Nike To Give 7,000 Employees Salary Hike

(RTTNews) - Sports apparel retailer Nike Inc. (NKE) plans to give about 7,000 employees salary hike following an internal review. The company also plans to change how it awards annual bonuses to its global staff.

The decision reflects the company's efforts to resolve the issues about pay equality and reshape its corporate culture. The company decided to restructure its pay practices based on an internal review earlier this year.

Nike plans to give 10 percent of its employees, both men and women, hike in salary to ensure equal and competitive compensation for the same job functions around the world, according to an internal memo reviewed by CNBC.

"With movement of internal talent, and the demands of a dynamic market, we analyze pay each year. This year, we have conducted a deeper analysis of all roles, at all levels globally," the memo said.

Beginning 2019, Nike plans to award bonuses based on company-wide performance instead of a combination that also included team and individual performances.

Nike has over 74,000 employees around the world, of which about 10% will receive competitive-pay adjustments in the coming weeks.