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Lowe's (LOW) to Provide Additional Bonus, Unveils Hiring Plan
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Lowe's Companies, Inc. (LOW - Free Report) is committed toward empowering employees, whose contributions play a vital role in achieving business targets. In recognition of the dedicated efforts of front-line associates amid the pandemic, the company announced an additional $80 million in discretionary bonuses. Moreover, it plans to hire more than 50,000 associates across U.S. stores this spring. The enhanced workforce is likely to keep the company on wheels as it strives to meet the higher demand for home improvement products, fueled by increased stay-at-home trends amid the pandemic. Let’s take a closer look at these developments.
Investment in Employee Bonus & Other Benefits
Lowe's latest bonus brings its total commitment to employees, communities and store safety to nearly $1.3 billion. This marks the seventh bonus or special benefits provided by the company since the onset of the pandemic. Hourly associates at the company’s stores, distribution centers and call centers will receive the bonus on Feb 5. Management stated that full-time hourly associates will receive $300, while part-time and seasonal associates will receive $150.
Additionally, the company stated that all hourly associates benefit from the company’s competitive pay and are eligible for its quarterly profit-sharing bonuses, which were paid to all U.S. stores in the first three quarters of this year. Employees can also take advantage of comprehensive health and wellness benefits provided by the company, which support their overall wellbeing and are tailored to fit their varied lifestyles. Benefits in this context range from health, vision and dental insurance, tuition reimbursement, discounted stock purchase plans, family-building benefits as well as paid volunteer time and more.
Markedly, the company provided more than $150 million to support its communities last year. This includes more than $100 million provided for pandemic-related relief. Other retailers such as Target Corporation (TGT - Free Report) , Walmart Inc. (WMT - Free Report) and The Home Depot, Inc. (HD - Free Report) have been proactively supporting employees during the pandemic, in form of bonuses and other facilities.
Hiring Plans
In preparedness of rising demand conditions, Lowe's is actively filling seasonal positions as well as permanent full-time and part-time roles across stores. The company is hiring more than 50,000 seasonal and full-time retail associates. This is in addition to the more than 90,000 associates hired into permanent roles in the past year. The move will bolster the company’s workforce and thereby help provide improved shopping experience for customers as they continue purchasing products and services during the pandemic.
Wrapping Up
In other efforts, we note that Lowe’s is striving to boost assortments in order to meet the rising demand for home refurbishing and maintenance needs from DIY (do-it-yourself) and pro customers. The company is also witnessing strong growth in its online channel, owing to consumers’ growing inclination toward digital shopping as well as its efficient omni-channel offerings. In order to boost delivery capabilities, the company is on track with installing Buy Online Pickup in Store self-service lockers across all U.S. stores. It is also improving services such as delivery scheduling, search and navigation features. Such well-chalked efforts steered by an effective workforce are likely to keep the company in good shape in the forthcoming periods.
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
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Lowe's (LOW) to Provide Additional Bonus, Unveils Hiring Plan
Lowe's Companies, Inc. (LOW - Free Report) is committed toward empowering employees, whose contributions play a vital role in achieving business targets. In recognition of the dedicated efforts of front-line associates amid the pandemic, the company announced an additional $80 million in discretionary bonuses. Moreover, it plans to hire more than 50,000 associates across U.S. stores this spring. The enhanced workforce is likely to keep the company on wheels as it strives to meet the higher demand for home improvement products, fueled by increased stay-at-home trends amid the pandemic. Let’s take a closer look at these developments.
Investment in Employee Bonus & Other Benefits
Lowe's latest bonus brings its total commitment to employees, communities and store safety to nearly $1.3 billion. This marks the seventh bonus or special benefits provided by the company since the onset of the pandemic. Hourly associates at the company’s stores, distribution centers and call centers will receive the bonus on Feb 5. Management stated that full-time hourly associates will receive $300, while part-time and seasonal associates will receive $150.
Additionally, the company stated that all hourly associates benefit from the company’s competitive pay and are eligible for its quarterly profit-sharing bonuses, which were paid to all U.S. stores in the first three quarters of this year. Employees can also take advantage of comprehensive health and wellness benefits provided by the company, which support their overall wellbeing and are tailored to fit their varied lifestyles. Benefits in this context range from health, vision and dental insurance, tuition reimbursement, discounted stock purchase plans, family-building benefits as well as paid volunteer time and more.
Markedly, the company provided more than $150 million to support its communities last year. This includes more than $100 million provided for pandemic-related relief. Other retailers such as Target Corporation (TGT - Free Report) , Walmart Inc. (WMT - Free Report) and The Home Depot, Inc. (HD - Free Report) have been proactively supporting employees during the pandemic, in form of bonuses and other facilities.
Hiring Plans
In preparedness of rising demand conditions, Lowe's is actively filling seasonal positions as well as permanent full-time and part-time roles across stores. The company is hiring more than 50,000 seasonal and full-time retail associates. This is in addition to the more than 90,000 associates hired into permanent roles in the past year. The move will bolster the company’s workforce and thereby help provide improved shopping experience for customers as they continue purchasing products and services during the pandemic.
Wrapping Up
In other efforts, we note that Lowe’s is striving to boost assortments in order to meet the rising demand for home refurbishing and maintenance needs from DIY (do-it-yourself) and pro customers. The company is also witnessing strong growth in its online channel, owing to consumers’ growing inclination toward digital shopping as well as its efficient omni-channel offerings. In order to boost delivery capabilities, the company is on track with installing Buy Online Pickup in Store self-service lockers across all U.S. stores. It is also improving services such as delivery scheduling, search and navigation features. Such well-chalked efforts steered by an effective workforce are likely to keep the company in good shape in the forthcoming periods.
Markedly, this Zacks Rank #2 (Buy) stock has gained 7.2% in the past three months compared with the industry’s 4.9% growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce ""the world's first trillionaires,"" but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>