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Bank of America Corporation, also called Bank of America, is a multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It has a retail banking footprint that serves approximately 46 million consumer and small business relationships. Headquarters
Charlotte, North Carolina
Price-Earnings Ratio
10.69
Jack Kramer & Nick Martell Managing Editors of News & Snacks at Robinhood Financial LLC
Aug 30, 2019
Citibank & Panera Bread: 2 stories show minimum wage is having a moment Read More Free bread's not enough... The CFO of Panera told CNBC that he's suffering through 100% employee turnover every year. With 100K employees, this stat means the carbo-loaded chain needs to hire 100K people every year because about 100K quit every year. Let that sink in. And get this:
The "turnover rate" is even higher in the rest of fast food — up to 150%.
That means more than 1 person quits from the same position each year, and the company just has to keep on rehiring.
Different industry, same problem... To keep employees from leaving, Citigroup just increased its minimum wage to $15/hour, finally catching up with Wells Fargo ($15/hour), but still trailing JP Morgan ($15-18) and Bank of America ($20).
High turnover is driven by our ridiculously low unemployment rate (3.7%) that puts workers in high demand, more able to switch jobs and make more money.
The response is to do nothing or pay more to preempt a cook from bouncing to Chipotle for an extra buck or two an hour.The Takeaway:Companies can save money by paying workers more... To replace a Panera employee, it has to hire (+ paperwork/interviews), train (that takes time), and wait until the worker is actually good (many mis-flipped eggs later). Paying more could prevent those costs by keeping workers around. But wages are still not growing fast on average, forcing some states to push minimum wage increases.
Aug 30, 2019
Citibank & Panera Bread: 2 stories show minimum wage is having a moment Read More Free bread's not enough... The CFO of Panera told CNBC that he's suffering through 100% employee turnover every year. With 100K employees, this stat means the carbo-loaded chain needs to hire 100K people every year because about 100K quit every year. Let that sink in. And get this:
The "turnover rate" is even higher in the rest of fast food — up to 150%.
That means more than 1 person quits from the same position each year, and the company just has to keep on rehiring.
Different industry, same problem... To keep employees from leaving, Citigroup just increased its minimum wage to $15/hour, finally catching up with Wells Fargo ($15/hour), but still trailing JP Morgan ($15-18) and Bank of America ($20).
High turnover is driven by our ridiculously low unemployment rate (3.7%) that puts workers in high demand, more able to switch jobs and make more money.
The response is to do nothing or pay more to preempt a cook from bouncing to Chipotle for an extra buck or two an hour.The Takeaway:Companies can save money by paying workers more... To replace a Panera employee, it has to hire (+ paperwork/interviews), train (that takes time), and wait until the worker is actually good (many mis-flipped eggs later). Paying more could prevent those costs by keeping workers around. But wages are still not growing fast on average, forcing some states to push minimum wage increases.
Apr 10, 2019
Bank of America leads with $20 minimum wage Read More Inspired by Captain America... The North Carolina based bank is jacking up its minimum wage to $17/hour on May 1st, rising to $20/hour by 2021. Boom. Compared to the too-low minimum wage of $7.25/hour nationwide, we're impressed. Bank of America shareholders weren't, because higher pay could affect profits.
The economy needs this... Americans in the bottom 60% of the wage scale haven't enjoyed a real income raise since 1980. Pay promotions have happened, but barely covered the increased cost of living. But record low unemployment of 3.8% is changing things:
Since available workers are so scarce, they've got serious leverage in pay conversations with their bosses.
So Bank of America is paying workers (a lot) more because they could probably go somewhere else.The Takeaway:Treat tellers right... With digital-based banks sprouting up, Bank of America's building 500 more physical branches to remind customers that it's physically there for them. Branches need human tellers. This pay raise ups morale for "tens of thousands" at BoA — And happier tellers charm customers. Q4 2017
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