Home Depot workers will receive their raise in the next paycheck.
Photo: Jonathan Weiss/Shutterstock
On Tuesday, Home Depot reported that it will allocate an additional $1 billion to increase the wages of its hourly employees. This move comes at a time when retail and restaurant businesses are competing with each other to attract and retain workers.
Home Depot unveiled the wage increase when it reported its fourth-quarter earnings. Although the new average salary for the employees was not disclosed, it was reported that the hourly minimum wage in every city where they have a presence is now at least $15.
Hourly workers will see the pay increase reflected in their next paycheck. This increase will benefit all hourly workers in the United States and Canada.
In this way, Home Depot joins the list of large stores that have recognized that the labor market continues to be very competitive.especially in the case of hourly workers with lower wages.
Home Depot is one of the largest private employers in the country, with about 475,000 total workers. The majority of its workforce is made up of hourly workers in its nearly 2,300 stores located in the United States, Canada and Mexico.
Its frontline employees, who will receive the salary increases, also work in supply chain, customer service and merchandising functions.
According to CNBC, Home Depot CEO Ted Decker informed employees via email that the salary investment puts them in a more advantageous position in all markets in which they operate.
This movement will allow them to face the labor market with greater competitiveness and improve employee retention in all their stores.
Ted Decker also noted that the wage increase will allow the company to attract more skilled workers and retain experienced staff.. According to Decker, the higher wages will improve the customer experience that will be served by skilled workers and will help the company stay ahead of the market.
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