Signet To Raise Minimum Wage To $15 An Hour For All U.S Employees

Rhea-AI Summary

Signet Jewelers (NYSE: SIG) announced plans to raise its U.S. minimum wage to $15 an hour for all employees, effective spring 2022. This decision follows the Love Takes Care™ Appreciation Award for staff during the pandemic. The increase is part of a broader initiative to enhance employee experiences, including new job creations and benefits such as additional paid time off. Signet aims to foster a supportive work environment, aligning with its strategy to become a leading omnichannel retailer. CEO Gina Drosos states that prioritizing employees is essential for unlocking innovation and better results.

Positive

• Raising the minimum wage to $15 per hour demonstrates commitment to employee welfare.
• Creation of hundreds of new positions, including 700 virtual jewelry consultants.
• Enhanced employee benefits such as additional paid time off for various needs.
• Successful implementation of the Love Takes Care™ award, recognizing employee efforts during the pandemic.

Negative

• None.

AKRON, Ohio, Feb. 25, 2021 /PRNewswire/ -- Signet Jewelers (NYSE: SIG) today announced it will raise its U.S. minimum wage to $15 an hour, continuing the latest expansion of pay and benefits for its employees. The move follows the company's Love Takes Care™ Appreciation Award, a bonus paid recently to full-time and part-time hourly employees to recognize their work during the pandemic. When fully rolled out by the spring of 2022, the company's new minimum wage will cover all full-time and part-time positions, including newly created roles such as virtual jewelry consultants.

"As a purpose-driven company that puts our people first, we believe that raising our minimum wage is the right thing to do," said Signet CEO Gina Drosos. "Our team showed incredible agility, creativity and compassion this past year – learning new capabilities that accelerated our transformation, exceeded customers' expectations and delivered the best holiday season we've had in nine years. As we enter the next phase of our Path to Brilliance, we do so with the firm belief that businesses that prioritize their team will deliver better results by unlocking even more innovation."  

Signet's ongoing investments in its people

The wage initiative is the latest example of Signet's ongoing investments in its people over the last 12 months. Additional examples:

• Newly created jobs – Since last spring, Signet has created hundreds of new positions that support its transformation into a best-in-class omnichannel retailer capable of meeting customers wherever, whenever and however they want to shop. The new roles include seasonal in-store concierges and 700 virtual jewelry consultants. Also, Piercing Pagoda is actively recruiting 200 facial piercing artists as it expands its piercing service offerings.
• Evolved employee experience – New initiatives include additional paid time off for parental care, community service, voting, and vaccinations. In addition, Signet leaders including CEO Gina Drosos have led candid employee discussions about challenging societal issues such as social justice and racism and have continued to accelerate inclusion as a company priority, consistent with Signet's purpose and values.
• Love Takes Care™ store safety program – To fight COVID-19 in its stores and distribution centers, the company last year introduced a suite of robust health and safety protocols to heighten safety for store employees, visitors and communities in collaboration with health experts.
• Signet Team Member Relief Fund – Signet last year activated this fund with new donations specifically to assist employees experiencing financial challenges due to COVID. It has since helped hundreds of employees.

"Signet's business is based on the enduring power of relationships and love," said Mary Liz Finn, Signet Chief People Officer.  "Our team members nurture relationships with customers and the many communities we're a part of each day, in every part of our business. Continuing to invest in our team members helps ensure that they can thrive at work and at home, build long-term careers, and contribute to their communities."

About Signet Jewelers

Signet Jewelers Limited is the world's largest retailer of diamond jewelry. Signet operates approximately 2,900 stores primarily under the name brands of Kay Jewelers, Zales, Jared, H.Samuel, Ernest Jones, Peoples, Piercing Pagoda, and JamesAllen.com. Further information on Signet is available at www.signetjewelers.com. See also www.kay.com, www.zales.com, www.jared.com, www.hsamuel.co.uk, www.ernestjones.co.uk, www.peoplesjewellers.com, www.pagoda.com, and www.jamesallen.com.

Safe Harbor Statement

This release contains statements which are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, based upon management's beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, among other things, Signet's prospects, growth and strategies. The use of the words "expects," "intends," "anticipates," "estimates," "predicts," "believes," "should," "potential," "may," "preliminary," "forecast," "objective," "plan," or "target," and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties which could cause the actual results to not be realized.  For a discussion of the risks and uncertainties which could cause actual results to differ materially from those expressed in any forward looking statement, see the "Risk Factors" and "Forward-Looking Statements" sections of Signet's Fiscal 2020 Annual Report on Form 10-K filed with the SEC on March 26, 2020 and quarterly reports on Form 10-Q and the "Safe Harbor Statements" in current reports on Form 8-K filed with the SEC. Signet undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law."

Media

Colleen Rooney
Chief Communications Officer
colleen.rooney@signetjewelers.com
Barbara DeLollis

VP, Media Relations
barbara.delollis@signetjewelers.com
+1-301-814-3357

 

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SOURCE Signet Jewelers Ltd.

FAQ

What is the new minimum wage for Signet Jewelers employees?

The new minimum wage for Signet Jewelers employees will be $15 per hour.

When will Signet Jewelers raise its minimum wage?

Signet Jewelers plans to raise its minimum wage to $15 an hour by spring 2022.

How many new jobs is Signet creating?

Signet has created hundreds of new positions, including 700 virtual jewelry consultants.

What are the benefits included in Signet's employee initiatives?

Benefits include additional paid time off for parental care, community service, voting, and vaccinations.

What is the Love Takes Care™ Appreciation Award?

The Love Takes Care™ Appreciation Award is a bonus paid to full-time and part-time hourly employees to recognize their work during the pandemic.