Wage Inflation Fueled By Tightening Labor Markets and 340 Companies Who Are Paying More

by King White, on Feb 21, 2018 11:25:24 AM

Site Selection Group has been forecasting significant increases in wages for the last couple of years. It appears that our prediction may be finally becoming reality. After almost a decade of relatively flat wage inflation, you need to be prepared to deal with new labor market dynamics through the right site selection and recruitment strategies.

All types of operations are going to be impacted, including call centers, headquarters, manufacturing plants, distribution centers and software development operations. To help develop a plan for your company, Site Selection Group has identified some key market statistics and identified employers increasing their wages so you can get ahead of the pack.

Labor markets are reaching full employment

The strong job market is putting upward pressure on wages as proven by the labor cost data released in the fourth quarter of 2017. As the labor markets have tightened, there are clear signs of a pickup in wage growth which is desired by Federal Reserve officials who have long expressed concern about flat inflation. It is only common sense that wages will grow due to the strong labor market which is forecast to hit full employment this year. Economists expect the unemployment rate to hit 3.5% by the end of 2018. Full employment means big challenges for employers across the U.S. who are trying to retain workers and attract new workers at existing and new facilities.

The Trump tax plan is adding fuel to the labor market inferno

The $1.5 trillion Trump tax cut package passed in December is expected to further fuel wage inflation. There is clear evidence of this already happening as companies are either paying out one-time bonuses or raising wages for employees. Whether it is political or simply the companies trying to retain their workers, the additional compensation is going to make it challenging on employers already operating in a market as well as those in the site selection process who are trying to figure out where to locate their next call center, headquarters, manufacturing plant, distribution center or software development operation.

What are these companies doing to increase compensation?

It is critical to understand how companies are changing the compensation plans so that you can stay ahead of your labor market competition. One of the most popular things happening right now is companies providing one-time cash bonuses as they claim they are sharing the windfall they expect from paying less in taxes. However, companies are also increasing the hourly pay, which will make the biggest impact on labor market conditions as these increases will have a long-term effect. For example, Walmart recently announced that it plans to boost the starting pay for hourly workers to $11 and pay up to $1,000 in a one-time cash bonus to eligible associates based on seniority. Wells Fargo said it would raise the company's minimum wage to $15 an hour from $13.50, and JPMorgan Chase & Co. increased its minimum wage from $10.15 to $16.50.

340 companies who have increased employee compensation

Americans for Tax Reform recently compiled a list of companies that have announced plans for bonuses and pay increases after the corporate tax rate was cut to 21% from 35%. The following is a list of 340 companies that are giving out these wage increases across the United States.    

    1. 1A Auto, Inc. (Westford, Massachusetts) – bonuses for all full-time employees.
    2. 1st Source Corporation (South Bend, Indiana) – 10 shares of stock; base pay increases.
    3. 1stSummit Bank (Johnstown, Pennsylvania) – $1,000 bonuses to full-time employees; salary raises; increased charitable donations.
    4. AaLadin Industries, Inc. (Elk Point, South Dakota) – Bonuses of $250-$1,000 based on length of service; base wage raised; increased capital expenditures.
    5. AAON (Tulsa, Oklahoma) – this heating and the cooling firm gave $1,000 bonus checks to 2,000 employees.
    6. AbbVie, Inc. (North Chicago, Illinois) – permanent salary increases for all non-executive employees; increased profit sharing for employees; one additional holiday for U.S. employees.
    7. AccuWeather (State College, Pennsylvania) – year-end bonuses to all employees. (Approx. 450 –- 500 employees).
    8. Adams Community Bank (Adams, Massachusetts) – $1,000 bonuses for full-time employees; $500 bonuses for part-time employees; base wage raised to $13.25 per hour; other wage increases; increased charitable contributions, increased capital expenditures.
    9. Advance Financial (Nashville, Tennessee) – increase in 401(k) match; increase in profit sharing; increase in charitable donations.
    10. Advanced Sciences and Technologies, LLC (Berlin, New Jersey) – increased 401(k) match for employees.
    11. Aflac (Columbus, Georgia) – increase 401(k) match from 50% to 100% on the first 4% of compensation plus a one-time $500 contribution to every employee’s 401(k); $250 million increase in the overall U.S. investment.­
    12. Alaska Air Group (Seattle, Washington) – $1,000 bonuses for 23,000 employees.
    13. Albert Lea Public Warehouse (Albert Lea, Minnesota) – $2,000 bonuses for all 12 employees.
  • Ally Financial Inc. (Charlotte, North Carolina) – $1,000 bonuses.
  • Altria Group Inc. (Richmond, Virginia) – $3,000 bonus to approximately 7,900 non-executive level employees, a total of $24 million in bonuses; increased charitable contributions.
  • Amarillo National Bank (Amarillo, Texas) – $1,000 salary increases for over 300 employees.
  • Ameren Illinois (Chicago, Illinois) – The utility requested that tax savings be passed onto customers.
  • Americollect (Manitowoc, Wisconsin) $300-$500 bonuses for 250 employees.
  • American Airlines (Fort Worth, Texas) – $1,000 bonuses for every employee (excluding officers). The bonuses will total $130 million. AA had 127,600 employees as of September 2017.
  • American Bank (Allentown, Pennsylvania) – $1,000 bonuses for 60 employees.
  • American Community Bank & Trust (Woodstock, Illinois) – $500 bonus to each employee; additional employees will be hired.
  • American Express (New York, New York) – $200 million in additional investments for customer-facing growth initiatives; increased contributions to employee profit-sharing plans; $200 million higher investment.
  • American Family Insurance (Madison, Wisconsin) – 11,000 workers will receive a $1,000 bonus.
  • American Savings Bank (Honolulu, Hawaii) – $1,000 bonuses to 1,150 employees; base wage increase from $12.21 to $15.25.
