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CVS Cuts Education Requirement, Raises Pay As Competition For Retail Workers Heats Up

CVS Cuts Education Requirement, Raises Pay As Competition For Retail Workers Heats Up

CVS Cuts Education Requirement, Raises Pay As Competition For Retail Workers Heats Up

CVS Health is upping the ante in its bid to attract retail workers by increasing wages and reducing educational requirements.

Under the company’s new wage structure, employees will receive a boost to their hourly wage rates, including those in roles such as pharmacy technicians and call center representatives. The company also plans to increase its minimum wage to $15 per hour by July 2022. About 65 percent of the company’s employees already make more than $15 an hour.

“Attracting and retaining top talent across our businesses is critical as we continue to redefine what it means to meet people’s health needs,” said CVS Health Chief Executive Karen Lynch.

The increase in hourly wage is part of the company’s effort to turn the company’s brick and mortar locations into healthcare hubs, where consumers can seek access to a variety of services, ranging from diagnostics to urgent care appointments, Lynch added.

Additionally, the company is getting rid of its educational requirements that have kept potential workers from seeking employment at the company’s stores, according to CNBC. This includes dropping the previously mandated high school diploma or GED requirement for entry-level jobs, as well GPA requirement for university graduates.

The company is also seeking to attract more candidates through its two new workforce innovation and talent center in Pennsylvania. The company is using the centers to engage faith-based communities and community organizations for finding and hiring new talent.

CVS Health is far from the only business that is struggling to hire. Businesses in the restaurant and retail industry are scrambling to fill job openings and are employing various recruiting and retention tactics such as offering child-care support, offering joining bonuses and wage hikes.

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