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Labcorp Raises Minimum Hourly Wage to $15 Per Hour
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Labcorp (NYSE: LH) has announced an increase in the minimum hourly wage for its U.S.-based, non-union employees to $15, effective September 2021. This decision aims to enhance workforce retention and attract diverse talent, critical for the company's innovation and customer service. Labcorp has received multiple accolades for its employee support initiatives, including awards for health and well-being, gender equality, and being recognized among the world's best employers. In FY2020, Labcorp reported revenues of $14 billion.
Positive
Increased minimum hourly wage to $15 for U.S. employees, effective September 2021, enhancing employee retention.
Recognition with multiple awards for employee well-being and diversity, which enhance company reputation.
Negative
None.
BURLINGTON, N.C.--(BUSINESS WIRE)--
Labcorp (NYSE: LH), a leading global life sciences company, today announced it has increased the minimum hourly wage for United States (U.S.)-based, non-union employees to $15, effective September 2021.
Photo courtesy of Labcorp
“At the core of our ability to innovate and meet customer and patient needs is the diverse talent that we have across all of Labcorp,” said Adam Schechter, chairman and CEO of Labcorp. “To that end, we will continue to invest in our employees. I am grateful for my colleagues at Labcorp who play such a critical role in delivering on our mission—through our continued fight against COVID-19 and in providing our patients and customers with the answers they need to make clear, confident health care decisions.”
Labcorp has received recognition for its efforts to create an environment that supports the wellbeing of its employees. This includes being honored with a platinum Best Employers: Excellence in Health & Well-being Award by the Business Group on Health, receiving a perfect score on the Corporate Equality Index (CEI) by the Human Rights Campaign (HRC) Foundation, becoming a CEO Roundtable on Cancer Gold Standard employer, and being named to the Forbes World’s Best Employers list.
About Labcorp
Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With more than 70,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $14 billion in FY2020. Learn about Labcorp at Labcorp.com, or follow us on LinkedIn and Twitter @Labcorp.
What is Labcorp's new minimum wage for U.S. employees?
Labcorp has increased the minimum hourly wage for U.S.-based, non-union employees to $15, effective September 2021.
When did Labcorp announce the wage increase?
The wage increase was announced in a press release dated September 2021.
What recognition has Labcorp received for employee support?
Labcorp has received several awards for its employee well-being initiatives, including a platinum Best Employers award and a perfect score on the Corporate Equality Index.
What were Labcorp's revenues in FY2020?
Labcorp reported revenues of $14 billion in FY2020.
How does Labcorp's wage increase impact its employees?
The wage increase to $15 per hour is intended to enhance employee retention and attract diverse talent, which is crucial for the company's innovation.
