Please ensure Javascript is enabled for purposes of website accessibility

Lowe's Plans Spring Hiring Spree, Pays $80 Million in Bonuses

By Rhian Hunt - Updated Jan 28, 2021 at 3:50PM

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 company is looking to add 50,000 front-line workers to its payroll.

Home improvement retailer Lowe's Companies (LOW 3.69%) appears to be looking forward to a busy spring, with a press release today announcing it wants to boost its roster of front-line workers by 50,000 in the coming months. The jobs include both full-time and seasonal positions, adding to the approximately 90,000 workers Lowe's says it hired during 2020.

As COVID-19 continues to spread across the United States, Lowe's also says it is offering a fresh round of bonuses to its workers. Working in retail naturally exposes associates to greater risk of catching the coronavirus, given their contact with large numbers of customers daily, so the bonuses are likely a form of incentive pay.

A young woman painting her porch fence as a spring home improvement project, with a small dog nearby.

Image source: Getty Images.

The company has earmarked $80 million for distribution to workers in front-line positions across Lowe's lineup of North American outlets. Part-time and seasonal employees will get $150 each, while full-time workers will receive $300 apiece. Lowe's says it has paid out six other rounds of bonuses since the pandemic erupted across the United States last March.

The pandemic has helped companies like Lowe's by driving home improvement as people find themselves in the house more amid lockdowns, quarantines, and limited travel. Residential remodeling is continuing to grow, and some indicators point to Lowe's being well positioned to benefit from the trend, with both a vigorously growing e-commerce segment and the possibility it is about to push more aggressively into supplying contractors as well as DIY homeowners.

Lowe's also has a strong presence in the American South, where retail foot traffic has recently picked up 20% according to InvestorPlace reporting, and where the retailer has up to twice the number of outlets in some states than its major competitor, Home Depot.

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

Lowe's Companies, Inc. Stock Quote
Lowe's Companies, Inc.
LOW
$182.84 (3.69%) $6.51

*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
336%
 
S&P 500 Returns
115%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 06/25/2022.

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.