Wayfair to Pay All U.S. Employees a Minimum of $15 Per Hour

Rhea-AI Summary

Wayfair (NYSE:W) has announced a significant pay increase for all U.S. employees, effective January 3, 2021. This adjustment ensures that all hourly employees earn a minimum of $15 per hour, with over 40% of the workforce in supply chain and customer service operations benefiting from this change. The company has also implemented various support initiatives during the pandemic, including bonuses and a Dinner To Go program, and has invested over $12 million in local communities. Wayfair reported a net revenue of $13 billion for the year ending September 30, 2020.

Positive

• All U.S. employees now earn at least $15 per hour, effective January 3, 2021.
• Over 40% of hourly employees in supply chain and customer service benefit from the wage increase.
• Wayfair has invested more than $12 million in its local communities over the past year.

Negative

• None.

Wayfair Inc. (NYSE:W), one of the world’s largest online destinations for the home, today announced that all U.S. employees will now make at least $15 per hour. The increase took effect on January 3, 2021 and applies to full-time, part-time and seasonal employees across the company’s U.S. operations. More than 40 percent of Wayfair’s hourly employees working across its U.S. supply chain and customer service operations will receive a pay increase.

“Throughout the challenges of the past year, we rolled out numerous initiatives to support our team including pay premiums, bonuses and a family dinner program. Now, as we enter 2021, we are continuing to build upon our steadfast commitment to our team and their families by increasing minimum pay for all hourly employees,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair. “We are fortunate to have an incredible team that puts our customers first each and every day and it is important to us that they feel supported and fairly compensated for the important work that they do. We are proud to offer market-leading compensation and the opportunity for all employees to build careers in a collaborative and supportive workplace that rewards great work.”

In addition to market-leading compensation, Wayfair has also extended benefits to further support its employees throughout the Covid-19 pandemic, including an ongoing pay premium for its frontline team, a variety of bonuses, emergency paid time off, and childcare support for all employees. These initiatives are in addition to an already comprehensive benefits package which includes equity, 401K matching, tuition reimbursement, mental health support, paid time off, an employee discount across all Wayfair sites, and more.

In addition to providing all employees with highly competitive compensation and benefits, Wayfair believes in supporting the local communities in which its employees live and work. Over the past year, Wayfair invested more than $12 million in the greater community, including $3 million in small businesses, providing hundreds of thousands of meals for its employees and their families from local restaurants that were struggling due to the pandemic.

Wayfair’s Dinner To Go program provided every frontline employee with two free, family-sized meals per week from local, family-owned restaurants throughout the most difficult months of the pandemic. The initiative supported both frontline teams as well as struggling small businesses in areas across Wayfair’s logistics network.

For information about career opportunities at Wayfair, please visit www.wayfaircareers.com.

About Wayfair

Wayfair believes everyone should live in a home they love. Through technology and innovation, Wayfair makes it possible for shoppers to quickly and easily find exactly what they want from a selection of more than 18 million items across home furnishings, décor, home improvement, housewares and more. Committed to delighting its customers every step of the way, Wayfair is reinventing the way people shop for their homes - from product discovery to final delivery.

The Wayfair family of sites includes:

• Wayfair - All things home, all in one place.
• Joss & Main - Stylish designs to discover daily.
• AllModern - The best of modern, priced for real life.
• Birch Lane - Classic home. Comfortable cost.
• Perigold - The widest-ever selection of luxury home furnishings.

Wayfair generated $13.0 billion in net revenue for the twelve months ended September 30, 2020. Headquartered in Boston, Massachusetts with operations throughout North America and Europe, the company employs more than 16,700 people.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210107005151/en/

FAQ

What is Wayfair's new minimum wage for employees in the U.S.?

Wayfair has set a new minimum wage of $15 per hour for all U.S. employees, effective January 3, 2021.

How much did Wayfair invest in local communities last year?

Wayfair invested over $12 million in local communities throughout the past year.

What was Wayfair's net revenue for the 12 months ended September 30, 2020?

Wayfair generated $13.0 billion in net revenue for the twelve months ending September 30, 2020.

How many employees does Wayfair have?

Wayfair employs more than 16,700 people.

What support has Wayfair provided to employees during the pandemic?

Wayfair implemented pay premiums, bonuses, and a Dinner To Go program to support employees during the pandemic.