Home Depot to Give Hourly Workers Up to $1,000 Bonuses
Home Depot is paying out one-time bonuses of up to $1,000 in cash to its hourly workers in the U.S., citing the recent tax overhaul. The home improvement retailer follows others doing the same, including Disney, Starbucks and Wal-Mart. Home Depot said Thursday that the one-time bonus will be distributed in the current quarter. Existing bonuses will be paid out as well.
Total Retail's Take: More fallout from the recently passed tax reform bill, which will save corporations like Home Depot a lot of money. It's encouraging to see that a good number of companies — both retailers and non-retailers — are using this unexpected cash windfall to better compensate their employees as well as invest in the future of their businesses. Traditional retailers know that store associates are the faces of their organizations, and they're recognizing the value of those employees by sharing the tax savings with them. The happier these employees are — more money will do that — the more likely they are to better perform their jobs and remain in them, providing the dual benefit of happier customers (i.e., more sales) and cost savings from less employee turnover. Can more be done? Certainly. But at least retailers are moving in the right direction.