  • AndyMark, Inc. (Kokomo, Indiana) – This mechanical and electrical parts supplier will be able to expand the business and hire more employees thanks to tax reform.
  • Anfinson Farm Store (Cushing, Iowa) – $1,000 bonuses and 5% pay raises for employees.
  • Apple (Cupertino, California) – $2,500 employee bonuses in the form of restricted stock units; $30 billion in additional capital expenditures over five years; 20,000 new employees will be hired; increased support for coding education and science, technology, engineering, arts, and math; increased support for U.S. manufacturing.
  • APPS Portamedic (Bellevue, Washington) – employee bonuses.
  • Aquesta Financial Holdings (Cornelius, North Carolina) – $1,000 bonuses to 95 employees; base wage hike to $15 per hour.
  • AR-15 Gun Owners of America (Warner Robins, Georgia) – tax reform bonuses; increased salaries for all employees.
  • Arizona Public Service (Phoenix, Arizona) – The utility requested a $119 million bill reduction for customers due to tax reform.
  • Associated Bank (Green Bay, Wisconsin) – $500 employee bonuses (exact number receiving bonus unknown at this time); base wage will rise from $10 to $15 per hour.
  • AT&T (Dallas, Texas) ­– $1,000 bonuses to 200,000 employees; $1 billion increase in capital expenditures.
  • Atlantic Packaging (Wilmington, North Carolina) – $1,000 bonuses for 1,000 employees.
  • Atlas Air Worldwide (Purchase, New York) – $1,000 bonuses to 3,100 employees
  • AutoNation– doubling of 401(k) match; launch of cancer benefit program.
  • Avangrid Orange, Connecticut) – the utility is passing savings from tax reform to customers.
  • Ball Ventures (Idaho Falls, Idaho) – $100 bonuses for every year of employment.
  • Baltimore Gas & Electric(Baltimore, Maryland) – The utility is passing on $82 million worth of tax savings, resulting in lower gas and electric bills for customers.
  • BancorpSouth Bank(Tupelo, Mississippi) – pay raises for over 70% of employees; $1,000 bonuses for nearly 20% of employees.
  • Bank of Advance(Advance, Missouri) – $1,000 bonuses to all staff.
  • Bank of America(Charlotte, North Carolina) – $1,000 bonuses to 145,000 U.S. employees.
  • Bank of Colorado(Fort Collins, Colorado) – $1,000 bonuses to all full-time employees.
  • Bank of Hawaii(Honolulu, Hawaii) – $1,000 bonuses to 2,074 employees; base wage increase from $12 to $15.
  • Bank of the James(Lynchburg, Virginia) – raised base wage to $15 per hour for employees with more than one year of service.
  • Bank Midwest(Spirit Lake, Iowa) – $500 bonuses for full-time employees; $250 bonus for part-time employees.
  • Bank of New York Mellon Corp.(New York, New York) – Base wage raised to $15 per hour.
  • Bank of the Ozarks(Little Rock, Arkansas) – Bonuses of up to $1,200 for 2,300 employees.
  • BB&T(Winston-Salem, North Carolina) – $1,200 bonuses for 27,000 employees; base wage will rise from $12 to $15 per hour; $100 million in charitable donations.
  • Benchmark Auto Sales(Asheville, North Carolina) – thanks to tax reform, 100% of the staff now has employer-provided health insurance.
  • Beneficial Bancorp, Inc.(Philadelphia, Pennsylvania) – base wage raised to $14 per hour; $1,000 bonuses for all AVP Level employees and below; 4.5% employer contribution to 401(k) plans.
  • Berkshire Hills Bancorp Inc.(Pittsfield, Massachusetts) – base wage increased to $15 per hour; $1,000 bonuses to over 1,000 employees; investments in employee development and training; $2 million in additional charitable giving.
  • Best Buy(Richfield, Minnesota) – $1,000 bonuses for full-time employees; $500 bonuses for part-time employees. Over 100,000 employees will receive bonuses.
  • Bio-Techne(Minneapolis, Minnesota) – $500 bonuses for all 1,650+ employees.
  • Blackbaud(Charleston, South Carolina) – $2,000 in stock bonuses for most employees.
  • Black Hills Energy(Rapid City, South Dakota) – The utility will pass along tax savings to customers.
  • Blue Harbor Resort(Sheboygan, Wisconsin) – $1,000 bonuses.
  • Blue Hills Bancorp Inc.(Norwood, Massachusetts) – $1,000 employee bonuses; total bonuses $70,000.
  • BMO Harris Bank(Chicago, Illinois) – base wage raised to $15 per hour; increased charitable donations.
  • BNB Bank(Bridgehampton, New York) – Base wage raised from $13 to $15; additional pay raises.
  • Boeing Company(Chicago, Illinois) – $100 million in charitable donations; $100 million for workforce development; $100 million for infrastructure and facilities.
  • Broadridge Financial Solutions(Lake Success, New York) – Base wage raised to $15 per hour; $1,750 bonuses to non-management employees, additional vacation days, expansion of paternal leave benefits.
  • Brown-Forman Corporation(Louisville, Kentucky) – $120 million contribution to the employee pension fund; creation of a charitable foundation with an initial $60 - $70 million contribution.
  • Bruns General Contracting(Tipp City, Ohio) – investment in equipment; enhanced retirement benefits.
  • Cabot Oil & Gas Corporation(Houston, Texas) – $1,600 bonuses for employees.
  • Camden National Bank(Camden, Maine) – permanent salary increases forthcoming; also $1,000 bonuses to all non-executive full-time employees; $750 bonus to part-time employees; total bonuses: $620,000.
  • Camp Construction Services(Houston, Texas) – This Houston-based full-service general contractor awarded its employees $500 tax reform bonuses in December 2017.
  • Canary LLC(Denver, Colorado) – due to tax reform, the company will hire more employees and increase capital spending.
