Large North Carolina Employer Increasing Minimum Wage To $23

Great news for those job seekers in North Carolina. Today, Bank of America announced it has once again increased its U.S. minimum hourly wage. This time to $23 an hour. This is part of an intended path to have the company's minimum hourly wage at $25 by 2025. The company will move to $23 rate in October. By the time the goal is reached in 2025, Bank of America's minimum hourly wage will have increased by nearly $14 per hour. That's more than 121% since 2010. Now that folk, is how you run a company. This $23 minimum wage rate equates to a minimum annual salary of just under $48,000.

“Providing a competitive minimum rate of pay is foundational to being a great place to work,” said Sheri Bronstein, chief human resources officer at Bank of America in a press release. “By investing in a variety of benefits to attract and develop talented teammates, we are investing in the long-term success of our employees, customers, and communities. Our commitment to $25 by 2025 is how we share success with you and lead the way for other companies.”

In the last six years, Bank of America raised the minimum hourly wage yearly. The company began with an increase to $15 in 2017; to $17 in 2019; to $20 in 2020; to $21 in 2021 – and to $22 in May 2022. And now a minimum wage of $23 beginning in October of 2023. While many other companies are letting workers essentially make less as a result of inflation, Bank of America is showing a commitment that I admire greatly. The company serves approximately 68 million consumer and small business clients in the United States. For any consumer, knowing that they are choosing to do business with a company that values its employees no matter what their job is reassuring. This is exactly the type of company I would feel good about doing business with.

I hope to see more North Carolina companies follow Bank of America's lead and show their commitment to their workers.

Are you seeking employment in the Carolinas? You might want to check out these top companies if you live in North Carolina.

The pandemic has changed the face of corporate America for good over the past two years. Employees are facing unprecedented demands from their employers, and employers are having difficulty finding hardworking employees. Forbes partnered with Statista to compile their third annual list of America’s Best Employers By State and we have the scoop on NC.

The findings are based on a survey conducted from October 2020 to June 2021, of 80,000 Americans working for businesses with at least 500 employees. Here are 25 of the best employers to work for in North Carolina according to the survey. You can check out the full list here.

Employees: 8,765
Headquarters: Chapel Hill, North Carolina
CEO: Kevin M. Guskiewicz
Industry: Education

Employees: 42,060
Headquarters: Northbrook, Illinois
CEO: Tom Wilson
Industry: Insurance

Employees: 600,000
Headquarters: Memphis, Tennessee
CEO: Frederick W. Smith
Industry: Transportation and Logistics

Employees: 400,000
Headquarters: Atlanta, Georgia
CEO: Craig Menear
Industry: Retail and Wholesale

Employees: 135,000
Headquarters: Redwood Shores, California
CEO: Safra Ada Catz
Industry: IT, Internet, Software & Services

Headquarters: Charlotte, North Carolina
CEO: Kandi Deitemeyer
Industry: Education

Employees: 95,000
Headquarters: Austin, Texas
CEO: John Mackey
Industry: Retail and Wholesale

Employees: 4,800
Headquarters: Durham, North Carolina
CEO: Tunde Sotunde
Industry: Insurance

Employees: 55,000
Headquarters: Charlotte, North Carolina
CEO: Eugene A. Woods
Industry: Healthcare & Social

Employees: 56,000
Headquarters: Boston, Massachusetts
CEO: H. Lawrence Culp, Jr.
Industry: Engineering, Manufacturing

Employees: 27,535
Headquarters: Charlotte, North Carolina
CEO: Lynn J. Good

Employees: 96,194
Headquarters: Greensboro, North Carolina
SEO: Martin Lundstedt
Industry: Automotive (Automotive and Suppliers)

Employees: 29,000
Headquarters: Winston-Salem, North Carolina
CEO: Carl S. Armato
Industry: Healthcare & Social

Employees: 19,000
Headquarters: Altoona, Pennsylvania
CEO: Joe Sheetz
Industry: Retail and Wholesale

Employees: 75,000
Headquarters: Waltham, Massachusetts
CEO: Marc N. Casper
Industry: Drugs & Biotechnology

Employees: 25,800
Headquarters: San Jose, California
CEO: Chuck Robbins
Industry: IT, Internet, Software & Services

Employees: 19,000
Headquarters: Durham, North Carolina
CEO: A. Eugene Washington
Industry: Healthcare & Social

Employees: 345,000
Headquarters: Armonk, New York
CEO: Arvind Krishna
Industry: IT, Internet, Software & Services

Employees: 9,994
Headquarters: Raleigh, North Carolina
CEO: Donald Gintzig
Industry: Healthcare & Social

Employees: 88,300
Headquarters: New York, New York
CEO: Albert Bourla
Industry: Drugs & Biotechnology

Employees: 27,000
Headquarters: Kenilworth, New Jersey
CEO: Kenneth C. Frazier
Industry: Drugs & Biotechnology

Employees: 9,600
Headquarters: Raleigh, North Carolina
CEO: Randy Woodson
Industry: Education

Employees: 6,908
Headquarters: Cary, North Carolina
CEO: Jim Goodnight
Industry: IT, Internet, Software & Services

Employees: 42,479
Headquarters: Durham, North Carolina
CEO: Vincent E. Price
Industry: Education

Employees: 96,000
Headquarters: Redmond, Washington
CEO: Satya Nadella
Industry: IT, Internet, Software & Services