McDonald's is raising hourly wages for 36,500 employees across the U.S.
McDonald’s (MCD) will raise hourly wages "by an average of 10%" for more than 36,500 employees at more than 660 U.S. restaurants.
"These increases, which have already begun, will be rolled out over the next several months and include shifting the entry level range for crew to at least $11-$17 an hour," the fast food giant said in a statement, adding that shift managers would be paid at least $15 an hour.
The wage increases will not apply to employees at more 13,000 McDonald's restaurants owned and operated by franchisees. The move comes as McDonald's workers were planning to strike across 15 cities on May 19 to demand higher wages.
Companies are struggling to find workers as society reopens amid a vaccination rollout to end the coronavirus pandemic. Restaurants, specifically, shed millions of jobs in 2020. McDonald's aims a to hire roughly 10,000 more hourly employees over the next three months.
"Employers want help, but employees will only accept jobs under certain conditions," Yahoo Finance's Morning Brief noted recently. "Simply listing open jobs is not going to bridge this divide."
Earlier this week, Chipotle (CMG) announced a $15 minimum wage for restaurant workers.
Last month, a McDonald's franchise in Florida offered $50 to anyone who would interview at the location. Some states are ending a federal program to provide extra unemployment benefits in an attempt to encourage residents to find work.
McDonald’s also "expects the average hourly wage for its company-owned restaurants to increase to $15 an hour in a phased, market-by-market approach. Some restaurants have, or will, reach an average hourly wage of $15 an hour in 2021, and average hourly wages are expected to reach $15 an hour by 2024."
On April 30, McDonald's reported Q1 earnings that smashed expectations.
Michael is an editor at Yahoo Finance. Follow him on Twitter @MichaelBKelley
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