Home Depot to Give Employees Permanent Pay Raise
This has been a particularly rewarding year for The Home Depot thanks to fervent public interest in home improvement and a healthy housing market. Now their employees will reap some of those rewards.
This week The Home Depot announced its third quarter financial results for fiscal 2020, reporting sales of $33.5 billion — a 23.2 percent increase from a year ago. A booming housing market and a wave of renewed homeowner interest in home improvement contributed to the surge.
“The third quarter was another exceptional quarter for The Home Depot as we saw the continuation of outsized demand for home improvement projects, which has led to sales growth of more than $15 billion through the first nine months of the year,” said Craig Menear, the company’s chairman and CEO.
The Home Depot has also announced plans to annually invest $1 billion into increased worker benefits as a way to reward employees for their contribution to this skyrocketing success.
“Our ability to effectively adapt to this high-demand environment is a testament to both the investments we have made in the business as well as our associates’ focus on customers,” said Menear. “We continue to lean into these investments because we believe they are critical in enabling market share growth in any economic environment. I am proud of the resilience and strength our associates have continued to demonstrate, and I would like to thank them and our supplier partners.”
This annual $1 billion investment adds to the $1.7 billion The Home Depot already committed to employee benefits in response to the coronavirus pandemic. The company plans to earmark the $1 billion for “permanent compensation enhancements for frontline, hourly associates.”