Nike announced on Monday that it will increase the wages of roughly 7,000 of its employees.
Nike spokeswoman Sandra Carreon-John explained that the athletic apparel company limited the number of raises it would award in order to further internal competition.
Following an April report by the New York Times in which multiple Nike employees complained about gender discrimination and sexual harassment, this wage increase looks good for the company. Nike lost multiple executives due to employee allegations, and as such, the company needs a reboot for their corporate image.
This wage increase is not the only change which Nike intends to make. The company has also changed its bonus structure. Although bonuses used to be given out based on a combination of company, team, and individual performance, bonuses will now be based solely on company performance.
Nike’s stock (NKE) fell roughly 0.5 percent on Monday following the news. Over the past 30 days, however, the company’s shares have risen almost six percent. Over the past twelve months, the sportswear firm has seen their stock jump almost 30 percent.
Featured Image via Pexels/Shane Aldendorff
