“To make your company competitive and attractive to job candidates you have to offer an exceptional total benefits package” (Obringer, 2003, para.1). This is especially true in the current economic environment. The employee’s needs are changing so businesses are having to rethink their compensation and benefits packages. The home improvement industry is no exception to this phenomenon. Companies like Ace Hardware, Lowes Home Improvement, and The Home Depot have had to adapt their benefits packages to stay competitive in an industry with an ever-changing employee demographic. The following pages will include a comparison of all the benefits offered by Ace Hardware, Lowes Home Improvement, and The Home Depot, as well as, a glimpse into whether or not their strategies seem to have been successful. The majority of the benefits are available to all employees, but some of them are only available to corporate team members. To make sure that all of the available benefits are covered and for comparisons sake, the focus of this report will be on the corporate level of benefits. Also due to the wide salary ranges between low level employees and corporate employees, this report will not focus on salaries.
Before comparing each company’s benefits plan there should be some discussion on the three companies’ history. According to lowes.com, Lowes Home Improvement was founded in 1946, there are more than 1825 stores, they employ more than 240,000 people, and it is the second largest home improvement retailer in the world (n.d.). According to homedepot.com, The Home Depot was founded in 1978, which makes it fairly young when compared to the other two companies, yet it is the largest home improvement retailer in the world (n.d.). Acc...
... middle of paper ...
...e Hardware are three very similar companies when it comes to their benefits packages. They each offer a wide array of benefits to satisfy the needs of any employee. The way that each company handles their business and customer service aspects are not the same and may not always be successful, but they all three have succeeded when it comes to having and appealing benefits plan.
Works Cited
About Lowe’s | Lowe's Newsroom. (n.d.). Retrieved February 8, 2014, from http://media.lowes.com/about-lowes/
Ace Hardware. (n.d.). Retrieved February 8, 2014, from http://www.acehardware.com/corp/index.jsp?page=about
Obringer, L. (2003). HowStuffWorks "How Employee Compensation Works". Retrieved from http://money.howstuffworks.com/benefits.htm
Our Company. (n.d.). Retrieved February 7, 2014, from https://corporate.homedepot.com/OurCompany/Values/Pages/default.aspx
Rivalry. Home Depot, Ace Hardware and Menards are the biggest competition that Lowe’s faces. With Home Depot being the large...
...for Home Depots earnings, with the numbers overall being so close Lowes would probably be a better choice for investing. But, really either company is probably not a bad investment.
Home Depot was founded in 1978 by Bernie Marcus and Arthur Blank in Atlanta, Georgia. With their store, Marcus and Blank revolutionized the do-it-yourself home improvement market in the United States. Home Depot began as a very basic store, operated in a large, no-frills warehouse. Home Depot carries over 35,000 products, with national brand names along with the Home Depot brand. At the start, Home Depot was able to offer exceptional customer service with knowledgeable employees who could guide customers through home renovation projects. Since its opening, Home Depot has experienced incredible growth, and today is North America's second largest retailer, and the largest home improvement retailer. Internationally, Home Depot has expanded into Canada, Mexico, and is beginning to operate stores in China. Home Depot's competition includes Sears, Ace Hardware and Lowes (the main competitor).
Many employees when looking for a job or deciding whether to stay with their current employment often considers the employee benefits the company offers.
The author explain that most individuals look forward to a guaranteed paycheck, medical benefits, work compensation, fringe
Since employees are a reason for NBB success, employees are granted many benefits. Such as free catered lunch every month, after a year with the company are given a cruiser bike it that it allow to cut down on pollution. After 5 years earning an all expense paid trip to Belgium to “study beer culture.” (p.359) On top of all ...
Evaluate the effectiveness of the communication of Geico’s total rewards program based upon the Website’s descriptions of the benefits. Recommend two (2) areas for improvement. The two recommendations the I would offer up for improvement is Feedback and Disability insurance. It is advisable to know what (WorldofWork, p.44) employees are saying about the rewards program.
