CVS Health is the leading health solutions company, delivering care in ways no one else can. CVS Health said it is raising wages for employees and eliminating education requirements for job candidates as it competes for workers. It will boost hourly pay as soon as this month and ultimately hike its minimum wage to $15 an hour as of July 2022. Its current starting wage is $11, but CVS said about two-thirds of employees already make more than $15 an hour.
- Wages increase: Moving to $15 an hour next year will mark a more than 60 percent increase in the CVS Health minimum enterprise hourly wage over a four-year period. The new wage structure incorporates additional increases beyond the enterprise minimum, with higher starting hourly rates for roles such as pharmacy technicians and call center representatives.
- Health needs: “Attracting and retaining top talent across our businesses is critical as we continue to redefine what it means to meet people’s health needs,” said CVS Health President and CEO Karen S. Lynch. “These wage increases will have a meaningful impact on our colleagues and their families while helping the communities we serve prosper. Today’s announcement is the latest in a series of investments in our people, including bonuses and benefit enhancements throughout the pandemic.”
- Commitment: CVS Health has a longstanding commitment to workforce development and creating opportunities in the communities it serves. The company’s Registered Apprenticeship program has placed thousands in retail pharmacy and management career tracks, with a focus on advancement.
- Deliverance: “With millions of visits per day to our nearly 10,000 locations across the country, our retail business plays an important role in how we deliver care,” said CVS Health Chief People Officer Laurie Havanec. “Our track record on wages aligns with the evolving needs and expectations of CVS Health colleagues in customer-facing roles.”
- Financial stability: Last week CVS Health opened its newest Workforce Innovation and Talent Center in Pittsburgh, which provides employment services and training to underserved populations through partnerships with faith-based and community organizations. An additional location opened in Philadelphia this week, which will help bring financially stability to more individuals and families.