Home Depot To Increase Hourly Wages For Workers As Housing Market Booms

(CBS/CNN) — The housing market is booming. That’s great news for Home Depot — and its workers. Home Depot reported better-than-expected sales and earnings Tuesday, and the company is planning to invest $1 billion annually on increased worker benefits. That’s on top of the $1.7 billion in benefits the company has already granted this year in response to Covid-19. Home Depot unveiled temporary programs during the coronavirus pandemic such as expanded paid time off and weekly bonuses. But the company has decided to give hourly workers a permanent pay increase as the housing market continues to thrive. In the Boston area, Home Depot is looking to fill more than 1,000 retail positions at stores. Openings include full and part-time positions in customer service and overnight freight, as well as filling online and curbside orders. Applications can be filled out online at careers.homedepot.com/hiring. Sales at stores that have been open for at least one year surged 24% in the third quarter. And Home Depot reported a net profit of $3.4 billion, an increase of more than 20% from a year ago. “[T]he investments we have made in the business as well as our associates’ focus on customers…are critical in enabling market share growth in any economic environment,” CEO Craig Menear said in the company’s earnings release. Shares of Home Depot fell 3% Tuesday following the news, but the stock is up nearly 25% this year. Home Depot is thriving ...
Source: WBZ-TV - Breaking News, Weather and Sports for Boston, Worcester and New Hampshire - Category: Consumer Health News Authors: Tags: Boston News Business Syndicated CBSN Boston Home Depot Source Type: news