Saks Off Fifth has become the latest retailer to raise its workers’ minimum wage to $15 per hour. The company is also offering a $500 appreciation bonus to its hourly store employees in an effort to retain talent and attract new employees to join the company during the holiday season.
The company currently has 500 openings for store associates in the North American market and it anticipates many of the positions to become full-time roles next year.
“The past 18 months have been like nothing we have seen before in retail and this increase in base pay is a testament to our associates’ collective commitment and dedication to our business,” said Rob Brooks, president of 05, which operates Saks Off 5th stores. “We are focused on investing in, and attracting the talent, we need to drive our business forward.”
The discounted luxury brand is far from being the only player raising the minimum wage for its employees. Other retail players ranging from Kohl’s to Target have also raised the hourly pay for their associates. Meanwhile, others such as Amazon and Walmart are offering a slew of benefits in addition to an improved hourly rate, including tuition reimbursements and other educational benefits.
Retailers’ efforts come at a time when many are struggling to recruit workers amidst a tightening labor market. Recent data from the Bureau of Labor Statistics shows that some 721,000 retail workers quit their jobs in August even though many unemployment benefits have expired and schools have reopened.
Saks Off Fifth currently operates more than 100 locations in the U.S and Canada.