Secondary ticket marketplace TicketNetwork announced an increase in its minimum pay rate to $15 immediately, the company announced at a press event earlier this week.
“We are thrilled to be in a position to reward our staff for excellent work being done across all of our various departments,” TicketNetwork CFO Chris Hummer said. “While costly on paper, this decision puts TicketNetwork in an excellent position to attract talented early-career workers, as well as retain existing staff who might otherwise be enticed by other opportunities in different markets.”
The company, based in South Windsor, Connecticut, is now more than three years ahead of the timetable for a minimum wage increase, which was signed into law by Governor Ned Lamont earlier this year. Employees that made $14 or less will see their hourly rate increase to $15, and those making $14.01 to $19 will see a $1 increase in their hourly rate. Approximately 125 employees are expected to see raises due to the policy change, which was announced internally at a staff meeting in late October.
Governor Lamont said that the company’s change of policy is “not only impactful and uplifting but it shows [the employees] how much you appreciate their dedication.”
“When a growing company like TicketNetwork implements a policy like this proactively, it send a message far and wide that will help to retain and attract a talented workforce.”
State Senator Saud Anwar, who was also in attendance at the press event, explained that its important to celebrate the “right thing” and by implementing this change, the company will see employees that are more productive as a trade-off.
“The benefits TicketNetwork employees will receive from this pay increase will benefit their families and their daily lives, and that additional financial independence and strength they will benefit from is exactly why my colleagues and I pushed for a minimum wage increase,” Sen. Anwar said. “More than 300,000 people will receive that same empowerment in the coming years. I’m proud of TicketNetwork, not only because it’s a valuable neighbor in the local community, but because today it reaffirmed its dedication to taking care of our fellow neighbors locally and regionally by committing to its workforce.”
The full press release is available at TicketNetwork’s corporate website.
