The last Cost of Living Raise in stores happened in 2021 (part 1) and in 2022 (part 2).
The last Realignment happened in mid-2024.
The company seems to realign and give cost of living raises every few years since 2015.
Any chatter about the next ones?
I don't think corporate employees have ever had a COLA adjustment.
@ex Turnover is high and morale is low. And ultimately it costs more in the long term to hire and train new people, who may or may not stay, instead of simply taking care of existing people. Clearly CVS doesn't understand the importance of keeping talent as opposed to letting it walk out the door over a few extra dollars an hour.
The company adjusts wages when the labor market demands it. Typically when unemployment is low, turnover is high, and retailers are offering more competitive wages. Not out of goodwill.
In 2021/2022, unemployment was below 4% and the labor market was exceptionally tight. The same was true in 2017/2018.
Today, unemployment is higher and trending upward. Hiring is easier than it was a few years ago, so I wouldn’t hold my breath unless or until CVS starts struggling to hire and retain employees again.