Home Depot announced on Tuesday it will spend $1 billion to raise hourly employee wages, making it the latest major company raising worker pay to compete in one of the tightest job markets in history—despite fears of an impending recession.
Though it didn't disclose how large the pay bump would be, Home Depot announced the wage hike in its fourth-quarter earnings report and said the raise went into effect this month for hourly store employees, who all make at least $15 per hour.
Earlier this month, Delta Air Lines said it would begin raising wages by 5%, going into effect on April 1, for ground workers and flight attendants; less than a year ago it raised employee wages by 4%.
Beginning in March, Walmart, the nation's largest private employer, is set to raise starting wages for store employees from $12 to $18 per hour to $14 to $19 in a bid “to ensure we have attractive pay in the markets we operate," the company's U.S. operations chief, John Furner, told employees last month.
According to a survey by Willis Towers Watson, employers are planning to increase worker pay by 4.6% in 2023 due to high inflation and a tight labor market, making it the highest annual jump in 15 years.
As businesses and the economy bounced back following a deep pandemic recession, companies started hiking wages to help attract workers who were quitting at a record fast pace. By early 2022, 24% of businesses provided bonuses or increased pay due to the pandemic, according to data from the...
(This story has been updated to include that Mountzoures turned herself into Davie County deputies.) A Jonesville woman was charged in Davie County after state investigators said she defrauded an ...