Walmart and Home Depot are spending heaps of cash on pay raises because they can't afford to lose workers
"This $1 billion investment puts us favorably in the marketplace so we can recruit, retain, and attract the best leaders because they are the future for the company," said AnnMarie Campbell, Home Depot's executive vice president of US stores and international operations. Campbell said nearly 90% of Home Depot's leaders started on the sales floor and rose through the ranks.
Home Depot's decision to include raises for current workers could help it fend off the criticism that new hires might earn the same or more than an existing employee — a payroll phenomenon known as"compression."some of whom have told Insider they feel like the raises do not reward those who have stayed at the company for years. Others have said $14 isn't enough to cover living expenses.
"The cost of living is higher than this, and it still makes it near impossible to live alone with the pay," a Walmart employee from Kentucky previously told Insider. With these steps, Walmart and Home Depot are the latest employers to join the list of retail companies practicing what economists call""Given how difficult it has been for companies to expand payrolls, there is a reluctance to let them go," KPMG senior economist Kenneth Kim previously told Insider.Subscribe to push notifications
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