One of the leading home improvement retailers in the U.S, Lowe’s, made an announcement on Thursday that declared its plans of hiring as many as 53,000 new workers in the upcoming spring. Spring marks the busiest season for the American retailer with it having hired 50,000 workers last spring. In 2019, a total of 65,000 workers were hired by Lowe’s.
Lowe’s is planning hiring events in all of its U.S. outlets beginning with the next week. Part-time and full-time positions for the next three months are to be filled in the upcoming weeks which include roles such as stock keepers, loaders, cashiers, and merchandisers.
Lowe’s Offered Permanent Jobs To Half Of Its Seasonal Hires In 2019
Lowe’s currently has 1,700 stores in the United States of America. Its workers are eligible for certain benefits including a quarterly bonus program and a 10% discount for all purchases they make in-store.
In 2019, more than half of the people hired for the seasonal busy period were given a permanent job at Lowe’s. However, the current CEO, Marvin Ellison, is not all-praise for such a company policy. Ellison has been working diligently to strategize cost-cutting for the company in the long run.
Unemployment In The U.S Is At A Record Low
Lowe’s has announced plans of seasonal hiring amidst a tight labor market in the United States. The unemployment rate in the United States was recently announced at a record low that is likely to make it harder for Lowe’s to expand its fleet of workers. One of Lowe’s staunch rivals, Home Depot, has also announced nationwide hiring to begin in the upcoming weeks that further strengthens the competition for Lowe’s.
Costco, Kingfisher, Target, Walmart, and Best Buy are among a few of the other major competitors of Lowe’s. No such news of hiring events for these retailers, however, have been received so far.
Lowe’s overall performance in the stock market has remained upbeat in the past 12 months with the retailer posting a massive 30% growth. On Thursday, however, the stock was seen trading around 1% lower. With the cost-cutting strategies, CEO Ellison aims at improving profit margins and boosting Lowe’s earnings per share from the current $3.78 in 2020. The $91.67 billion company welcomed the new year with a record high of $120.55 in the stock market on December 30th.