  • Capital One(McLean, Virginia) – Base wage raised to $15 per hour. The news was announced to associates on Tuesday January 9, 2018.
  • Cedar Rapids Toyota(Hiawatha, Iowa) – $500 bonuses to each full-time employee.
  • CenterState Bank(Davenport, Florida) – $1,000 bonuses to non-officer employees.
  • Central Bancompany, Inc.(Jefferson City, Missouri) – Bonuses to 2,500 employees: $1,000 bonuses for full time employees; $500 bonuses for part time employees.
  • Central Pacific Bank(Honolulu, Hawaii) – all 850 employees will receive $1,000 bonuses; base wage will rise from $12 to $15.25.
  • The Charles Schwab Corporation(San Francisco, California) – $1,000 bonus for about 9,000 non-executive employees.
  • Charlie Bravo Aviation(Georgetown, Texas) – $1,000 bonuses to all six employees.
  • Charlotte Pipe and Foundry Company (Charlotte, North Carolina) – $1,000 bonuses for all 1,400 employees.
  • Charter Communications Inc.(Stamford, Connecticut) – Base wage raised to $15 per hour; commitment to hire over 20,000 employees by 2020.
  • Chipotle Mexican Grill(Denver, Colorado) – Bonuses ranging from $250 to $1,000; increased employee benefits; $50 million investment in existing restaurants.
  • Cigna Corporation(Bloomfield, Connecticut) – Base wage raised to $16 per hour; increased 401(k) matches.
  • Circuit Interruption Technology Inc. dba CIT Relay & Switch(Rogers, Minnesota) – One week of extra pay added to final 2017 paycheck; hiring of new employees, growing the staff by 10%.
  • Citizens Financial Group(Providence, Rhode Island) –- $1,000 bonuses for 12,500 employees and $10 million for charitable donations.
  • Coach, Truck & Tractor, LLC(Conneaut, Ohio) – higher Christmas bonuses thanks to tax reform for this family business with seven employees. Bonus amounts determined by length of service.
  • Cogent Building Group(Point Clear, Alabama) – $2,000 bonuses for all four employees.
  • College of the Ozarks(Point Lookout, Missouri) – $204 bonuses for employees.
  • Colling Pest Solutions(Idaho Falls, Idaho) – employee bonuses.
  • Comcast(Philadelphia, Pennsylvania) – $1,000 bonuses to 100,000 employees; at least $50 billion investment in infrastructure in next five years.
  • Comerica Bank(Dallas, Texas) – $1,000 to 4,500 non-officer employees; base wage increase to $15 per hour.
  • Commerce Bank(Kansas City, Missouri) – 3,450 employees will receive bonuses – $1,000 for full time employees and $250 for part time employees; $25 million in charitable donations.
  • Community Trust Bancorp(Pikeville, Kentucky) – $1,000 bonuses for full time employees and $500 bonuses for part-time employees (exact number receiving bonus unknown at this time).
  • Community Valley Bank(El Centro, California) – $500 bonus for all employees; increased charitable donations.
  • Consumers Energy(Jackson, Michigan) – the utility will pass along tax savings to customers.
  • Continental Rail(Ft. Lauderdale, Florida) – $500 bonuses for approximately 20 employees at Continental Rail’s Delta Southern Railroad in Tallulah, Louisiana.
  • Cooperstown Environmental(Andover, Massachusetts) – Doubled the company-paid retirement contribution for all employees.
  • Copperleaf Assisted Living(Stevens Point, Wisconsin) –  $200 - $600 bonuses for 175 employees.
  • Cornerstone Holdings – employee bonuses.
  • Customers Bank(Wyomissing, Pennsylvania) – increased charitable contributions of $1 million.
  • CVS Health(Woonsocket, Rhode Island) – Base wage raised to $11 per hour, and other pay ranges adjusted accordingly; company will absorb increases costs of health insurance premiums; creation of new parental leave program.
  • Data Sales Co., Inc.(Minneapolis, Minnesota and Scottsdale, Arizona) – $1,000 bonuses for all 80 employees.
  • Davis Trust Company(Elkins, West Virginia) – 3% across the board pay raises (on top of existing compensation structure.)
  • Dayton T. Brown Inc.(Bohemia, New York) – $400 bonuses for each of the 210 employees.
  • Delaware Supermarkets Inc.(Wilmington, Delaware) – $150 extra bonuses to 1,000 non-management personnel.
  • DePatco, Inc.(St. Anthony, Idaho) – employee bonuses.
  • Dime Community Bancshares, Inc.(New York, New York) – $1,000 bonuses for non-executive employees.
  • Discover Financial Services(Riverwoods, Illinois) – Base wage raised to $15.25 per hour; $1,000 bonuses for more than 15,000 non-executive employees; additional investments and charitable donations to be announced.
  • Dohrn Transfer(Rock Island, Illinois) – $1,000 bonuses for approximately 1,200 employees; increased capital expenditures.
  • Don Ramon Restaurant(West Palm Beach Florida) – Bonuses; pay raises; expansion of restaurant.
  • DTI Partners Inc. (Mobile, Alabama) – $1,000 bonus to full-time employees; $300 bonus to part-time employees.
  • DTN(Burnsville, Minnesota) – DTN, an independent provider of information and actionable insights in the areas of agriculture, transportation and energy, and publisher of The Progressive Farmer, gave $1,000 bonuses to nearly 700 employees.
  • Dyer Capital Management, Inc. (Marion, Massachusetts) – Base wage raised 3.5% to $22 per hour; hourly employees also received a special one-time bonus.
  • Dynamic Fastener(Raytown, Missouri) – employee bonuses of up to $1,000; the company will also open a paint shop, buy new equipment and hire more employees.
  • Eagle Ridge Ranch(Island Park, Idaho) – employee bonuses
  • Eagle Telephone System, Inc. & Eagle Valley Communications(Hells Canyon Snake River Corridor, Oregon) – $1,000 bonuses; together the companies have 19 employees.
