Recently, Verizon (VZ  ) announced that it would be raising its internal minimum wage to $20 per hour for all existing and new employees, likely in an attempt to stay competitive in an increasingly tight labor market. Verizon is one of many businesses raising pay to combat inflation and compete for workers.

Walmart (WMT  ), Walgreens (WBA  ), and Chipotle Mexican Grill (CMG  ) have each introduced significant pay bumps in recent months, and T-Mobile (TMUS  ) moved its starting wage up to $20 per hour back in December. Verizon will still be well behind AT&T (T  ) which said in a statement to CNET that its full-time customer service workers make an average of $26 per hour.

"Our V Teamers give their best day in and day out to support our customers with all of their needs, which is why we want to make sure we support them as well," Krista Bourne, Chief Operating Officer for Verizon Consumer Group, was quoted in a Verizon release. "These changes are the direct result of employee feedback and will help us remain an attractive employer in this competitive environment."

The raise will automatically be applied to the payroll of all current Verizon customer service employees, as well as all retail and inside sales representatives "when base salary plus target commission are combined".

Alongside the wage increase, the telecommunications company will also be offering "premium pay differentials" for employees who are bilingual or work on Sundays or holidays, as well as sign-on bonuses for "retail specialist and assistant manager positions". Several local news sources have cited bonuses of $2,500 for specialists and $3,500 for assistant managers at Verizon locations throughout the United States.

The release also laid out a description of Verizon's ideal employee candidate, including "early adopters of new technology", fans of 5G, team players, and "gamers".

So far this year, Verizon has seen a stock increase of about 5% while the Dow Jones Industrial Average (DIA  ) has fallen 5%.