The Home Depot Spends $1B to Increase Employee Pay

November 18, 2020

3,579 2 minutes read

A A A
Some businesses are actually thriving during this unprecedented pandemic that hurt so many restaurants, bars, and venues. One of the businesses that is thriving is The Home Depot. The Home Depot has been a leader in the industry for supplies for anything regarding the construction or functionality of your home. You can get tubs, toilets, light fixtures, cabinets, kitchen utensils, electrical equipment, and even lawn gnomes. It seems as though the pandemic hasn’t prevented people from working on their homes. In fact, business is better than ever.

Despite a large dip right when the pandemic hit at the end of March of 2020, The Home Depot’s stock has been climbing to higher numbers than before the pandemic. In fact, the third quarter showed a 20% increase in net profits from the previous years of $3.4 billion. This could be due to people being stuck at home. Some families may take the time to work on things in their home. The Home Depot has decided to share this boost in business with the people who support the company the most- the employees.

The Home Depot knows that the pandemic has not been so good for other industries and the families of the people who work in their stores. For that reason, they have decided to share some of their profits with employees. During the pandemic, The Home Depot offered additional paid time off and weekly bonuses to employees. Now, they intend to do even better by raising the hourly pay. The total cost will be about $1 billion. That is almost 1/3 of the profits! Naturally, employees are excited about the pay increase. Applications are going to be coming in and more people will likely choose to shop at such a caring organization.

The Home Depot knows that the holidays are important for the home and the people in it, and this announcement couldn’t have come at a better time. The holidays aren’t going to be the same as usual this year. However, the paid time off will allow people to spend time with the family they can see. Also, the pay raise will be able to provide money for Thanksgiving and Christmas this year. While airlines may be offering cheap travel, many people don’t feel comfortable getting on a plane these days. Additional money can help show family and friends that they care with small gifts. It’s a way to remain close during these difficult times.

The Home Depot isn’t the only organization who has been helpful to their employees. Cooper’s Hawk has been giving employees meals for their families at least a couple of times a week. Pepsi Co now offers caregiving benefits for employees with children at homes. They also gave people on the front line extra pay. There are numerous other businesses giving back to their employees and communities, too. These companies show us that they really do understand how valuable their employees are to their organization. It makes all of these companies look good, but it also spreads some good cheer.

When things go wrong in the world, such as a pandemic, it can be easy to emphasize the bad. There are a number of businesses who are forced to go out of business or make difficult decisions due to a lack of income. In these trying times, The Home Depot reminds us that there is some color amongst all of the dark moments. Hopefully, other companies will learn from the generosity of this company and share profits with the people who keep their business running.

The Home Depot Spends $1B to Increase Employee Pay

Check Also

Cryptocurrency Can Now Be Bought & Sold on Venmo

Related Articles

How Americans are Successfully Coping with Inflation

How you can pay down your debt and still have fun at holiday time

The American Dream is fading for millennials

How Real Estate Investing Can Help Prepare You for Retirement

Check Also

Cryptocurrency Can Now Be Bought & Sold on Venmo

Log In

Newsletter