  • com (Idaho Falls) – employee bonuses.
  • Eberle Communications Group, Inc.(McLean, Virginia) – increased 401(k) match from 25% to 50% for all 45 employees.
  • e-Cycle(Hilliard, Ohio) – $1,000 bonuses.
  • Ecolab Inc. ( Paul, Minnesota) – $25 million in charitable donations.
  • Elite Roofing Systems (Idaho Falls, Idaho) – employee bonuses.
  • Elite Clinical Trials, Inc.(Blackfoot, Idaho) – employee bonuses.
  • Elmer Smith Oil Co., Domino Transports, Inc. and Domino Food & Fuel, Inc.(Oklahoma) – Tax reform bonuses for more than 300 employees.
  • Emkay, Inc.(Itasca, Illinois) – $1,000 bonuses for 150 employees.
  • Empire National Bank(Islandia, New York) – salary increases; 401(k) match increases; $1,000 bonuses for non-executive employees.
  • Employers Mutual Casualty Insurance(Des Moines, Iowa) – $1,000 bonuses for employees with the exception of Vice Presidents and above.
  • Ennis, Inc. (Midlothian, Texas) -- – $500 bonuses to 2,200 non-management employees.
  • Environmental Construction Group, Inc. (Albion, New York) --– $500 bonuses for 50+ employees.
  • ES Bancshares, Inc.(Newburgh, New York) -- – $500 bonuses to non-executive full-time employees; $250 bonuses to part-time employees; creation of at least ten new jobs; further business expansion.
  • Evans Bancorp Inc.(Hamburg, New York) – $1,000 bonuses to non-senior level employees; increased charitable donations.
  • Expanded Technologies, Inc.(Marietta, Georgia) – Minimum bonuses of $500 for each employee, additional cash depending on length of service.
  • Express Employment Professionals(Oklahoma City, Oklahoma) – $2,000 bonuses to more than 200 non-executive employees.
  • Exxon Mobil– $35 billion in new U.S. investments over five years.
  • Family Express(Valparaiso, Indiana) – Base wage raised to $11 per hour.
  • FedEx(Memphis, Tennessee) – Commits more than $3.2 billion in wage increases, bonuses, pension funding due to the recent tax cuts. Pay raises, bonus increases, pension plan increases, and at least $1.5 billion in capital expenditures.
  • Fiat Chrysler(Auburn Hills, Michigan) – $2,000 bonuses for 60,000 employees; $1 billion investment in U.S. plant in Warren, Michigan; 2,500 new jobs.
  • Fidelity Bank(Dunmore, Pennsylvania; not to be confused with Fidelity Investments) – $1,000 bonuses for all full-time employees making less than $100,000; $500,000 in charitable donations.
  • Fifth Third Bancorp(Cincinnati, Ohio) – $1,000 bonuses for 13,500 employees; base wage will rise to $15/hour.
  • Financial Institutions, Inc.(Warsaw, New York) – $500 bonuses.
  • FireBird Bronze(Damascus, Oregon) – Thanks to tax reform this full-service foundry with nine employees is able to offer health insurance for the first time. They are also upgrading equipment and hiring, and building a new facility in Troutdale, Oregon with plans to be up and running by the Spring.
  • FirstBank(Longmont, Colorado) – $1,000 bonuses for full-time employees; $500 bonuses for part-time employees; base wage raised; salary increases.
  • First Bank and Trust Company(Abingdon, Virginia) – base wage raised to $15 per hour.
  • FirstCapital Bank of Texas(Midland, Texas) – $500 bonuses to 197 employees.
  • First Farmers Bank & Trust(Converse, Indiana) – minimum bonus of $750 to each full time employee; base wage will rise by $2.50 per hour.
  • First Federal Community Bank(Dover, Ohio) – $1,000 bonuses for full-time employees; $500 bonuses for part-time employees; increased charitable contributions.
  • First Financial Bancorp(Cincinnati, Ohio) – base wage raised to $15 per hour; $3 million charitable contribution.
  • First Financial Northwest, Inc.(Renton, Washington) – $1,000 bonuses to all 138 non-executive employees:
  • First Hawaiian Bank(Honolulu, Hawaii) – $1,500 bonuses to 2,264 employees; base wage increase to $15.
  • First Horizon National Corp.(Memphis, Tennessee) – $1,000 bonuses to 4,000 employees.
  • First Merchants Corporation(Muncie, Indiana) – $1 per hour wage increase for hourly employees; $500 bonuses for full-time employees, excluding senior management; pro-rated bonus for part-time employees.
  • First Midwest Bancorp, Inc.(Itasca, Illinois) – Base wage raised to $15 per hour; $1,035 bonuses for 85% of employees; $2 million in additional charitable contributions.
  • First National Bank(Spearman, Texas) – $1,000 bonuses for its 44 employees.
  • First Northern Community Bancorp(Dixon, California) – Base pay raised by $2 per hour; $1,000 bonuses for all non-executive employees; increased charitable donations.
  • First Southwest Bank(Alamosa, Colorado) – base wage raised to $14 per hour which will include full benefits.
  • Fishbeck, Thompson, Carr & Huber engineering(Grand Rapids, Michigan) – $1,500 to all 400 full-time and part time employees.
  • Five Senses Spa, Salon and Barbershop(Peoria, Illinois) – $500 bonuses for 20 employees; the company is also looking into additional employee benefits in 2018.
  • Flemington Car & Truck Family of Brands(Flemington, New Jersey) – $500 employee bonuses.
  • Flushing Financial Corporation(Uniondale, New York) – $1,000 bonuses for full-time employees; $500 bonuses for part-time employees.
  • FMS Bank(Fort Morgan, Colorado) – increased 401(k) contributions.
  • N.B. Corporation(Pittsburgh, Pennsylvania) – extra 401(k) contributions to employees totaling $1 million; base wage raised to $15 per hour; increased charitable donations.
