![]() ![]() Otherwise, they will be losing money," Harris said. ![]() "As their expenses rise, they have to raise their product prices. When companies move to increase wages or add bonuses, it can lead to higher sticker prices at the store, intensifying the effects of inflation, he said. However, these extra incentives are not without consequences. They'd rather not have to, but they will be forced to if they start losing employees." "I imagine that Lowe's and other companies who are doing bonuses are not quite ready to raise wages. "Workers of course prefer a wage raise to a bonus because an increase in wage is permanent, whereas a bonus is transitory," Harris said. While the bonus money will offer temporary help to Lowe's workers, it is not as useful as a salary raise, Harris said. But according to a study from the Brookings Institution earlier this year, many of the nation's leading employers are still not paying their workers a living wage. Microsoft, ExxonMobil, Walmart, USAA and others have also offered bonuses, pay raises and even gift cards to their employees to help offset rising costs. Though there has been a slight decrease in gas prices and travel costs recently, the impacts of inflation, which hit a 40-year-high this summer, are still affecting Americans, making it tougher for families to afford groceries and other essential goods. "These associates have the most important job in our company and we deeply appreciate everything they do to serve our customers to deliver a best-in-class experience." ![]() "In recognition of some of the cost pressures they are facing due to high inflation, we are providing an incremental $55 million in bonuses to our hourly frontline associates this quarter," Lowe's CEO Martin R. Home improvement company Lowe's will provide $55 million in bonuses to its hourly frontline workers to help with the burden of high inflation, the retailer said in an earnings call Wednesday. ![]()
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