Lowe's to Give $100M More in Bonuses to Hourly Employees
Lowe's announced yesterday that it will give $100 million more in bonuses to hourly employees, as strong demand for home improvement continues. It marks the sixth time the home improvement retailer has given additional pay to workers at its stores, distribution centers and support centers during the coronavirus pandemic. It gave bonuses to part-time, full-time and seasonal employees in March, May, July and August. It also increased pay by $2 an hour for the month of April. With the latest round, Lowe's will have paid more than $675 million in additional pay to employees this year. It will pay the latest bonuses on Oct. 16. Full-time hourly employees will receive $300 and part-time and seasonal hourly employees will receive $150.
Total Retail's Take: While the COVID-19 pandemic has had a devastating impact on the retail industry as a whole, several sectors, including home improvement, have seen a surge in demand. The primary reason attributed to the growth in the home improvement sector is that people are spending more time at home during the pandemic, and therefore investing in more projects to fix and spruce up their spaces. Lowe's is just one of the retailers to benefit from this dynamic, along with The Home Depot, Wayfair, and others. It's nice to see that Lowe's is sharing that prosperity with its front-line workers, who have worked throughout the pandemic as the retailer was deemed essential and allowed to remain open. And happier employees typically equate to happier customers, so there's a potential long-term benefit to Lowe's actions.