Financial institution fights low unemployment with high wages

GTE Financial, a Tampa-based credit union with $2.09 billion in total assets, has responded to record-low unemployment levels by raising its minimum wage to $16 per hour — nearly double the state minimum wage of $8.46 per hour.

In a press release, the credit union’s chief talent officer, Jasiel Legon, says the move is intended to help it “secure top talent” as the booming economy makes it tougher for businesses to recruit and retain employees. It’s also a response to the national living wage movement, calling on a variety of businesses to raise the minimum wage.