Please ensure Javascript is enabled for purposes of website accessibility

CVS Giving Frontline Workers Bonuses, Hiring 50,000 to Meet COVID-19 Needs

By Brian Orelli, PhD - Mar 23, 2020 at 3:45PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The coronavirus pandemic will require the pharmacy operator to staff up.

As it works to keep its drugstores open and staffed amid the coronavirus pandemic, CVS Health (CVS 1.38%) is rewarding the  employees who make that possible with bonuses of $150 to $500. Pharmacists, healthcare professionals, store associates and managers, and other site-based hourly employees will be eligible for the bonuses.

CVS also announced plans to offer some paid sick time to its part-time employees, who didn't previously accrue sick time like their full-time colleagues. The company will also give 14 days of paid leave to any employee who tests positive for the virus or needs to self-quarantine due to potential exposure.

To help those employees with dependent-care needs, the company will cover 25 days of child or elder/adult care through the Bright Horizons network of providers.

"The health and wellbeing of our colleagues has always come first. We've been working around the clock to increase availability of supplies and update protocols to ensure our stores are safe for colleagues and customers alike," said President and CEO Larry Merlo in a statement.

CVS Pharmacy building

Image Source: CVS Health

To meet its now-higher staffing needs, CVS plans to hire 50,000 full-time, part-time and temporary employees across the country -- from store associates to home delivery drivers, distribution center employees and customer service professionals. To reduce potential exposure from in-person contact, CVS plans to hold virtual job fairs and interviews. And, to bolster its search for new employees, the company plans to reach out to its clients, such as Hilton Worldwide Holdings and Marriott International, that have recently had to furlough large numbers of workers.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

CVS Health Corporation Stock Quote
CVS Health Corporation
$93.94 (1.38%) $1.28

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 07/04/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.