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re: Bank of America contributes to increased inflation by increasing min wage to $24 an hour
Posted on 9/13/24 at 5:05 pm to conservativewifeymom
Posted on 9/13/24 at 5:05 pm to conservativewifeymom
quote:
Wage increases cause inflation because the cost of producing goods and services goes up as companies pay their employees more. Companies must charge more for their goods and services to maintain the same level of profitability to make up for the increase in cost.
Is that simple enough for you? I can even translate it in Spanish and French if needed.
Oh Jesus Christ. Wanna know how I know you've never priced anything in the corporate world ?
1
Posted on 9/13/24 at 5:06 pm to lsuguy84
quote:I did.
Cool, find something worthwhile to do with your life and make it happen
I believe everyone who works a full-time job deserves a living wage.
Posted on 9/13/24 at 5:12 pm to BuckI
quote:
I believe everyone who works a full-time job deserves a living wage
There’s no such thing, nor should there be. Not all professions are created equal either.
That’s being said, what is a “living wage” in your mind? Do you think a person stocking shelves at Walmart should earn $80k a year, for instance?
Posted on 9/13/24 at 5:14 pm to conservativewifeymom
So you wanted them to lower their wages?
Posted on 9/13/24 at 5:22 pm to lsuguy84
quote:I agree not all professions are the same and I am not saying everyone should earn the same.
There’s no such thing, nor should there be. Not all professions are created equal either.
quote:I would not say an exact number because the price of living differed in each state. A person stocking shelves should be considered a valued employee because them shelves ain't gonna stock themselves.
That’s being said, what is a “living wage” in your mind? Do you think a person stocking shelves at Walmart should earn $80k a year, for instance?
Posted on 9/19/24 at 2:49 pm to conservativewifeymom
Posted on 9/19/24 at 3:14 pm to RemouladeSawce
quote:
ecent bank restructuring efforts have entailed massive decreases in FTEs as a function of automation and expanded online banking capabilities that reduce the need for bodies
The industry has also seen massive voluntary turnover / non-interest among Gen Z-aged people who go insane from the boredom of the role and not being able to be remote
As such, banks need less FTEs, but they increasingly have to pay them more. Enter wage increases
In this specific scenario, the above quote is actually completely false. The wage increases are applied to a substantially lower employee base. The decline to the latter has actually been outpacing the former (source: my career), so banks are more profitable
As a result there’s no cost increases and no need to pass on such increases to consumers (inflation) as they don’t fricking exist
Yep. Since Jan. BAC has closed about 400 branches. More online transactions so they don't need as many customer facing employees. This wage increase won't move the needle on inflation.
Posted on 9/19/24 at 3:17 pm to bigjoe1
quote:
Yep. Since Jan. BAC has closed about 400 branches. More online transactions so they don't need as many customer facing employees. This wage increase won't move the needle on inflation.
Did everyone think BAC was keeping all its employees AND issuing $25 per hour?
LOL
They are going to pay $25 an hour to a person who mans 4 ITMs thus cutting the payroll cost x 3 and when fully depreciated the ITM sits as an asset.
Posted on 9/19/24 at 3:24 pm to jizzle6609
quote:
Did everyone think BAC was keeping all its employees AND issuing $25 per hour?
One person in this thread seems to think so.
Posted on 9/19/24 at 3:30 pm to conservativewifeymom
quote:
Today, Bank of America announced that it has raised its U.S. minimum hourly wage to $24 per hour, the latest step in the company’s commitment to $25 by 2025. With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000. The increase applies to all full-time and part-time hourly positions in the U.S.
This 'progressive' sorry excuse for a bank is knowingly and deliberately contributing to the inflationary pressures all around us, and overpaying incompetent, under-educated employees whose customer service skills are non-existent, and ability to balance an account equally bad.
If you're banking with BOA, WHY?!?! Vote with your dollars and accounts.
Why is a private company raising their wages a problem? Are you in favor of people making less money?
Posted on 9/19/24 at 3:31 pm to oklahogjr
Does it matter. BAC took it upon themselves to do this. They saw it as good business for them
I love people who bitch about the economy and how expensive things are but then hold it against people who asxa group get a nice increase in their wage...in this case there was not unions or external forces at work.
Plus, if she lives in LA, I doubt she banks with BOA
I love people who bitch about the economy and how expensive things are but then hold it against people who asxa group get a nice increase in their wage...in this case there was not unions or external forces at work.
Plus, if she lives in LA, I doubt she banks with BOA
Posted on 9/19/24 at 3:32 pm to conservativewifeymom
I’m good with a company deciding on its own what to pay its employees.
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