“Organizations our size are constantly hiring people,” said Gorman. “We are under the same pressures that we see at the entrance, whether it is hotels, restaurants or call centers. There are a lot more jobs than there are people, and therefore there is upward pressure on what I call entry-level jobs. “
Key’s minimum hourly wage is $ 15. In early 2020, the bank raised the minimum base wage rate for certain jobs, including its technology and operations centers, contact centers, and retail branch network, from $ 16 to $ 18. Of time. Key said that last April, more than 75% of his hourly workers were making $ 18 an hour or more, and more than 95% were making $ 16 or more.
Business challenges. “Our customers are feeling the labor shortage, and they are also feeling the impacts of inflation and supply chain issues,” Gorman said.
There is no easy end in sight for supply chain challenges, he said.
“It’s real,” Gorman said. “I describe it as a tangled thread that I think won’t unravel until the end of 2022 or 2023.”
Branch decisions. So far this year, Key has closed 73 branches, representing about 7% of its network. The bank generally consolidates its network by 2 to 3% per year.
Key was still developing his branch network plans for 2022, Gorman said.