Amazon has revealed that it will raise its maximum base salary for corporate workers as the competition for talent ramps up.
An internal memo to employees revealed that the cap base pay for white-collar employees will be $350,000, marking a huge leap from the previous cap of $160,000.
The base pay does not include the entirety of employees’ compensation, such as restricted stock units that have historically impacted the company’s compensation, or sign-on bonuses.
“This past year has seen a particularly competitive labor market, and in doing a thorough analysis of various options, weighing the economics of our business and the need to remain competitive for attracting and retaining top talent, we decided to make meaningfully bigger increases to our compensation levels than we do in a typical year,” the memo read.
Amazon has become synonymous with poor work experience for many employees. Workers have stated that their base pay has been well below-market, and now the company is attempting to make amends in order to retain workers amidst this tight labor market.
According to Levels.fy, Amazon did not rank in the top seven employers for engineering pay last year.
Companies have ramped up their offerings in recent months due to the ongoing labor shortage. While some are taking the Amazon approach and bumping their pay, others have incorporated other perks such as remote work arrangements, wellness programs, and more.