“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.). According to acehardware.com, Ace Hardware was founded in 1924 and it has over 4700 stores (n.d.). Looking at the high number of stores one would probably think that Ace Hardware was the largest home improvement retailer, but due to how Ace Hardware set up their company, almost all of the retail stores are owned by individuals.
When comparing the benefit strategies of Lowes Home Improvement, The Home Depot, and Ace Hardware it quickly becomes apparent that they all have a large amount of similar benefits. Most of the similar benefits are fairly standard for companies in today’s market, but there are a few that stand out as different. The following table lists the benefits that all three companies have in common.
Medical Insurance Time-off Other
Family Leave 401k
Note: Sources: lowes.com, homedepot.com, and acehardware.com
As the table above shows, Lowes Home Improvement, The Home Depot, and Ace Hardware have a large amount of benefits in common. Many jobs in today’s...