Nike raises pay for 7,000 workers to improve compensation equality

Nike Inc. is raising salaries for more than 7,000 employees after an internal pay review and changing how it awards annual bonuses to its global staff, part of a broad overhaul of compensation at the sportswear giant.

The changes, announced Monday in an internal memo, are the latest example of efforts by Nike management to address concerns about pay equity and reshape the company’s culture, which was jolted this spring by complaints of inappropriate workplace behavior and an executive purge.

Nike NKE, -0.48%  counts more than 74,000 employees around the world. Of those, 10% will receive competitive-pay adjustments in the coming weeks to ensure equality of compensation between the same job functions around the world, according to the company.

The company said the changes seek to ensure “more competitive pay” and to “support a culture in which employees feel included and empowered.”

An expanded version of this report appears on WSJ.com.

Also popular on WSJ.com:

2.5 billion pounds of meat piles up in U.S. as production grows, exports slow.

Private pension product, sold by felon, wipes investors out.

Source: Read Full Article