Broomfield-based Vail Resorts Inc. announced plans to hike base pay to $20 an hour at all 37 of its North American resorts, which in Colorado translates to a 33% hike from its existing $15 an hour base pay, according to a news release.

Monday’s announcement came on the heels of the company’s earnings call, which showed year-over-year improvement in revenue generation, but still fell short of analysts’ predictions.

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Vail (NYSE: MTN) reported net income of $223.4 million for the quarter, which ended Jan. 31. And though it posted $906.5 million in revenue, a 32% increase from the same period a year earlier, it fell short of analysts’ expectations of $958.9 million. Earnings per share came in at $5.47, again short of the expected $5.70 per share.

The increased minimum wages for employees, along with other employee-centered improvements, are expected to cost the company $175 million a year. Those improvements include “increased HR support, a commitment to accelerate progress on affordable housing, updated perks and benefits, and an expanded focus on career development,” according to the release.

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“Our employees’ passion is what makes our resorts so special and our guests’ experience memorable,” CEO Kirsten Lynch said in the release. “In my first 100 days as CEO, I have had the opportunity to reflect on what is important, and what our company must focus on as we move forward. Our top priority must be to support and invest in our employees — their wages, benefits, HR support, housing and career development. This incremental $175 million annual investment in the employee experience marks a new direction for our company. Combined with an over $300 million investment in 21 new lifts for next season, we will work to ensure our resorts deliver an experience of a lifetime for both our employees and our guests.”

Entry-level ski patrollers and maintenance workers will start at $21 per hour, starting next season. Other hourly employees will see raises, too.

Last fall, the company announced $320 million worth of upgrades to Keystone Resort, along with 13 other Vail properties across eight states and Canada.

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Officials at the time called it the “largest single-year investment” it has made to its properties.

Improvements include 19 new chairlifts, 12 new high-speed chairlifts, a new high-speed gondola, six new fixed-grip chairlifts, new lift-served terrain and an expanded restaurant lineup.

The Keystone expansion involves the Bergman Bowl project, which will add 555 new terrain acres to ski above timberline in the Bergman and Erickson bowls.

The Associated Press contributed to this report.