Case Study of The Home Depot Preface This Essentials of Strategic Management assignment has been made by three persons which have been working together and individually to finish the assignment properly and in time. Secondly, we would like to thank the company whose websites we were able to visit and use, to get additional information that we could use for leading the assignment of Home Depot to a successful ending. We can say, that it was a pleasure to work on this assignment and would, in the third place, like to thank each other. The persons who worked on this assignment, for the effort and time that is put in the assignment, that brought us to this finished version.
30 Amazing Things You didn't know about Home Depot Home Depot is the first name that comes to our mind, when it comes to home improvement. The American company is the largest seller of home improvement items that includes hardware tools, construction products and a lot more. Headquartered in Atlanta, it is the largest retailer in the United States. If you are a regular at the Home Depot and wish to know more about your favorite store, here we present some fab things about the company that you probably did not know.
Wikipedia cites Home Depot as the “largest home improvement retailer in the United States”. Unfortunately the company now has on its record “The Biggest Credit Card Theft in History” ,as well. Other attacks on similar companies include the one on TJ Maxx Stores and Target Corp's. Home Depot's incident has been reported as more severe than both of these, compromising the Credit Card information of around 55million Customers. TARGET
No organization can guarantee 100% of cybersecurity to its customers or client but there are basic cyber security measures that need to be in place to provide the minimum acceptable required standard of enterprise cybersecurity (Donaldson,2015). Home Depot as a private company need to complete certain minimum-security measures mandated by the US government (Stewart, Chapple & Gibson, 2015). That will help protect customers ‘personal information that is in the data base to avoid security breach that will compromise personally identifiable information (PII) (Stewart, et al, 2015). Weakness Analysis Home depot has been implementing certain security measures to protect the company, information of staff, customers and client but there are many
Home Depot offers quality products at a lower price; the lower price is achieved by lowering operational costs and improving processes. Moreover, the cost minimization is achieved by developing exclusive relationships with suppliers. The broad differentiation is achieved by offering unique products such as high-quality DIY building materials and providing expert advice to customers during and after purchase (Smithson, 2017). In other words, in order for Home Depot to have a competitive advantage over its rivals, it has “product authority”. Product authority refers to having the best mix of exclusive brands and innovative products such as cordless outdoor power tools, digital projectors that displaces animated images on screens and windows, and SMART LED light bulbs (Kalogeropoulos,
Duckworth implemented these programs to reward managers who achieve certain performance goals, in areas such as cash flow, sales growth of proprietary products, direct labor variances, inventory turns, accounts receivable, gross margins, and special individual projects. Duckworth?s top level executives recently participated in a five-year, long-term management incentive plan: a phantom stock plan tied to the company?s growth and profitability over a period of several years. Before considering the Economic Value-Added (EVA) compensation incentive plan proposed in the current case, Duckworth Industries used different ... ...
...with tangible things such as the healthcare facility, the piano player that creates a relaxing environment during lunch, financial planning services, as well as discounts on residential property. Each employee gets their own office instead of cubicles. Jim Goodnight believes that this increases productivity and does it because that’s how he would want his office space if he were just an employee. Every employee also has a sense of ownership with their office and can decorate it as they like within in reason. This provides a comfort level at work. Not all of the motivation is compensation related; SAS has structures in place that encourage teamwork. Employees can feel confident in knowing that they will get help when needed. SAS Institute has a reward system that encourages employees to work together. Everyone in a sales organization gets a bonus relative to target.
Organizations are working hard in today’s world of business, not only to remain competitive, but also to focus on stability and structure. Employees are the backbone of an organization. It is becoming more important to offer quality HRM programs to staff, in order to support the retention of trained and experienced staff. Employees have always been concerned with salary however, there is a new focus emerging that looks at compensation as a whole entity. Monetary wages are now just as important as other benefits such as paid time off, medical and dental offerings and retirement. This paper will discuss the importance of the total compensation program which includes many aspects, not just salary. Attention must be paid to equal pay, pay