution source thoughtfully and hire effectively.