Lowe's Gives Inflation Bonuses to Hourly Workforce
Lowe’s is offering hourly employees $55 million in bonuses to help offset the sting of inflation, which has remained near 40-year highs all summer, the company announced on an earnings call Wednesday. The home improvement retailer is offering this incentive even as inflation moderated slightly, with gas prices softening in July from their peak the previous month, a welcome sign for policymakers at the Federal Reserve, which has been raising interest rates to combat inflation. Lowe’s employs approximately 300,000 associates and operates or services more than 2,200 home improvement and hardware stores.
Total Retail's Take: Lowe's is following the lead of other enterprise organizations with large hourly workforces that have doled out bonuses to employees to help them offset inflationary pressures. The move is seen as a retention bonus to help Lowe's retain employees longer in a booming labor market. Between increased wages, bonuses, added benefits and perks, flexible scheduling, etc., retailers are looking for every advantage they can find in their quest to keep their stores, warehouses and call centers fully staffed, particularly as we approach the all important Q4 holiday season.