Saks Off 5th increases minimum wage
As retailers continue to deal with a national labor shortage, off-price luxury destination Saks Off 5th has announced that it has increased the minimum wage for all its hourly associates in North America to $15 per hour.
In addition to this increase in base pay, the HBC-owned brick-and-mortar chain, which has been operated as an entity called O5 since its online operations were spun off as a separate company in June of this year, revealed that it will be offering hourly store associates an appreciation bonus of $500.
“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, O5 president, in a release. "As we work toward creating the ultimate luxury off-price retailer, we are focused on investing in, and attracting the talent we need to drive our business forward.”
As the holidays approach, Saks Off 5th also said that it is in the process of hiring some 500 seasonal associates in both the U.S. and Canada. According to the retailer, these positions have the opportunity to transition to full-time roles in 2022.
The chain’s announcement is the latest sign that the retail sector is doubling down on efforts to attract and keep employees in the run-up to the all-important holiday season, following on the heels of similar initiatives from the likes of Macy’s and Kohl’s over the last few weeks.
The end of the year is shaping up to be a difficult season for many retailers, as the ongoing national labor shortage combines with increased consumer demand and global supply chain issues to make for a singularly challenging set of circumstances in which to meet customer expectations.
Saks Off 5th’s brick-and-mortar network currently includes more than 100 store locations in the U.S. and Canada.
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