Wage increase reinforces BMO's commitment to colleagues' wellbeing and financial progress
CHICAGO, Oct. 5, 2021 /PRNewswire/ - Today, BMO Harris Bank announced it will raise its U.S. minimum hourly wage for full- and part-time branch and Customer Contact Center colleagues to $18 an hour beginning Oct. 17, 2021. This increase will impact new hires, as well as current team members who earn below the new minimum base pay for their position.
"BMO believes that the total wellbeing of its employees includes their financial health. We want to reward our team in a way that reinforces their value to our organization and is competitive with the market," said Ernie Johannson, Group Head, North American Personal & Business Banking, BMO Financial Group. "This higher hourly base pay with an already competitive incentive bonus program ensures that BMO's team remains the best in banking with top talent that can make financial progress alongside our customers and our business."
As part of BMO's ongoing commitment to the financial wellbeing of its employees, BMO continues to monitor and will adjust compensation to align with the competitive banking market. To retain and attract top talent, and to encourage a growth mindset among its team, BMO offers a competitive Total Rewards Program that includes robust offerings like quarterly and annual incentives, base pay, benefits for full- and part-time colleagues, paid time-off, retirement and wellness programs, and tuition reimbursement. BMO is also committed to the advancement and development of its team with programs that encourage personal career development and pathways to leadership roles.
"We recognize the tremendous contributions and customer support our front-line financial heroes provide every single day. We're thankful for our outstanding team members and our ability to invest in their financial health," Johannson added.
About BMO Harris Bank
BMO Harris Bank provides a broad range of personal banking products and solutions through more than 500 branches and fee-free access to over 40,000 ATMs across the United States. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the United States. For more information about BMO Harris Bank, visit the company fact sheet. Accounts are subject to approval. BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a highly diversified financial services provider with total assets of CDN$971 billion as of July 31, 2021.
SOURCE BMO Harris Bank