Saks Off 5th Raises Minimum Wage
Saks Off 5th has raised the minimum wage for all of its hourly store associates to $15 per hour, in another sign that retailers are investing more to attract and retain employees.
The company is also seeking to hire approximately 500 seasonal associates in the U.S. and Canada, including many positions that have the opportunity to transition to full time roles in 2022.
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Saks Off 5th’s efforts at bolstering its workforce reflect similar initiatives at other big retailers such as Kohl’s, Walmart, Macy’s and Belk in recent weeks to hire thousands of additional workers for their stores, distribution centers, call centers and other facilities to help them manage through the holiday season. It’s expected to be a particularly challenging season in terms of meeting customer expectations due to the nation’s labor shortage, global supply chain bottlenecks and consumers’ increased demand for goods. This year, retailers have also been providing greater incentives and perks to retain workers.
In its announcement Thursday morning, Saks Off 5th said the wage hike reflects efforts to “support and invest” in its people with wage increases. The company is also awarding hourly store associates an “appreciation bonus” of $500, and competitive benefit offerings.
According to a Saks Off 5th spokeswoman, the previous minimum wage varied across our stores based on local requirements.
“The past 18 months have been like nothing we have seen before in retail and this increase in base pay is a testament to our associates’ collective commitment and dedication to our business,” said Rob Brooks, president of Off 5th, in a statement Thursday. “As we work toward creating the ultimate luxury off-price retailer, we are focused on investing in, and attracting the talent we need to drive our business forward.
Officials at Saks Off 5th said the company offers eligible full- and part-time associates flexible schedules, competitive compensation, a comprehensive benefits package, associate discounts and paid time off, including holidays. Those interested in applying can visit the Saks Off 5th website.
Saks Off 5th operates more than 100 locations in the U.S. and Canada and sells discounted designer and upscale goods. In June, the Saks Off 5th retail fleet and the Saks Off 5th e-commerce business were split into two separate companies by the parent company, the Hudson’s Bay Co.
Insight Partners invested $200 million into Saks Off 5th e-commerce business, valuing it at roughly $1 billion. The Saks Off 5th brick-and-mortar store operation, known as O5, remains wholly owned by HBC. Earlier this year, HBC also established separate companies for the Saks Fifth Avenue regular priced stores and e-commerce operations.
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