Lowe’s Cos Inc (N:LOW) announced on Wednesday that it is to award its hourly staff a further $100 million in discretionary bonuses.
The bonuses, the sixth time the home improvement retailer has given additional pay to workers at its stores, comes as demand for home improvement continues to rise.
Hourly associates working full time will receive $300. Part-time and seasonal associates will each receive $150. The October bonus will match the funds Lowe’s provided to all hourly associates in March, May, July and August of this year. Once totalled, the bonuses given out by Lowe’s have so far cost the company headquartered in Mooresville, North Carolina, over $775 million. This figure includes the $2 hourly raise given for the month of April.
Marvin R. Ellison, Lowe’s president and CEO said in a statement:
“Throughout the spring, summer and now into fall, our front-line associates have shown remarkable resilience and dedication to our communities in the most trying times we have faced together,”
“As we continue to provide extraordinary service to our customers throughout the pandemic, we are pleased to provide this additional bonus as a thank you to our associates for their perseverance and continued commitment to our customers.”
Online Retailers React to Surge in Demand
The latest round of bonuses awarded by Lowe’s Cos Inc (N:LOW) to its employees follows other online giants recognizing and rewarding their staff during the surge of online spending.
Online retail giant Amazon.com Inc (O:AMZN) and Walmart Inc (N:WMT), have given out bonuses to its staff totalling millions of dollars during the global pandemic, as staff struggled to meet the spike in online demand.