  • Fort Ranch (Promontory, Utah) – employee bonuses.
  • Fulton Financial Corporation(Lancaster, Pennsylvania) – base wage raised to $12 per hour; bonuses in the form of an additional week of pay for 75% of the 3,700 employees; $2 million in increased charitable donations.
  • Gardner Company(Boise, Idaho) – employee bonuses.
  • Gate City Bank(Fargo, North Dakota) – $1,000 hand-delivered bonus checks to 538 non-management personnel; $500,000 higher charitable giving; $500,000 worth of free home appraisals.
  • com (Idaho) – employee bonuses.
  • Great Southern Bancorp, Inc.(Springfield, Missouri) – 1,200 employees to receive a bonus: full time employees receive $1,000 and part time employees receive $500.
  • Great Western Bancorp, Inc.(Sioux Falls, South Dakota) – base wage raised to $15; $500 or wage increase for 70% of workforce; doubling of grants to community investment program.
  • Green Recovery Technologies, LLC(New Castle, Delaware) — $1,000 bonuses for all seven employees.
  • Griffith Trucking, Broadway Express, Heartland Peterbilt, Heartland Classics(Effingham and Newton, Illinois) – $1,000 bonuses.
  • Group 1 Automotive(Houston, Texas) – $500 cash bonuses for non-management dealership employees and operational support staff in the United States.
  • Gulf Coast Bank & Trust Company(New Orleans, Louisiana) – base wage increased to $12 per hour; additional $75,000 in charitable donations.
  • Happy State Bank(Happy, Texas) – base wage raised; salary increases; bonuses; increased retirement contributions.
  • HarborOne Bank(Brockton, Massachusetts) – $500 bonuses to 600 bank employees; base wage raised to $15 per hour.
  • Harford Alarm Company(Bel Air, Maryland) – $1,000 bonuses for all 13 employees.
  • Harris Corporation(Melbourne, Florida) – Each of the 17,000 non-executive employees will receive 10 shares of common stock, which will vest in two years. 10 shares of stock is currently worth $1,470; additional $300 million contribution to employee pension fund; $20 million in innovation investments.
  • Hartford Financial Services Group Inc.(Hartford, Connecticut) – $1,000 bonuses for employees making less than $75,000 per year. This amounts to 9,500 employees.
  • Harvard Business Services, Inc.(Lewes, Delaware) – $1,000 bonuses for all full-time employees.
  • Hawaii National Bank(Honolulu, Hawaii) – $1,000 bonuses; base wage raised to $15 per hour.
  • Hawthorn Bank(Jefferson City, Missouri) – $1,000 bonuses for full-time employees; $500 bonuses for part-time employees.
  • Heartland Bank(Geneva, Nebraska) – $1,000 bonuses for full time non-executive employees; $500 bonus to part time employees.
  • Home Bancshares, Inc.(Conway, Arkansas) – $500 bonuses for 850 employees.
  • Home Depot(Atlanta, Georgia) – bonuses for all hourly employees, up to $1,000.
  • HomeStreet , Inc.(Seattle, Washington) – Base wage increased to $15 per hour.
  • Honeywell(Morris Plains, New Jersey) – increased 401(k) match.
  • Hostess Brands, Inc.(Kansas City, Missouri) – $750 cash bonuses; $500 in 401(k) contributions; free snacks for a year.
  • Humana(Louisville, Kentucky) – base wage increased to $15 per hour; acceleration of annual performance-based incentive program; additional community investments; accelerated investment in technological and operational processes; earnings benefits for shareholders; more to be announced.
  • IAT Insurance Group(Raleigh, North Carolina) – $3,000 bonuses for 685 non-executive employees.
  • Iberia Bank(LaFayette, Louisiana) – Pay raises of $2 per hour; $1,000 bonuses.
  • IDEXX Laboratories Inc.(Westbrook, Maine) – Increased 401(k) contributions.
  • INB Bank(Spokane, Washington) – $500 bonuses to 200 employees. The bonuses will exclude the Senior Management Team.  The base wage will be raised to $15 per hour.
  • International Offset Corporation(Los Angeles, California – $1,000 bonuses to all employees and 1099 subcontracting partners.
  • Iron Horse Energy Services Inc.(Eolia, Missouri) – bonuses for all 93 employees; due to a lower tax burden the company is also continuing to cover 100 % of healthcare.
  • ISI Financial Group(Lancaster, Pennsylvania) – $2,000 bonuses for all employees.
  • JPMorgan Chase & Co. (New York, New York) – Base wage raised for 22,000 employees, to a range of $15 to $18 per hour; 4,000 new jobs added; 400 new branches; increased charitable donations; increased small business lending.
  • Information First, Inc.(Manassas, Virginia) – $500 cash bonus for all 15 employees.
  • Inland Northwest Bank(Spokane, Washington) – Base wage raised to $15; $500 bonuses to employees excluding Senior Management Team.
  • Insperity(Houston, Texas) – Tax reform bonuses totaling $17 million. $1,000 - $4,000 bonuses for each employee, based on length of service.
  • InUnison Inc.(Idaho Falls, Idaho) – employee bonuses.
  • JetBlue(New York, New York) – $1,000 bonus for all 21,000 employees.
  • comState Farm agent (Seaside, California) – pay raises for employees.
  • Johnson Bank(Racine, Wisconsin) – base wage raised to $15 per hour.
  • Jonah Bank(Wyoming) - $1,000 bonus, increase charitable contributions to the Casper and Cheyenne communities.
  • Jones Auto & Towing(Riverview, Florida) – the company, which provides 24-hour wrecker service, roadside assistance, emergency towing, and fuel delivery etc. will put two additional trucks into service, which will add two more full time jobs.
  • Jordan Winery(Healdsburg, California) – $1,000 bonuses for each of its 85 employees.
