Lowe's Announces Additional $80 Million Bonus To Associates And Plans To Hire More Than 50,000 Front-Line Workers For Spring

Rhea-AI Summary

Lowe's Companies (NYSE: LOW) announced an additional $80 million in bonuses for front-line associates and plans to hire over 50,000 workers in U.S. stores this spring. The new bonuses increase Lowe's total commitment to associates and community support during the pandemic to nearly $1.3 billion. Active hourly associates will receive bonuses on Feb. 5, with full-time staff getting $300 and part-time $150. The initiative builds on hiring efforts that included over 90,000 associates in the past year to enhance service during peak times.

Positive

• Lowe's is investing an additional $80 million in bonuses for front-line associates, recognizing their dedication.
• The total commitment to associates and communities during the pandemic has reached $1.3 billion.
• Plans to hire over 50,000 new associates, building upon the 90,000 hired last year, improving customer service and operational efficiency.

Negative

• None.

MOORESVILLE, N.C., Jan. 28, 2021 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) today announced its continued investments in its front-line associates with an additional $80 million in discretionary bonuses and plans to hire more than 50,000 associates across U.S. stores this spring. The latest bonus will bring the company's total commitment to associates, communities and store safety during the pandemic to nearly $1.3 billion.

Active hourly associates at U.S. stores, distribution centers and call centers will receive the bonus on Feb. 5 in recognition of their continued dedication. Full-time hourly associates will receive $300, and part-time and seasonal associates will receive $150. This will be the seventh bonus or special payment Lowe's has provided to hourly associates during the pandemic.

As it prepares for its busiest season, Lowe's is also actively filling seasonal positions and permanent full-time and part-time roles at stores to help customers purchase essential products and services during the pandemic. Lowe's is hiring more than 50,000 seasonal and full-time retail associates, building on the more than 90,000 associates hired into permanent roles over the past year.

"As we approach spring, I am enormously proud of the way our associates have served customers and supported each other this past year through an unprecedented health crisis," said Marvin R. Ellison, Lowe's president and CEO. "We are honored to be an essential business to help our customers keep their homes safe and functional during these very challenging times. We're pleased to provide this additional bonus to support our current associates and excited to welcome these new associates so we can better serve customers across the country."

Job seekers can visit jobs.lowes.com/spring or text "JOBS" to LOWES (56937) to learn about nearby opportunities and apply.

Lowe's offers career advancement opportunities at all levels and provides on-the-job learning with innovative tools, including an app that delivers customized product training in the aisles to ensure associates in all roles have the knowledge to confidently help customers.

All hourly associates benefit from competitive pay and are eligible for Lowe's quarterly profit-sharing bonuses, which were paid to 100 percent of U.S. stores in the first three quarters of this year. Associates also can take advantage of comprehensive health and wellness benefits that support their total wellbeing and are tailored to fit their varied lifestyles, from students to retirees. Benefits range from health, vision and dental insurance to tuition reimbursement, 401(k) and discounted stock purchase plans, family-building benefits and paid volunteer time. 

The company committed more than $150 million to support its communities last year, including more than $100 million in pandemic-related relief. Lowe's provided grants to deliver much-needed financial assistance to rural, minority-owned and women-owned small businesses. Lowe's associates also actively provided supplies and support across dozens of communities hit hard by disasters in one of the busiest and most destructive years for wildfires and hurricanes.

Lowe's is a military friendly and equal opportunity employer. For the third year in a row, Lowe's has been named one of the Best Places to Work for LGBTQ+ Equality by the Human Rights Campaign. The company also has been recognized for the second year in a row as a Best Place to Work for Disability Inclusion by Disability:IN.

About Lowe's
Lowe's Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 18 million customers a week in the United States and Canada. With fiscal year 2019 sales of $72.1 billion, Lowe's and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Based in Mooresville, N.C., Lowe's supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

Contact:
Steve Salazar
Lowe's Companies, Inc.
steve.j.salazar@lowes.com  

View original content to download multimedia:http://www.prnewswire.com/news-releases/lowes-announces-additional-80-million-bonus-to-associates-and-plans-to-hire-more-than-50-000-front-line-workers-for-spring-301217237.html

SOURCE Lowe's Companies, Inc.

FAQ

What is Lowe's recent bonus announcement for associates?

Lowe's announced an additional $80 million in bonuses for front-line associates, with full-time receiving $300 and part-time $150.

How many associates is Lowe's planning to hire this spring?

Lowe's plans to hire more than 50,000 associates across U.S. stores this spring.

When will Lowe's associates receive their bonuses?

Active hourly associates at Lowe's will receive their bonuses on February 5.

What is the total financial commitment Lowe's has made to its associates during the pandemic?

Lowe's total financial commitment to associates and community support during the pandemic has reached nearly $1.3 billion.

How many associates has Lowe's hired over the past year?

Lowe's has hired over 90,000 associates into permanent roles over the past year.