Home Depot said Tuesday it’s investing $1 billion in wage increases for its U.S. and Canadian hourly workers.
The Atlanta-based home improvement chain said every hourly employee will get a raise starting this month. Starting pay will be at least $15 per hour in all markets.
Home Depot is one of many big retailers who have raised pay to attract workers in a strong U.S. job market, where unemployment is at its lowest level since 1969. Walmart announced in January that it would be raising its hourly wage to an average of $17.50, while Target invested $300 million in hourly wage increases last year.
The pay raises could also help Home Depot head off a fledgling campaign to unionize its stores, which it opposes. Workers at a Home Depot in Philadelphia filed to hold a union election last September, saying workers weren’t benefiting from Home Depot’s strong sales and stores were understaffed. Workers at the store voted to reject the union in November.
Home Depot employs 437,000 people in the U.S. and 34,000 in Canada. The vast majority are hourly employees, the company said. The company operates 2,000 stores in the U.S. and 182 stores in Canada.
“This investment will help us attract and retain the best talent into our pipeline,” Home Depot’s Chairman, President and CEO Ted Decker wrote in an email to employees. Decker noted that 90% of the chain’s store leadership started as hourly workers.
Doug Clinton, Deepwater Asset Management managing partner, shares tips for investors looking to take advantage of the massive boom in artificial intelligence beyond Microsoft and Nvidia.
Jason Moser, analyst and adviser at the Motley Fool, shares thoughts on recent tech earnings, including what’s behind Google’s share price drop and why A.I. could be Microsoft’s ‘iPhone moment.’
CEOs of social media platforms like Facebook, TikTok, and more meet with lawmakers Wednesday about how they are protecting children from sexual exploitation.
San Francisco 49ers president Al Guido discusses what goes into preparing for Super Bowl LVIII, building a championship-ready team, and how Taylor Swift and streaming are both bringing new fans to the NFL.
A $1 billion loss from a six-week strike did not crash GM's net income last year, which instead rose 12% — and the automaker expects improvement in 2024, too.
Accrue CEO and founder Michael Hershfield explains why Americans' credit card delinquencies are on the rise, advice on what can help, and the key difference between Boomers and Gen Z when it comes to money.
Senior Economist at Morning Consult Kayla Bruun shares thoughts on what to expect from the Fed's January meeting and where monetary policy is headed, as well as how consumers are faring.
Former Medtronic CEO and author of 'True North' Bill George explains the steps Boeing leadership must take to regain client and consumer trust after 737 Max 9 production was stopped.
