The home improvement chain Lowe’s is doing what it can to help many of their employees with rising costs due to inflation. According to CBS News, the Mooresville, North Carolina-based company just announced they will be handing out $55 million in bonuses to their hourly retail workers.
“In recognition of some of the cost pressures they are facing due to high inflation, we are providing an incremental $55 million in bonuses to our hourly frontline associates this quarter,” Lowe’s CEO Marvin R. Ellison announced. “These associates have the most important job in our company and we deeply appreciate everything they do to serve our customers to deliver a best-in-class experience.”
It appears that Lowe’s is currently in a good position to do something like this. Thanks to increased sales, the retailer recently reported second-quarter earnings that surpassed analysts’ expectations.
Lowe’s has about 300,000 employees, and the company didn’t specify how much each person will get, or when they’ll get it. Not only is this a nice thing to do for their workers, it may also go a long way to retaining them as employees at a time when that has been a challenge for many businesses.