May 27, 2022: On Wednesday, Apple said it would raise pay for corporate and retail workers. The move comes in a historically tight labor market in the U.S. As employees contend with heightened inflation and cost of living.
Apple’s move comes after Google, Amazon, and Microsoft changed their compensation structures in recent weeks to pay workers more to retain and attract talent.
“Supporting and retaining the best team members globally enables us to deliver the best, most innovative products and services for our customers,” a representative from Apple said. “This year, as part of our annual performance review process, we’re jumping our overall compensation budget.”
Apple will raise the starting wage for its retail employees in the U.S. to $22 an hour, up from $20. Stores regions may have higher starting pay, Apple said.
The increase in retail salaries is an announcement as Apple meets retail union drives requesting higher wages across the country. Employees at a store in Atlanta, Georgia, will vote in June regarding managing with the Communication Workers of America.
Inflation reached 8.3% in April, the fastest rate in more than 40 years, while unemployment remains low at 3.6%. This combination of factors has pushed many workers in high-demand fields like technology to look for better pay or more flexible conditions at other companies.
There are some signs that the hot labor market for technology workers may be slowing in response to market conditions. Facebook, Snap, and Nvidia have said they will slow hiring to control costs in response to market conditions.
Apple stays a giant in a strong cash position, with sales growing 34% in 2021 to over $297 billion with a 43% gross margin.
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