[At the tail end of 2017, Congress passed the most sweeping tax reform in decades, and even if it was unpopular with most Americans, some of us are reaping the benefits as businesses across the country credit it for decisions to invest in their workforce.
Most of this investment has been in the form of bonuses that were handed out during the Christmas season shortly after Congress greenlighted the tax overhaul. Many of the companies that have made these moves are in the banking and financial services industry, but there have been some big ones in terms of hiring. For instance, Apple announced this month it would create 20,000 new jobs across all of its campuses, including a yet-to-be-built site.
Some of the workforce investments, which juice conservative arguments that tax cuts amount to job creation, have been offset by news of layoffs. Most notably, AT&T, Comcast and Wal-Mart offered bonuses, wage hikes or other perks while shedding jobs.
[Along with layoffs, Big If True is tracking workforce investments throughout 2018. These are the developments we’ve pinned down at 49 companies so far.
AAON Inc.: The company announced its non-officer employees would receive a $1,000 bonus in response to the tax reform law. About 2,000 people work for AAON in Tulsa, Oklahoma and Longview, Texas.
AccuWeather: All of the company’s 500 employees received bonuses of an undisclosed amount thanks to the tax overhaul and AccuWeather’s strong financial performance in 2017, according to a press release. AccuWeather President and Chairman said in the release that the company is “acting to reinvest in the AccuWeather team and strategic initiatives that drive future growth and product innovation.”
A company spokesman did not provide details as to whether or not those plans include wage hikes or added jobs, but said in an email that AccuWeather continually invests in staff and infrastructure.
Aflac: In December, the insurance company announced it was adding $500 to employees’ 401(k) plan, and its match contributions would increase from 50 to 100 percent matched on 4 percent of workers’ contributions. Employees also will receive some insurance products for free.
AT&T: After the tax law’s passage, AT&T announced it would give bonuses of $1,000 to about 200,000 employees because of the overhaul. However, the bonuses had been a subject of negotiations between AT&T and the union Communication Workers of America before the law went through.
Meanwhile, AT&T has laid off 1,515 employees since December, with another 700 pink slips planned for February.
American Airlines: In January, CNN reported that American Airlines was giving $1,000 bonuses to 130,000 of its employees. However, bankruptcies had prevented American Airlines from paying the federal income tax as it was.
American Savings Bank: In late December, the bank said it was increasing its starting hourly wage from $12.21 to $15.25 and giving bonuses of $1,000 to 1,150 employees.
Americollect: The medical debt collection agency announced to its 250 employees in December that they would receive a $300 to $500 bonus in 2019, citing the tax law’s passage.
Apple: The tech giant announced in January that it plans to create about 20,000 jobs and build a new campus.
Aquesta Financial Holdings: The North Carolina-based community bank said in December it will raise its minimum hourly wage to $15 and give all employees a bonus of $1,000.
Associated Bank: The Wisconsin-based bank announced in December that it would increase its hourly minimum wage from $10 to $15 and give a $500 bonus to its hourly, non-commissioned employees.
Bank of America: In December, the bank announced it would give bonuses of $1,000 to about 145,000 of its employees who earn less than $150,000 a year.
Bank of Hawaii: In late December, the bank said it would raise its minimum wage from $12 to $15 an hour and give a $1,000 bonus to 95 percent of its employees. Bank of Hawaii cited the tax law as incentive for these decisions.
BB&T Corporation: In response to the tax law’s passage, the financial services holding company said it would increase its hourly minimum wage from $12 to $15 in January, in addition to giving 27,000 workers a $1,200 bonus. BB&T also plans to put $100 million in its philanthropic fund for charitable giving.
Boeing: The company plans to spend $100 million on training and education for its employees.
Central Pacific Bank: In late December, the bank announced plans to increase its starting hourly wage from $12 to $15.25 and give bonuses of $1,000 to employees, except for management committee executives.
Comcast: In December, the company announced it would give $1,000 bonuses to its 100,000 full-time employees, but Comcast also fired more than 500 salespeople. The terminated employees were also eligible to receive $1,000 in the form of severance.
Community Trust Bancorp, Inc.: The bank announced in December that it would give full-time employees a bonus of $1,000 and give part-time employees $500 in response to the tax overhaul.
Copperleaf Assisted Living: The Wisconsin-based company announced in December it would give bonuses of $200 to $600 to its 175 part-time and full-time employees. Co-owner Krista Mendyke told the Stevens Point Journal that the $60,000 total in bonuses was based on Copperleaf’s estimated tax savings.
Dayton T. Brown Inc.: Inspiration struck the engineering company to give $400 bonuses to its 210 employees after AT&T announced its employee bonuses in December.
Delaware Supermarkets Inc.: The company, which runs ShopRite grocery stores, announced in December that it planned to give bonuses of $150 to 1,000 employees in response to the tax law’s passage.
[Read Big If True’s list of layoffs since the tax overhaul.
Disney: In January, the company announced it was giving $1,000 bonuses to 125,000 non-executive employees, citing the tax overhaul. Disney also is investing $50 million in a scholarship program for hourly employees.
Express Employment Professionals: Due to expected savings from the corporate tax cut, the company’s CEO said in late December it planned to give its 200 nonexecutive employees in Oklahoma City bonuses of $2,000.
FedEx: Citing the tax overhaul, FedEx announced it would shift its annual pay hike from October to April this year, with wage increases of about $200 million. About two-thirds of that will go toward hourly workers, with the rest going toward salaried employees’ performance-based incentive plans. FedEx also is giving $1.5 billion to its pension plan and investing another $1.5 billion in its Indianapolis FedEx Express facility.
