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Home Depot is Giving $1 Billion in Raises to its Employees and Investing the Same Next Year


With everyone staying home and doing those home improvement and DIY projects, US hardware giant Home Depot’s profits for the third quarter were up 23 percent over the same period in 2019.

By Ben Allen, CC license

The company announced this week that it is investing $ 1 billion of that profit on its employees, and will make it permanent.

During the COVID-19 pandemic, The Home Depot has been supporting its associates with extended paid time off for all hourly workers and implementing temporary weekly bonuses for all.

Now the company is moving from these temporary programs to investing in permanent pay increases for front-line employees, both full-time and part-time, totaling $ 1 billion in raises for its workers annually.

RELATED: Jeff Bezos creates a $ 10 billion ‘Earth Fund’ to tackle the climate crisis, first donations of $ 800 million go to iconic environmental groups

“I am proud of the resilience and strength our associates have continued to demonstrate and would like to thank them,” said President and CEO Craig Menear. said in a statement.

“We believe that our associates are a competitive advantage for Home Depot and are critical to the overall customer experience.”

MORE: UK companies have returned £ 215m in government COVID relief funds

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