Our market-based wage approach is an integral component of Caterpillar’s Total Rewards package and is designed to balance the need to attract and retain employees with the need to keep our facilities competitive.
We are committed to wages that are competitive in our local markets. Since 2005, Caterpillar has conducted a local market analysis each year to ensure we set wages appropriately.
Prior to 2005, we failed to get the balance right. Our wages were substantially above market. That uncompetitive position led to severe under-utilization of many of our facilities and hampered growth and employment opportunities.
We’ve kept our promise to review wages annually, resulting in 14 adjustments over the last 17 years.