Did you see BofA is raising their minimum wage to $25 by 2025? Good on them. A job there would put someone over $50k a year.

But, what’s behind the change? Certainly it’s not plain benevolence. From a BofA press release: “A core tenet of responsible growth is our commitment to being a great place to work which means investing in the people who serve our clients.”

Ah, they are trying to make BofA a great place to work. Got it.

Oh wait, there’s more. The press release continues, “That includes providing strong pay and competitive benefits to help them and their families, so that we continue to attract and retain the best talent.”

Did you catch the key statement? “Continue to attract and retain the best talent.” I submit to you that the biggest leadership challenge for the remainder of 2021 and the foreseeable future is attracting, engaging, and retaining superstars. Especially over the next 18 months as we go through the Grand Reshuffle (see my previous post on that).

This can be done partly with competitive or trailblazing pay and benefits. But you have to back up the pay/benefits with something even more sticky. A clear, articulated, and engaging culture. This will be the trick.