Home Depot Announces $1 Billion Investment in Raising Wages and Benefits for Associates
By Home Depot announced on Tuesday that it will invest $1 billion in raising wages and benefits for its frontline hourly associates.[0] The home improvement retailer will increase the minimum wage for its hourly store employees to $15 an hour, effective February 17. Additionally, those who are currently employed will receive commensurate raises.[1]
The move follows similar decisions by Walmart, the nation’s largest private employer, to raise its minimum wage to $14 an hour for store employees and have an average U.S. hourly wage of more than $17.50, as of early March.
“The most important investment we can make is in our people,” said Ted Decker, chair, president and CEO of Home Depot.[2] This investment is expected to give us a competitive edge in the market, allowing us to acquire and maintain the talent necessary for delivering the quality customer experience we aspire to.[2]
As the competition for low-skilled workers continues to grow with the unemployment rate hovering at near-record lows, Home Depot’s decision to increase wages demonstrates the growing pressure businesses are feeling to attract and retain employees in this job market. The wage increase is also a sign that companies are looking to make longer-term investments despite fears of an impending recession.
Unlimited articles on oanow.com and our mobile app, as well as madison.com and our mobile app, are available with a subscription.[3] ©2023 NPR[4] For further information, go to https://www.npr[4]
0. “Walmart, Home Depot: Here Are The Major Companies Raising Employee Wages In 2023” Forbes, 21 Feb. 2023, https://www.forbes.com/sites/anthonytellez/2023/02/21/walmart-home-depot-here-are-the-major-companies-raising-employee-wages-in-2023/
1. “Walmart, Home Depot spend major cash on worker wages to hoard them” Business Insider, 22 Feb. 2023, https://www.businessinsider.com/walmart-home-depot-spend-major-cash-on-worker-wages-2023-2
2. “Home Depot Makes a Major Change That Will Cost Billions” Henry Herald, 21 Feb. 2023, https://www.henryherald.com/arena/home-depot-makes-a-major-change-that-will-cost-billions/article_0818163e-879a-5eb6-8674-1d124bb803ed.html
3. “RAW: HOME DEPOT TO SPEND $1B MORE ON HOURLY WORKERS” Madison.com, 20 Feb. 2023, https://madison.com/partners/cnn/raw-home-depot-to-spend-1b-more-on-hourly-workers/video_f1483400-9ac8-50f8-ac06-00288c1edb23.html
4. “The Home Depot says it is spending $1 billion to raise its starting wage to $15” WBHM, 22 Feb. 2023, https://wbhm.org/npr_story_post/the-home-depot-says-it-is-spending-1-billion-to-raise-its-starting-wage-to-15/
