Home Depot Inc (HD) Set to Hire 80,000 Workers Ahead of Spring

Home Depot Inc (HD)

Home Depot Inc (NYSE:HD) is preparing for the busy springtime as it’s set to hire about 80,000 seasonal workers across the U.S. Known as the holiday season for the company, it takes on 80,000 workers every year, and half of them turn into permanent employees.

Home Depot Continues Decade-Long Tradition

The Atlanta, Georgia-based home improvement chain, the largest in the country, is continuing the decade-long tradition of hiring more than 80,000 seasonal workers nationwide. It estimates about half of them will stay on for permanent employment.

Home Depot Inc (HD)

In the spring, Home Depot will be bringing additional cashier, sales and operations positions that will be a mix of full-time and part-time. It’s also adding jobs at its various distribution centers.

Tim Crow, executive vice president of Human Resources, is encouraging everyone to apply, whether they’re college grads, veterans or retirees looking for work. If they decide to stay on then they’ll be offered profit sharing, tuition assistance, 401k and a discounted stock purchase plan.

According to the company, its profit sharing program paid $1.5 billion in bonus checks to hourly associates over the last 10 years. It has also given associates $124 million in tuition reimbursement.

Describing the springtime as its Christmas, Home Depot wants to continue the momentum it had last year. In 2015, it had reported a record volume of transactions and rising sales thanks to a solid housing market. Home Depot has benefited from consumers’ interest in renovating their homes.

The chain doesn’t look to be slowing down anytime soon. In December, the firm noted that its annual revenues are projected to exceed $100 billion in 2018. It added that sales at stores opened in the last year will jump 4.9 percent for the fiscal year that recently ended.

Home Depot is scheduled to report its latest quarterly and annual earnings on Feb. 23.

Year-to-date, Home Depot shares have tumbled eight percent. During Wednesday’s trading session, the stock was down about two percent at $122.72.

The news comes as rival Lowe’s Companies, Inc. (NYSE:LOW) is acquiring Rona Inc (TSE:RON) in a takeover valued at $3.2 billion. Boards at both firms approved the transaction. This would allow the U.S. chain to have a bigger presence in the Canadian home improvement retail market, particularly in Quebec.

U.S. Economy Adds Jobs, Too

The home improvement retailer isn’t the only one adding jobs.

ADP, a payroll processor, said Wednesday U.S. businesses added a commendable 205,000 jobs in January. The gains have been attributed to the services and construction industries, while noting that the financial, retail and professional services sectors have also done well.

The weak link in the U.S. economy is the manufacturing sector, which failed to add jobs last month. Because of a stronger greenback, U.S. goods have become more expensive internationally.

Also, any layoffs or weak hiring trends were seen in the oil and gas sector.

Mark Zandi, Moody’s Analytics chief economist, stated that the turmoil in the financial markets have yet to do any major damage to the national economy. “That is a very good sign,” he said.

ADP data come two days before the government releases its official jobs numbers for January. Economists forecast an increase of 200,000 jobs with the jobless rate hovering around five percent.

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