Home Depot Giving Hourly Employees Raises — What Other Benefits Do They Provide?
In a move to attract and retain top talent, Home Depot is investing $1 billion to boost hourly wages. Now, the starting pay rate for frontline workers across the United States will be at least $15 per hour. Current employees will see the pay increase reflected in their paychecks this month, per a Feb. 21 company press release.
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Home Depot Benefits Package
In addition to offering competitive pay, Home Depot provides a robust benefits package to full-time associates. The suite of perks includes, but isn’t limited to:
- Medical, dental, and vision insurance.
- Health savings account (HSA).
- Healthcare and dependent care savings accounts.
- 24/7 access to a virtual doctor.
- Life, accidental death and dismemberment (AD&D), short-term disability (STD), and long-term disability (LTD) insurance.
- Pet insurance.
- 401(k) with company match.
- Paid time off (PTO).
- Leaves of absence (including parental leave).
- Up to $5,000 reimbursement of adoption expenses.
- Tuition reimbursement, scholarships, and tuition discounts at partner schools.
- Discounts on Home Depot merchandise, gym memberships, fitness equipment, electronics, groceries, meal kits, and food delivery.
- Access to college planning, estate planning, and investing advice.
- Assistance securing child and elder care.
Interesting: Did you know many employee benefits you may take for granted weren’t offered 20 years ago?
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Budgeting Tips for Hourly Wage Earners
Getting a raise to $15 per hour may help your financial situation. However, you’ll have to relearn how to budget to make the most of your new wage. At a minimum, you should check your tax withholding to ensure you take home the most money possible without owing at the end of the year. Then, you should commit to saving some of your income — even if it’s a small percentage.
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