Domino’s CEO Patrick Doyle said on CNBC’s Squawk Box yesterday that employers will have to start raising wages in order to get more employees.
After a discussion about Domino’s current “Anywhere” program, which allows customers to order pizza on almost any device, Doyle was asked where he stood on the issue of raising wages. Recently, corporations like McDonald’s, Walmart, Target, and Gap announced they would be increasing their pay.
“The great news is the economy is moving; it is getting better,” said Doyle. “It’s getting harder to hire people. I think it’s why you’ve seen a lot of these announcements around pay … I think the reality is the labor market is tightening up, and we’ve got to respond to that.”
“It’s getting harder to hire people, and that drives wages up. And that’s a great thing.”
The hosts then asked if Doyle was going to raise wages at the about 400 company-owned locations, he responded, “We’ve got to what the market demands to get the right people for our business … But for our own stores … we’ve got to pay more to get people right now.”
Watch Doyle’s comments on wages, starting at 2:05.