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McDonald’s Gains as It Hikes Wages to Attract Labor

Stock MarketsMay 13, 2021 11:14AM ET
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© Reuters

By Dhirendra Tripathi

Investing.com – McDonald’s (NYSE:MCD) shares were up 1% Thursday after the company raised its hourly wages to strengthen its workforce in a tight labor market.

The fast-food restaurant operator is raising wages for company-owned restaurants in the U.S. by an average of 10%, aiming to hire 10,000 people over three months at those outlets.

Unemployment remains high even as companies struggle to find help.

The company’s management had indicated a wage hike at its earnings conference call on April 29.

“And so, we're working through what some changes in our company-owned restaurants might look like from a wages and compensation perspective. We think the external environment is right to do this. We think the internal environment is also right to do this. And we think it's actually a great business decision for us,” Joseph M. Erlinger, President, McDonald's USA, said in the call.

Erlinger was responding to a question on what the company was doing to overcome staffing issues.

On Monday, Philadelphia area McDonald's said it would host a Drive-Up Hiring Day, offering candidates a new way to apply. Most restaurants were aiming to hire about 10 new team members per location before summer, about 2,500 available job opportunities across the region.

 

 

 

McDonald’s Gains as It Hikes Wages to Attract Labor
 

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Comments (3)
Fred Diebold
Fred Diebold May 13, 2021 1:21PM ET
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This article is LOL..........Mcd is on the fore front in automation due to the wage hike. MCH will soon have 1 person doing the work of three due to automation.
milena villa escobar
milena villa escobar May 13, 2021 12:02PM ET
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Notice how conveniently Reuters tells you that McDonald's is raising their average wage by 10% but doesn't tell you what the average wage is.  Good old Reuters ..you can always count on them for professional journalism..  as in bought and paid for a professional journalism
Connecticut Yankee
A_Jaundiced_Eye May 13, 2021 11:27AM ET
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"...it would host a Drive-Up Hiring Day..." I'm sorry, but if an applicant is Too *****Lazy to get out of the car to apply for a job, maybe it's just me, but I personally would not be that interested in hiring them !!
 
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