Home Depot Invests $1 Billion in Employees

The Home Depot (Atlanta) is planning to invest roughly $1 billion in costs annually to employee wages, Business Insider reports.

The home improvement store has seen a surge in sales numbers during the pandemic, mostly due to customers spending more time at home and therefore investing in more home improvement projects. During the pandemic, the company offered increased time off and temporary bonuses, which are now becoming permanent raises.

The Home Depot said in a statement Tuesday: "The company is now transitioning from these temporary programs to invest in permanent compensation enhancements for frontline, hourly associates. This will result in approximately $1 billion of incremental compensation on an annualized basis.”