Compensation is a critical component of the employee experience. How much money a person makes can affect how happy they are in their job, their willingness to commit to staying with an employer long term and their ability to manage personal responsibilities like covering rent or child care costs. The following are examples of companies that pay well, committing to internal initiatives aimed at bringing fair wages to all employees.
Companies That Pay Well
Companies That Pay Well
USAA is a group of financial services companies that exclusively serves U.S. military members, veterans and their families. It offers a range of financial products and services, including banking, investments and insurance at competitive rates. Internally, the company pays all employees a minimum of $21 per hour, which can work out to roughly $54,000 annually when bonuses, 401(k) matching and incentives are factored in.
Wireless telecom company Verizon runs an award-winning wireless network for voice, data and video communications. As an investment in talent, it set a company wage floor at $20 per hour for all team members, in addition to its existing tuition assistance, family planning and wellness benefits package.
Chobani makes dairy and plant-based products, such as yogurt, coffee creamer and oat milk. It holds more than 20 percent of the yogurt market in the United States. The company prides itself on creating a people-first company culture. Chobani pays every team member at least $20 per hour. Recognizing the tremendous cost of care for dependents, it also works with a child care provider partner to offer subsidized child care options and provides stipends for child and elder care.
Truist is a financial services company that serves the southern, Mid-Atlantic and midwestern United States. It offers a full portfolio of traditional banking services, from personal and business checking and savings accounts to ATMs. Across roles, Truist compensates employees above the market rate, setting an internal minimum wage of $22 an hour across the country.
Buffer’s social media management software allows users and creators to schedule content posts, coordinate content across platforms and view analytics. The company’s compensation strategy values salary transparency and uses a “formula-based approach” to determine company-wide compensation, which is publicly available on the Buffer website.