  • Joseph’s Lite Cookies(Sebastian, Florida) – $3,000 - $4,200 salary increases, new computer systems, new product packaging.
  • Kalb Industries of Nevada, Ltd.(Las Vegas, Nevada) – pay raises for employees who have been with the company three months or longer.
  • Kansas City Southern(Kansas City, Missouri) – $1,000 bonuses. (Exact number receiving bonus unknown at this time; the company employs 6,485).
  • Kauai Cattle LLC– employee bonuses.
  • KeyCorp(Cleveland, Ohio) – base wage raised; increased employee retirement plan contributions.
  • Kish Bancorp, Inc.(Belleville, Pennsylvania) – Base wage raised; $1,000 bonuses for full-time employees, $500 bonuses for part-time employees; $10 million in capital expenditures over the next three years; increased charitable giving by a minimum of $50,000.
  • Kramerica Properties(Merced, California) – this small family-owned company gave each of the six employees a $2,000 tax reform bonus.
  • Lakestone Bank & Trust(Lapeer, Michigan) – Pay raise for hourly employees of $1 per hour; $1,000 bonuses for salaried employees.
  • Land & Co.(Wyoming, Michigan) – $1,000 bonuses.
  • Lawrence Paper Company(Lawrence, Kansas) – $500 bonuses for all 300 employees; $5 million in new equipment and expansion at all three locations.
  • Leak Sealers(Lumberton, Texas) – bonuses to its 100 employees.
  • LincolnWay Community Bank(New Lenox, Illinois) – $1,500 bonus to 33 permanent employees.
  • Lok-N-Logs, Inc.I Wood Care, and Webb Properties (Sherburne, New York) – employees working for a year or more received a double paycheck; those working less than a year also received a bonus.
  • Loud & Clear Communications(New York, New York) – employee bonuses.
  • Lowes(Mooresville, North Carolina) – bonuses of up to $1,000 based on length of service, for 260,000 employees; expanded benefits and maternity/parental leave; $5,000 of adoption assistance.
  • M&T Bank Corporation(Buffalo, New York) – Base wage raised to $14 to $16 per hour based on location, a $25 million investment; employees receive 40 hours of paid time annually for volunteer/charitable/employee resource group activities.
  • MainSource Financial Group(Greensburg, Indiana) – Base wage raised to $15 per hour.
  • Marsh & McLennan Companies, Inc.(New York, New York) – Base wage raised to $16 per hour; $1,000 bonuses for employees earning less than $55,000.
  • MB Financial, Inc.(Chicago, Illinois) – base wage increased to $15 per hour; tax reform bonuses; and $7.5 million additional charitable contributions.
  • Melaleuca(Idaho Falls) – all 2,000 employees will receive a $100 bonus for each year they have worked at the company.
  • Merck(Kenilworth, New Jersey) – Bonuses (details to be announced); increased charitable donations; increased capital expenditures.
  • Meridian Bancorp, Inc.(Boston, Massachusetts) – Base wage raised to $15 per hour; an additional 20% will be added to existing bonuses; increased capital spending including building six new branch locations; additional charitable contributions.
  • MetLife Inc.(New York, New York) – increase the minimum wage to $15 an hour, create a $10 million skills development fund, establish a minimum group life insurance benefit, and enhance the 401(k) plan.
  • Mid-AM Metal Forming(Rogersville, Missouri) – bonuses for 140 employees.
  • Mincey Marble(Gainesville, Georgia) – Bonuses of up to $1,000 based on length of service.
  • Mill Steel Company(Grand Rapids, Michigan) – $1,000 bonuses for 400 full-time associates.
  • Mountaire Corporation(Millsboro, Delaware) – $1,000 or $500 bonuses based on length of service; increased 401(k) matches.
  • Move It Or Lose It Moving LLC– employee bonuses.
  • MusicNotes(Madison, Wisconsin) – Salary increases for employees.
  • Mutual Bank(Muncie, Indiana) – $750 bonuses for all non-executive employees; hourly employees will also receive a $.50 pay raise per hour.
  • National Bank Holdings Corporation(Greenwood Village, Colorado) – $1,000 bonuses for employees making less than $50,000 (exact number receiving bonus unknown at this time).
  • Nationwide Insurance(Columbus, Ohio) – $1,000 bonuses to 29,000 employees; increased 401(k) matching contributions for 33,000 employees.
  • Natural Guardian– employee bonuses.
  • Navient(Wilmington, Delaware) – 98% of Navient’s 6,700 employees will receive a $1,000 bonus (approx. 6,566 bonus-eligible employees).
  • NBT Bancorp Inc.(Norwich, New York) – Base wage raised to $11 to $15 per hour; minimum 5% salary increases for employees making less than $50,000; increased capital expenditures.
  • Nelnet(Lincoln, Nebraska) – $1,000 bonuses for 4,100 employees.
  • Nexstar Media Group, Inc. (Irving, Texas) – Bonuses of $500 for full-time employees, $250 for part-time employees; increased 401(k) contributions.
  • Nephron Pharmaceuticals Corporation(West Columbia, South Carolina) – 5% pay raises for employees.
  • NexTier Bank(Butler, Pennsylvania) – $1,000 bonuses for all employees; tuition reimbursement on job training; wage raises for hourly employees.
  • Nexus Services, Inc.(Verona, Virginia) – 5% raise for all employees; 200 more workers will be hired in 2018.
  • Noah Bank(Elkins Park, Pennsylvania) – $1,500 cash bonus to employees.
  • Northco Products, Inc.(Albany, New York) – this small business was able to hire one new employee, give all employees bonuses ranging from $100 - $971 after taxes; the company is also investing in a new building.
  • Northeast Vapor Supplies (Old Saybrook, CT) – Bonuses of between $50-$300 for the five employees.
  • Northern Indiana Public Service Company (Merrillville, Indiana) – the utility requested that customers’ natural gas rates be lowered.
