“Organizations our size are constantly hiring people,” Gorman said. “We’re subject to the same pressures that we’re seeing at the entry level, whether it’s hotels or restaurants or call centers. There are a lot more jobs than people, and as a consequence there’s upward pressure on what I call entry-level jobs.”
Key’s minimum hourly wage is $15. In early 2020, the bank increased the minimum base wage rate for some jobs, including in its technology and operations centers, contact centers and retail branch network, to $16 to 18 an hour. Key said of last April, over 75% of its hourly workers were earning $18 an hour or more, and and over 95% were earning $16 or more.
Business challenges. “Our customers are feeling the worker shortage, and they’re also feeling the impacts of inflation and supply chain issues,” Gorman said.
There’s no easy end in sight to the supply chain challenges, he said.
“It’s real,” Gorman said. “I describe it like a…