Macy’s, Inc. Announces Major Investments in People by Launching Debt-Free Education Program, Raising Minimum Wage, and Expanding Other Benefits
NEW YORK–(COMMERCIAL THREAD) – Macy’s, Inc. (NYSE: M) today announced a significant new investment in colleagues that will expand the breadth and reach of its employee benefits programs, including the launch of an employee benefit program. peak benefits and increasing its company-wide minimum rate to $ 15 an hour.
The company will also invest to increase compensation and benefits for colleagues at Macy’s, Inc. This investment is part of Macy’s continued commitment to attract and retain the talent essential to its continued growth as a digitally-driven omnichannel retailer. and executing its Polaris growth strategy. .
Beginning in February 2022, Macy’s will provide a debt free education benefit program to his colleagues, investing approximately $ 35 million over the next four years. The program will be available to all US-based colleagues, regular, salaried and hourly. It will be cover 100% of tuition, books and fees for a wide range of options, including courses for high school completion, college preparation, English language learning, associate and bachelor’s degrees, bootcamps and professional certificates within Macy’s debt-free network. Macy’s partnered with a leading education and development platform, Guild Education, to create the program and help Macy’s colleagues gain the skills, knowledge and experience they needed to achieve their professional goals without financial barriers.
“As we continue our transformation to become a digitally-driven omnichannel retailer, a critical part of our growth includes investing in our talent and improving all aspects of their Macy’s, Inc. experience with a focus on advancement opportunities, culture and engagement. As a company, we are driven by our mission to enable the success of our colleagues and to be the employer of choice wherever we do business, with competitive compensation and benefits rooted in the principles of fairness ”, said Danielle Kirgan, director of transformation and human resources at Macy’s, Inc. “This program removes a major barrier to access to education and will help our colleagues to further develop their skills and develop their careers and earning potential.
As part of today’s announcement, Macy’s colleagues will benefit from:
- Increase of the minimum rate to $ 15 / hour. The Company will increase the minimum rate at all Macy’s, Inc. stores. locations for new and current colleagues. The company has already phased in the minimum rate of $ 15 / hour in several markets and will meet this nationwide target by May 2022. Additionally, last summer the company completed wage increases to a minimum. rate of $ 15 / hour for all colleagues in the distribution center. Once all of these investments are made, the average base salary will be over $ 17 / hour and the average total salary will be $ 20 / hour.
- Add flexibility to leave. Macy’s co-workers and schedules will receive additional flexible paid time off to support their well-being and provide more flexibility to take a day off on a holiday that is most important to them.
“At Macy’s, Inc., our commitment to culture and employee engagement has never been stronger, and we are energized by a 90% engagement rate in our company-wide survey of of our more than 100,000 colleagues, ”said Kirgan. “By investing in the education and financial well-being of our colleagues, we are determined to enable them to give the best of themselves at work every day and enable them to pursue their own aspirations within and outside of the workplace. Macy’s, Inc. ”
“We are proud that our workforce reflects the diverse communities we serve and continue to focus on integrating D&I into the way we think, act and operate. Earlier this year, we released our Human Capital Report detailing our work and providing transparency to our shareholders, who are paying more and more attention to corporate culture. With these new investments today, we are delighted to continue to build on the solid foundation that Macy’s, Inc. has built over the years, ”added Kirgan.
Macy’s is committed to the principle of equal pay and achieved over 99% pay equity between the sexes and, in the United States, between races in 2021. In addition, the company continued to ” invest for the benefit of colleagues in recent years, particularly in terms of compensation. adjustments and recognition programs. In 2020, Macy’s implemented additional incentives to thank colleagues for their work and life-saving efforts under extremely difficult circumstances through Path to Growth Incentives, Thank You Bonuses, and Hero Pay. Macy’s also offers one-time bonuses all year round for colleagues who go above and beyond.
To learn more about the new Debt Free Education Program, please visit macys.guildeducation.com.
About Macy’s, Inc.
Macy’s, Inc. (NYSE: M) is one of the nation’s leading omnichannel retailers. Based in New York City, the company comprises three retail brands: Macy’s, Bloomingdale’s and Bluemercury. With a strong e-commerce business, rich mobile experience, and nationwide in-store presence, our customers can shop as they live, anytime, and through any channel. For more information, visit macysinc.com.