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Home News Workforce

Home Depot to increase staff pay by $1 billion

Home Depot's CEO recently revealed their company's commitment to boosting front-line workers' wages and benefits — in a move that is indicative of the tight US labor market and the upward trend in salary expectations. Home Depot has rolled out this across-the-board pay increase in order to retain their hardworking staff for the long haul.

Emma AscottbyEmma Ascott
February 21, 2023
in Workforce
Reading Time: 2 mins read
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Home Depot to increase staff pay by $1 billion

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What’s going on:  

Home Depot announced a massive $1 billion boost to their front-line hourly workers’ pay and benefits for the year, showcasing the tightening of the US labor market and a growing trend of higher wages. 

Though the specifics of the salary hike were not revealed, the CEO of Home Depot shared that in each market, the minimum hourly wage is set at $15 with many paying more. This increase in wages for every front-line worker — regardless of seniority — was implemented to increase the average tenure of their staff.   

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Why it matters:  

The company reported record earnings of $17.1 billion (up 4%), and net sales also up 4% to $157 billion. 

 In addition to changes in pay and benefits, new management positions on the store’s floors have been created.  

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Shareholders will benefit from the successful year too, with a 10% raise in dividends, amounting to around $780 million. 

How it’ll impact the future:  

Despite the company’s guidance for the year ahead, investors were left somewhat unfulfilled as Home Depot said it is expecting little to no change in revenue and a mid-single-digit decrease in earnings per share; a far cry from the narrow increase analysts had projected.  

Aside from this, Home Depot is giving staff raises and creating new job positions, which would give the impression of a bolstering economy.  

Source: CNN
Tags: Human ResourcesWorkforce
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Emma Ascott

Emma Ascott

Emma Ascott is a contributing writer for Allwork.Space based in Phoenix, Arizona. She graduated from Walter Cronkite at Arizona State University with a bachelor’s degree in journalism and mass communication in 2021. Emma has written about a multitude of topics, such as the future of work, politics, social justice, money, tech, government meetings, breaking news and healthcare.

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