Richamond, VA-based Pinnacle Living expects to spend $2.5 million on an initiative that will see the minimum starting wage increase to $15 and wages adjusted for other employees at its retirement communities, the Richmond Times-Dispatch reported.
The moves are being made in an effort to recruit and retain workers, the media outlet reported. Pinnacle Living CEO Chris Henderson said that the company expects the initiative to cost approximately $2.5 million “assuming we can fill all our positions.”
“This is a commitment we are making to our team members. We know this [is] a difficult time for everyone,” he said. “We know the pandemic has had a huge impact on every aspect of the labor market. We hope this change will reflect our appreciation for our team members, current and future.”
Rates for residents will increase in 2022 to enable the wage hike, but Henderson said the company had not determined by how much yet.
