Kroger to Invest More Than $770M in Associates in 2023

Rhea-AI Summary

Kroger (NYSE: KR) announced an investment of over $770 million in 2023 to enhance associate wages and benefits. This initiative will raise average hourly rates and improve healthcare and training opportunities. Since 2018, Kroger has invested $1.9 billion towards wages and benefits, increasing average hourly rates to $18 to $23.50 per hour. The investment includes educational benefits of up to $21,000, accessible healthcare, free financial coaching, and a streamlined onboarding process. The company emphasizes that investing in its associates promotes overall well-being, benefiting both employees and customers.

Positive

• Investment of over $770 million in 2023 for associate wages and benefits.
• Average hourly rates increased to $18 to $23.50 per hour.
• Continued commitment to holistic associate well-being and career development.

Negative

• None.

Incremental investment will raise wages and support comprehensive benefits including a continued focus on holistic associate well-being 

CINCINNATI, March 2, 2023 /PRNewswire/ -- The Kroger Co. (NYSE: KR) today announced a more than $770 million incremental investment in its associates during 2023. The company will use this investment to raise average hourly rates, improve healthcare options, build new training and development opportunities, and more.

"Our associates enable our success, and we are committed to investing in theirs," said Rodney McMullen, Kroger's chairman and CEO. "For so many Kroger represents a first job, a new beginning or a change in career path. Continuing to raise wages and provide excellent benefits to our associates is one way we demonstrate how much we value and respect their contributions."

Today's announcement builds on the $1.9 billion incremental investments in wages and comprehensive benefits Kroger has made since 2018, which has raised the company's average hourly rate to $18 or $23.50 per hour with comprehensive benefits. Kroger's investments have also included:

• A world-class educational benefit program that offers associates up to $21,000 toward continuing education opportunities
• Affordable and accessible healthcare options, which include free counseling through the company's Well-Being Assistant
• First-of-its-kind free financial coaching services available to all hourly associates
• A simple and intuitive onboarding experience to ensure every associate is confident in their role and ready to support their customers

"Investing in our associates' holistic well-being is an essential part of what makes Kroger an employer of choice, and ultimately becomes an investment in our customers and communities," said Tim Massa, Kroger's SVP and chief people officer. "When we think about how we build our benefits, we want to enable every associate to thrive financially and emotionally – both in their careers and at home. We look forward to continuing to celebrate our associates and the many ways they show up for our customers and each other every day." 

Learn how to begin a career at Kroger here.

About Kroger
At The Kroger Co. (NYSE: KR), we are dedicated to our Purpose: To Feed the Human Spirit™. We are, across our family of companies nearly half a million associates who serve over 11 million customers daily through a seamless digital shopping experience and retail food stores under a variety of banner names, serving America through food inspiration and uplift, and creating #ZeroHungerZeroWaste communities by 2025. To learn more about us, visit our newsroom and investor relations site.

 

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SOURCE The Kroger Co.

FAQ

What is Kroger's investment in associates for 2023?

Kroger is investing over $770 million in associates for 2023.

How much has Kroger invested in wages and benefits since 2018?

Since 2018, Kroger has invested $1.9 billion in wages and benefits.

What is the average hourly wage for Kroger associates after the investment?

The average hourly wage for Kroger associates is now between $18 and $23.50.

What benefits will Kroger associates receive from the new investment?

The investment includes improved healthcare options, educational benefits up to $21,000, and free financial coaching.

When did Kroger announce the $770 million investment?

Kroger announced the $770 million investment on March 2, 2023.