Apple says it will raise corporate and retail employees’ salaries in a tight labor market

apple On Wednesday, it said it would raise wages for corporate and retail workers later this year. This step comes during Historically tight job market In the United States and as employees struggle Inflation increase and cost of living.

Apple’s move comes next The GoogleAnd Amazon And Microsoft Changes have been made to wage structures in recent weeks to increase workers’ salaries in an effort to retain and attract talent.

“Supporting and retaining the best team members in the world allows us to provide the best and most innovative products and services to our customers,” an Apple representative said in a statement. “This year as part of our annual performance review process, we are increasing our overall compensation budget.”

Apple will also raise the starting pay for US retail employees to $22 an hour, up from $20. Apple said stores in certain regions may have higher starting salaries.

The increase in retail pay has been announced as Apple faces the retail association’s nationwide push to demand higher wages. Employees will shop in Atlanta, Georgia Voting in June Whether to organize with telecom workers in 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 prompted many workers, particularly in high-demand fields such as technology, to seek better wages or more flexible terms at other firms.

There is some indication that the hot labor market for tech workers may be slowing in response to market conditions. Facebook, Snap, and Nvidia recently said they would slow hiring to control costs in response to market conditions.

The Apple giant remains in a strong cash position, with sales growing 34% in 2021 to more than $297 billion by a 43% gross margin.