  • Northpoint Apartments– employee bonuses.
  • North Shore Bank (Brookfield, Wisconsin) – $500 bonuses.
  • OceanFirst Financial Corp. (Toms River, New Jersey) – base wage increase to $15 per hour.
  • Ohnward Bancshares (Maquoketa, Iowa) – $1,000 bonuses for all 260 employees.
  • Oklahoma Gas and Electric Company (Oklahoma City, Oklahoma) – the utility will pass along tax savings to customers.
  • Old Dominion Freight Line Inc. (Thomasville, North Carolina) – $500 bonuses for all 22,000 employees.
  • Pattison Sand Company (Clayton, Iowa) – $600 cash bonuses, base pay raised by $1.50-$2.50 per hour.
  • Payne Trucking (Fredericksburg, Virginia) – bonuses of $250 for employees of at least six months, $500 for employees of at least a year, and $750 for employees of at least five years.
  • PC Connection, Inc. dba Connection (Merrimack, New Hampshire) – $1,000 bonuses.
  • Peoples Bank (Bellingham, Washington) – Base wage raised to $15 per hour; 401(k) match increased one point to 8%.
  • Peoples Bank (Magnolia, Arkansas) – $500 bonuses and $50,000 in charitable donations.
  • Penske Automotive Group (Bloomfield Hills, Michigan) – Increased 401(k) contributions.
  • Pfizer Inc. (New York, New York) – $100 million in tax reform bonuses for non-executive employees.
  • Pinnacle Bank (Lincoln, Nebraska) – $1,000 bonuses for 1,007 employees.
  • Pioneer Credit Recovery (Arcade, New York) – $1,000 bonuses for 800 employees.
  • PNC Financial Services Group, Inc. (Pittsburgh, Pennsylvania) – $1,000 bonuses to 47,500 employees; an additional $1,500 in employee pension accounts; base wage hike to $15; $200 million charitable contribution.
  • PodcastOne (Los Angeles, California) – $1,000 bonuses for all full-time employees.
  • Priority Courier Experts (St. Paul, Minnesota) – tax reform bonuses were given on Jan. 2, 2018, to employees; further, employees will receive another $500 bonus in 2018 on the anniversary of their hire date.
  • Quest Diagnostics Incorporated (Secaucus, New Jersey) – Bonuses of up to $500 for 40,000 employees.
  • RDR, Inc. (Centreville, Virginia) – bonuses of up to $1,000 for all 125 employees.
  • Regions Financial Corporation (Birmingham, Alabama) – base wage increase to $15 per hour; $40 million in charitable donations; $100 million in capital expenditures.
  • Resident Construction LLC– employee bonuses.
  • RGF Environmental Group, Inc. (Riviera Beach, Florida) – $1,000 bonuses.
  • Rio Bank (McAllen, Texas) – $1,000 bonuses for each of the 108 employees.
  • Riverbend Communications – employee bonuses.
  • Riverbend Management, Inc.– employee bonuses.
  • Riverbend Ranch– employee bonuses.
  • Riverbend Services– employee bonuses.
  • Rod’s Harvest Foods(St. Ignatius, Montana) – 3-5% pay raises; base wage raised to $11 per hour; bonuses up to $500.
  • Rush Enterprises (New Braunfels, Texas) – $1,000 bonuses for all 6,600 employees.
  • Russell Lands (Alexander City, Alabama) – $500 bonuses for about 400 full-time non-management staff:
  • Ryder System, Inc. (Miami, Florida) – Tax reform bonuses for all non-incentive bonus eligible employees, totaling $23 million.
  • Saban Capital Group Inc. (Los Angeles, California) – $1,000 bonuses.
  • Sewickley Spa – Pay raises; increased capital expenditures.
  • Sheffer Corporation (Cincinnati, Ohio) – $1,000 bonuses for all 126 employees.
  • Sinclair Broadcast Group (Hunt Valley, Maryland) – $1,000 bonuses for 9,000 employees.
  • Smith Chevrolet– employee bonuses.
  • Smith Honda– employee bonuses.
  • Smith RV– employee bonuses.
  • South Point Hotel, Casino & Spa (Las Vegas, Nevada) – doubling of bonuses for 2,300 employees.
  • South State Bank (Columbia, South Carolina) – 2,800 employees getting bonuses; $1,000 bonuses for full-time employees and $500 for part-time employees.       
  • Southwest Airlines (Dallas, Texas) – $1,000 bonuses for all 55,000 employees; $5 million additional charitable donations.
  • Spectrum Adhesives, Inc. (Memphis, Tennessee) – $500 bonuses for employees.
  • Spellex Corporation (Tampa, Florida) – $1,000 bonuses for all 26 full-time employees.
  • Stafford Bounce n Play, LLC (Stafford, Virginia) – $1,000 mid-year bonuses for all employees.           
  • Starbucks Coffee Company (Seattle, Washington) – 8,000 new retail jobs and 500 new manufacturing jobs; new employee offerings/raises/benefits totaling $250 million will be announced later in 2018.
  • Staub Manufacturing (Dayton, Ohio) – Due to tax reform, the 37 employees received higher Christmas bonuses.
  • Steel Design LLC– employee bonuses.
  • Stifel Financial Corporation (St. Louis, Missouri) – $1,500 bonuses for 7,000 employees.
  • Summit State Bank (Santa Rosa, California) – $2,000 bonuses for non-executive employees.
  • Sun Community News and Printing (Elizabethtown, New York) – Raises for all employees averaging $1,000 each; restoration of 2% match on employee IRAs; software and equipment upgrades.
  • Sundance Vacations (Wilkes-Barre, Pennsylvania) – $125,000 in employee tax reform bonuses.
  • SunTrust Banks, Inc. (Atlanta, Georgia) – base wage raise to $15 per hour; $50 million in additional community grants; merit pay raise; additional 401(k) contributions; etc.
