Just a day after Home Depot announced they were handing out $1000 bonuses to their employees, their rival, Lowe’s Home Improvement, made their own big announcement about their employees. and it is all thanks to the recently-passed Trump tax cut.
On Thursday afternoon, Lowe’s announced that they were going to add to their workforce, because the tax cuts are making expansion possible.
The home improvement chain is hiring 53,000 new employees – from full time to seasonal employees. In a move that is sure to anger Democrats, some of the biggest beneficiaries are cities ruled by Democrats, including New York City, Los Angeles, and Boston.
Lowe’s Companies Inc. (NYSE: LOW) is joining the parade of companies adding to their labor force. Previously, JPMorgan and Apple had announced that they were using their tax benefits to invest in their employees, and Lowe’s is following suit.
The home improvement chain announced that it is hiring more than 53,000 full-time, part-time and seasonal employees across its U.S. stores, adding to the company’s nearly 250,000 current U.S. store employees.
Lowe’s made sure to point out in its release that it was named one of the top 10 most customer-engaged companies by Forbes. Lowe’s provides leadership development and career advancement opportunities at all levels to support employees and customers. In fact, roughly 200 current store managers started as seasonal employees, and last year nearly 40% of the company’s seasonal employees transitioned into permanent part-time and full-time positions.
Lowe’s currently operates more than 2,370 home improvement and hardware stores in the United States, Canada and Mexico.
The biggest additions in jobs are being seen in Boston (1,800); the Los Angeles area (1,500), Charlotte, North Carolina, (1,250); New York (1,200); Raleigh-Durham, North Carolina, (1,100); Indianapolis (1,000); and Atlanta (1,000).
Jennifer Weber, chief human resources officer, commented:
When employees join Lowe’s, they are joining more than a Fortune 40 company. They are joining a supportive network of caring, inspiring team members who are here to serve customers, communities and each other.
Shares of Lowe’s traded at $107.16 on Wednesday, with a consensus analyst price target of $102.73 and a 52-week range of $70.76 to $108.31.