Fiat Chrysler: In January, the company said it would give $2,000 bonuses to 60,000 American workers. Fiat Chrysler also plans to invest $1 billion in a Michigan truck factory that will create 2,500 jobs.
Fifth Third Bancorp: In December, the bank announced it would raise its minimum hourly wage to $15 and give a $1,000 bonus to about 13,500 workers.
First Hawaiian Bank: In late December, the bank announced it would raise its minimum wage from $12.75 to $15 an hour and give 2,264 employees bonuses of $1,500.
First Horizon National Corp.: The Tennessee-based company planned in December to offer $1,000 bonuses to its employees.
First Tennessee Bank: The Memphis-based bank gave its employees a bonus in January, citing the tax law.
Gate City Bank: Citing the tax law, the bank gave its 538 employees bonuses of $1,000 in mid-January. “This is above and beyond general compensation,” a Gate City Bank press release said.
Home Depot: The Atlanta-based retail company said in late January it would give its American hourly workers $1,000 bonuses in response to the tax law.
Kansas City Southern: In response to the tax overhaul, the transportation holding company gave its non-executive employees in the United States and Mexico a $1,000 bonus in December.
Melaleuca Inc.: Citing the tax law’s passage, the Idaho-based health care and home products company planned in December to give bonuses to its 2,000 employees. The size of each bonus depended on the number of years the worker had been with Melaleuca, with the company rewarding each year of service with $100.
National Bank Holdings Corp.: In late December, the bank cited the tax law when it announced bonuses of $1,000 for employees who earn under $50,000 a year.
Navient: The company cited the tax overhaul as the reason for $1,000 bonuses for its 6,700 non-officer employees. According to the Times Leader, a Navient memo suggested the firm would consider other ways to support its workforce.
Nelnet: In December, the Nebraska-based company announced it would give a $1,000 bonus to employees who have been with Nelnet for at least six months, while those who have worked there for fewer than six months will get bonuses of $500. The company credited the tax law for its decision.
Ohnward Bancshares: Citing the tax reform, the bank holding company gave a $1,000 holiday bonus, on top of performance-based bonuses, to all of its employees in December.
Pinnacle Bank: The Nebraska-based bank awarded its 1,000 full-time employees with $1,000 bonuses in December.
Regions Financial Corporation: The bank cited corporate tax cuts in January when it announced plans to raise its minimum hourly wage from $10.15 to $15 and to donate $40 million to its foundation.
PNC Financial Services: After the tax law passed in December, the Pittsburgh-based bank said it would raise its minimum hourly wage to $15 by the end of 2018. PNC also gave a $1,000 bonus to about 90 percent of its employees, added $1,500 to its employees’ pension plans and donated $200 million to its foundation.
Sinclair Broadcast Group: In December, the television broadcaster announced it would give 9,000 part-time and full-time employees a bonus of $1,000. A month later, Sinclair laid off seven employees who worked for Circa, the company’s news site.
Southwest Airlines: CNN reported in January that the airline was giving all part and full-time employees a $1,000 bonus, giving $5 million to charity and buying aircrafts with its tax savings.
Starbucks: Citing the tax law, Starbucks said it would increase its American workers’ pay in April and provide $500 in company stock to workers at stores, support centers and bean roasting plants. Store managers will earn stock worth $2,000. Starbucks is also making changes to its benefits, will all employees now eligible for paid sick leave.
SunTrust Bank: In January, the bank announced it was raising its minimum hourly wage to $15, citing the tax overhaul. The bank also plans to give merit-based raises to a fifth of its employees, contribute an additional 1 percent match to 401(k) retirement funds and give $1,000 to employees who finish a financial fitness program.
Texas Capital Bank: In December, the bank announced it would give about 900 employees a $1,000 bonus in response to the tax overhaul.
A press release from the bank suggested Texas Capital plans to further invest in its workforce, but a spokeswoman did not answer an email asking for details on those plans.
Verizon: An internal memo from Jan. 23 said the company would give 50 shares of restricted stock to its American non-executive employees. About 153,000 Verizon employees will receive the bonus, including employees outside the U.S. who will receive the cash equivalent of the stock. Verizon also plans to donate $200 to $300 million to its foundation.
Visa: On Jan. 3, Visa announced it would increase 401(k) match contributions, with 5 percent of an employee’s salary now eligible for match contributions, up from 3 percent. All American employees except for executive committee members can receive the benefit. Visa has suggested other workforce investments are in the works, but a company spokeswoman didn’t respond to an email asking for details.
Walmart: In early January, the retail giant announced it would increase its minimum hourly wage from $9 to $11 and give bonuses of up to $1,000 to some employees. The company also plans to increase the length of paid maternity leave to 10 weeks from eight weeks and to add four weeks to its paid parental leave for a total of six weeks.
However, that news emerged the same day that Wal-Mart stunned business analysts by announcing plans to shutter 63 Sam’s Club stores, where about 9,450 employees will be laid off.
Washington Federal: The Seattle-based community bank announced plans in December to increase wages by 5 percent for most of its employees, hire 25 IT staff members and give $5 million to its charitable foundation.
Wells Fargo: In December, the bank announced plans to increase its minimum hourly wage from $13.50 to $15. Wells Fargo also said it would donate $400 million to nonprofits in 2018.
Contact Mollie Bryant at 405-990-0988 or bryant@bigiftrue.org. Follow her on Facebook and Twitter.
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Note: This post was last updated Jan. 27, 2018 to include additional workforce investments.
