Another Charlotte employer is boosting its minimum wage. Here’s the latest.
Ally Financial is raising its minimum wage from $17 to $20 an hour, becoming the latest Charlotte employer to boost hourly pay.
The pay increase will take effect Sept. 13 and impact more than 2,300 employees across the company, Ally said in a news release Thursday.
As of July, Ally had about 2,100 employees in Charlotte, part of about 10,000 companywide.
The digital-only, Detroit-based bank with auto lending roots has been on a hiring spree in Charlotte, adding hundred of employees in the area. The bank also recently moved into new office space in the 26-story tower Ally Charlotte Center on Tryon Street.
The bank is one of several Charlotte employers to announce wage increases in recent months.
Last month, Connecticut-based credit card company Synchrony Financial raised its minimum hourly wage from $15 to $20 an hour for all employees. The wage hike impacted hundreds of workers in Charlotte.
In May, Charlotte-based Bank of America announced plans to raise its minimum hourly wage to $25, up from $20 the year prior. The bank said the increase would cost hundreds of millions of dollars a year and affect thousands of employees. Wells Fargo made a similar move last year, announcing it would raise its minimum wage to $16 an hour in Charlotte.
And this past in June, Charlotte-based real estate development and operating company New Forum announced that it would raise its minimum wage to $15 an hour, WCNC reported.
The wage hikes aren’t limited to Charlotte. Last week, Pittsburgh-based PNC Bank raised its minimum wage to $18 an hour, upping hourly pay for more than 20,000 workers.
The pay increases have come as Charlotte firms face a number of challenges when it comes to finding workers, including a nationwide worker shortage. In the financial services industry, more firms expanding in the city has lead to increased competition in attracting new employees.
“As we have more and more of an influx of companies, and with certain companies growing at the pace they are — there’s just a finite amount of talent,” Eric Lloyd, global head of private assets at Barings, told the Observer this week. “I think right now, we’re in a pocket where demand for talent is outstripping supply.”
This story was originally published September 9, 2021 at 3:35 PM.
