Lowe’s Awards New Bonuses as Home Improvement Season Looms
Lowe's has earmarked $80 million in new discretionary bonuses and plans to hire more than 50,000 associates across U.S. stores this spring. The latest bonus will bring the company's total commitment to associates, communities and store safety during the pandemic to nearly $1.3 billion.
During the pandemic home improvement has generally done well, especially compared to many other types of retail, and a Lowe’s spokesperson said the company is again gearing up for its busiest season. As well, rival Home Depot late last year said that it would spend some $1 billion annually to make temporary pandemic wage increases permanent — that announcement came on the heels of third quarter growth, notably in comparable store sales and e-commerce.
Active hourly associates at U.S. Lowe’s stores, distribution centers and call centers will receive the bonus on Feb. 5 in recognition of their continued dedication. Full-time hourly associates will receive $300, and part-time and seasonal associates will receive $150.
This will be the seventh bonus or special payment Lowe's has provided to hourly associates during the pandemic.
Lowe's is also filling seasonal positions and permanent full-time and part-time roles at stores to help customers purchase essential products and services during the pandemic. Lowe's is hiring more than 50,000 seasonal and full-time retail associates, building on the more than 90,000 associates hired into permanent roles over the past year. Meanwhile, Lowe's Canada hopes to fill over 7,000 full-time and part-time positions throughout its network of Lowe's, RONA and Reno-Depot corporate stores across the country.
"As we approach spring, I am enormously proud of the way our associates have served customers and supported each other this past year through an unprecedented health crisis," said Marvin R. Ellison, Lowe's president and CEO. "We are honored to be an essential business to help our customers keep their homes safe and functional during these very challenging times. We're pleased to provide this additional bonus to support our current associates and excited to welcome these new associates so we can better serve customers across the country."
The company committed more than $150 million to support its communities last year, including more than $100 million in pandemic-related relief. Lowe's provided grants to deliver much-needed financial assistance to rural, minority-owned and women-owned small businesses. Lowe's associates also actively provided supplies and support across dozens of communities hit hard by disasters in one of the busiest and most destructive years for wildfires and hurricanes.