PNC Bank has joined the list of American banks and financial services firms that have been hiking the minimum wages in an attempt to attract and retain staff. The Bank is offering a minimum wage of $18 per hour, while the employees drawing high salaries are going to get an increment.
The Bank had acquired Alabama-based BBVA USA, a subsidiary of the Spanish bank, Banco Bilbao Vizcaya Argentaria (BBVA), in 2020. Therefore, this increment will apply to the staff of BBVA USA also, who were, till now, drawing US$11 per hour as base pay. The move will benefit about 20,000 employees of PNC and BBVA immediately and will make PNC amongst the most competitive employers in the US.
Post completion of acquisition process of BBVA, later this year, PNC will have about 60,000 employees across the US.
This hike in base pay is a way to attract and retain employees at a time when banks across the US are struggling to hold on to quality talent, amidst growing work pressure. The Bank realises that its employees are its greatest assets and their well-being should be its priority. Therefore, the Bank feels it is essential for it to focus on its total rewards package including competitive compensation and benefits, that show how committed it is to the staff’s well-being. This move is a concrete investment that the Bank has made in its employees, and therefore, its future.