Home Depot has joined the list of companies to announce an incentive program for its employees.
Companies including JPMorgan Chase and Walmart have recently announced they will be offering bonuses and other incentives to their workers in 2018. In Home Depot’s case, it’s offering up to $1,000 in one-time bonuses, depending on the employee’s experience.
Regardless of how long an employee has been with the company, every hourly employee of Home Depot will be walking away with an extra $200. The $1,000 bonus will be reserved for staffers who have been with the company for 20 years or more.
- Less than 2 years: $200
- 2 to 4 years: $250
- 5 to 9 years: $300
- 10 to 14 years: $400
- 15 to 19 years: $750
- At least 20 years: $1,000
The company hasn’t mentioned offering employees a raise, but has noted that there could be more incentives offered to employees, given the current financial environment, according to USA Today. Home Depot said in a statement, “Amid the changing retail environment, the company intends to invest in its associates, its stores and the customer experience,” the publication reported.
Several retailers have been able to reward employees financially in 2018 due to the recently passed tax bill. Home Depot’s Chief Executive Officer Craig Menear reportedly said in a statement, “This incremental investment in our associates was made possible by the new tax reform bill. We are pleased to be able to provide this additional reward to our associates.”
The Washington Times reported that Home Depot doesn’t know the full extent of how the tax bill will affect it, but company officials felt the new tax law “will be beneficial” to the business. In the recent bill, the corporate tax rate was lowered from 35 percent to 21 percent, giving large companies a significant tax cut.
Will even more companies start feeling more charitable, given the new tax law? Only time will tell.