Walmart and Home Depot are spending heaps of cash on pay raises because they can't afford to lose workers

Wed, 02/22/2023 - 05:00

walmart worker employee store — Walmart employees will see a minimum starting wage of $14 per hour starting in March.
Jeffrey Greenberg/Universal Images Group via Getty Images

Home Depot is spending $1 billion to increase wages for hourly workers, the company said Tuesday.
Walmart similarly announced last month that it would raise its minimum wage to $14 per hour.
The moves come as retailers try to hoard workers so they are prepared when business picks up.

Walmart and Home Depot are ramping up spending in the battle for retail workers.

Home Depot announced Tuesday it will spend $1 billion to increase wages for hourly workers, bringing the company's starting wage to at least $15 an hour nationwide. The company also said it would pay commensurate raises to current employees.