  • Sutter Masonry, Inc. (El Mirage, AZ) – The company employs approximately 100 people. Hourly wages were increased by $1 and over $50,000 in bonuses were distributed.
  • Synovus Financial Corporation (Columbus, Georgia) – $1,000 bonuses to all non-executive employees.
  • TCF Financial Corporation (Wayzata, Minnesota) – $1,000 bonuses for full time employees; $500 bonuses for part time employees (exact number receiving bonus unknown at this time).
  • The Flood Insurance Agency (Gainesville, Florida) –- $1,000 bonuses for 17 full time employees.
  • Thermo Fisher Scientific (Waltham, Massachusetts) – $500 bonuses for 68,000 non-executive employees; increased charitable donations.
  • The Travelers Companies, Inc. (Hartford, Connecticut) – $1,000 bonuses for 14,000 employees with a base salary less than $75,000.
  • Territorial Savings Bank (Honolulu, Hawaii) – $1,000 bonuses to 247 employees; base wage hike from $11.25 to $15 per hour.
  • Texas Capital Bank (Dallas, Texas) – $1,000 bonuses for 900 employees.
  • The Hammock Source (Greenville, North Carolina) – all 150 employees received a tax reform bonus of up to $1,000 depending on length of service. 
  • Tokio Marine HCC – $1,500 employee bonuses for 2,000 employees.
  • Total System Services (Columbus, Georgia) – $1,000 bonuses for 11,500 employees.
  • Tri-State Trailer Sales, Inc. (Pennsylvania, Ohio) – increased 401(k) for employees, to 100% on the first 4% of compensation.
  • Turning Point Brands, Inc. (Louisville, Kentucky) – $1,000 bonuses for 107 employees.
  • Turning Point USA (Lemont, Illinois) – $300 bonuses to all 115 employees.
  • Tyson Foods, Inc. (Springdale, Arkansas) – 100,000 employees will receive a tax reform bonus: $1,000 for full-time employees and $500 for part-time employees.
  • U-Haul (Phoenix, Arizona) – $1,200 bonus for full-time employees, $500 for part-time employees; over 28,000 workers will receive a bonus.
  • Umpqua Holdings Corporation (Portland, Oregon) – base wage raised to $15.25 per hour; $1,000 bonuses for over 15,000 non-executive employees.
  • Union Bank & Trust (Lincoln, Nebraska) – All full-time and part-time employees received a $1,000 bonus. Over 800 employees.
  • United Bank & Trust (Marysville, Kansas) – all employees received a raise of $100 per month. According to ABA Bankers Journal the raise applies to both salaried and hourly employees.
  • Unity Bank (Clinton, New Jersey) – all 200 non-executive employees will receive a $750 bonus.
  • S. Bancorp (Minneapolis, Minnesota) – $1,000 bonuses for 60,000 employees; base wage hike to $15 per hour; $150 million charitable contribution.
  • Verizon (New York, New York) – non-executive employees will receive 50 shares of restricted stock.
  • Verst Logistics, Inc. (Walton, Kentucky) – $500 bonuses to all full-time employees.
  • Visa (Foster City, California) – significantly increased permanent contributions to employee 401(k) accounts.
  • Wal-Mart (Bentonville, Arkansas) – Base wage increase for all hourly employees to $11; bonuses of up to $1,000; expanded maternity and parental leave; $5,000 for adoption expenses.
  • Walt Disney Company (Burbank, California) – $1,000 bonuses for 125,000 employees; $50 million investment in employee educational programs.
  • Washington Federal (Seattle, Washington) – according to a company statement, “all Washington Federal employees in good standing and earning less than $100,000 per year will receive a 5% increase on top of their normal merit increase.”
  • Washington Trust Bancorp, Inc. (Westerly, Rhode Island) – $1,000 bonuses for full-time employees and $500 for part-time employees; $1 per hour salary increase for employees below a certain compensation level.
  • Waste Management Inc. (Houston, Texas) –  $2,000 bonuses to approximately 34,000 employees.
  • WebHobby Shop LLC (Pontiac, Michigan) – $2. per hour raise for employees.
  • Webster Financial Corporation (Waterbury, Connecticut) – Base wage raised to $15 per hour; $1,000 bonuses to full-time employees below vice-president level; $1 million in additional charitable contributions.
  • Wells Fargo (San Francisco, California) – raised base wage from $13.50 to $15 per hour; $400 million in charitable donations for 2018; $100 million increased capital investment over next three years.
  • WeStar Energy (Topeka, Kansas) – the utility will pass along tax savings to customers.
  • Western & Southern Financial Group (Cincinnati, Ohio) – $2,000 bonuses for full time employees; $1,000 for part time employees.
  • Western Alliance Bancorporation (Phoenix, Arizona) – base pay raise of 7.5% for the lowest-paid 50% of employees; increased bonuses; increased 401(k) match; etc.
  • Willis Lease Finance Corporation (Novato, California) – $1,000 bonuses for all non-executive employees.
  • Willow Creek Woodworks (Idaho Falls, Idaho) – employee bonuses.
  • Windsor Federal Savings (Windsor, Connecticut) – $250 bonus for all employees with the exception of upper management.
  • Wintrust Financial Corporation (Rosemont, Illinois) – base wage raised to $15 per hour.
  • Wynn Resorts (Las Vegas, Nevada) – employee bonuses will be announced in 2018.
  • YAM Worldwide (Scottsdale, Arizona) – $2,000 bonuses for the 595 employees who have been with the company more than six months; $1,000 bonuses for the 131 employees who have been with the company less than six months. More than $1.3 million in bonuses were paid.
  • Yancey Bros. (Cobb County, Georgia) – $500 bonuses for 1,200 employees.
  • Zions Bancorporation (Salt Lake City, Utah) – pay raises for more than 40% of employees; $1,000 bonuses for nearly 80% of employees.

For additional information, please contact Site Selection Group.

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