A Guide to Employee Benefits at Home Depot

FT Contributor  | 

The Home Depot is the world’s leading home improvement retailer, employing more than 10,000 people around the world in a wide range of roles. From part-time hourly sales associates to salaried executives in the Atlanta, GA home office, employees of The Home Depot enjoy a range of benefits in exchange for their hard work. In fact, Forbes ranked The Home Depot number 21 on its annual list of Most Admired Companies in large part for its people-management policies and practices.

If you are considering a career with The Home Depot, here are some of the benefits that you might be eligible to receive in addition to your salary.

Full-Time Insurance

Working for The Home Depot full time entitles employees to health insurance coverage for themselves and their dependents, including domestic partners and same-sex partners. The health insurance coverage includes dental reimbursement and vision coverage that pays for eye exams, eyeglass frames, and contact lenses. Full-time employees are eligible for health insurance coverage after they’ve worked for the company for 90 days.

In addition to comprehensive health coverage, The Home Depot offers additional optional insurance products to full-time employees to help them protect their families and finances. These include flexible spending accounts for medical and childcare expenses, life insurance, disability insurance, and accidental death and dismemberment (AD&D) coverage. Employees can also purchase home, auto, and pet coverage at discounts through The Home Depot

Part-Time Insurance

Part-time employees of The Home Depot are eligible for some insurance coverage, including dental, vision, short-term disability, and life insurance coverage. Part-time workers do not get health insurance coverage through the company.

Time Off

The Home Depot offers paid time off (PTO) of up to two to four weeks per year. Employees earn PTO based on the number of hours they work, with full-time employees able to earn double the amount of PTO than part-time employees. For instance, a full-time employee typically earns 40 hours of PTO for vacations and holidays in their first year of working for the company, whereas a part-time employee usually earns about 20 hours per year.

PTO earnings rates increase for every year of employment. Paid sick leave is calculated separately, and most full-time employees earn about four hours of paid sick time each month. Employees can also take paid time off for bereavement (up to five days depending on the relationship), jury duty, and holidays, depending on their employment status and length of service.

Parental Leave

For employees with growing families, The Home Depot allows eligible employees to take unpaid parental leave through the Family Medical Leave Act (FMLA.) Employees who have worked for the company for at least one year, or 1,250 hours, can take up to 12 weeks of unpaid leave for the birth or adoption of a child.

Retirement

The Home Depot offers all employees the opportunity to save for retirement via the FutureBuilder 401(k) plan. Employees who have worked for the company for one year and at least 1,000 hours, or for two years (whichever comes first) are eligible to have their contributions matched by the company.

The Home Depot’s 401(k) plan allows employees to save up to 50 percent of their earnings, up to $19,000 per year. The company matches these contributions for eligible employees. For the first 1% of pay contributed to the 401(k), the company offers a match of $1.50 per $1. They then offer $0.50 per dollar contributed for 2% to 5% of your pay.

ESPP

The Home Depot allows its employees to take a bigger stake in the company through its Employee Stock Purchase Plan (ESPP). Eligible employees can purchase stock in the company at a 15% discount via a payroll deduction for six months. The deductions are made pre-tax, and employees are allowed to put 20% of their pay each pay period toward their stock purchase. The accrued payroll deductions are used to purchase stock, based on the price of the Home Depot stock at the closing bell on the last day of the purchase period, minus 15%.

The company offers two stock purchase periods (January through June and July to December), and employees need to enroll for each period during an open enrollment period. How much stock you can actually purchase depends on the amount you contribute each pay period and the actual price of the shares.

Adoption Incentives

For employees who have been with the company for at least one year, The Home Depot will help with the expense of adopting a child, such as legal costs, adoption agency fees, and travel expenses. Employees can apply for up to $5,000 in reimbursement for reasonable and necessary costs associated with the adoption that isn’t covered by any other source, such as other employer grants.

In addition to being an established employee when the adoption is finalized, employees who apply for the adoption incentive agree to remain with the company for at least one year after adopting their child. There are other restrictions (such as the child must be under age 18), but for individuals who want to adopt, this benefit can help with the costs.

Tuition Assistance

The Home Depot values education and personal development, and offers employees a generous tuition assistance program to help cover the costs of college and training courses. Employees are eligible for the tuition assistance program on their first day of employment, and can apply for help with tuition, fees, books and materials for classes at college, universities, and technical schools.

The amount of tuition assistance you can receive depends on your employment status. Full-time salaried employees can apply for up to $5,000 in reimbursement annually; full-time hourly employees can get $3,000, while part-time hourly employees qualify for $1,500 each year.

The reimbursement covers up to 50% of the cost of tuition, books, and registration fees for the course. For other mandatory fees, the company will cover up to 50% or $250 per quarter or semester. Only approved courses that meet the requirements of the tuition reimbursement policy will be reimbursed, and the courses must begin after your hire date.

In addition to tuition reimbursement, The Home Depot offers employees a range of financial and college planning services, as well as an annual scholarship program that awards the children of associates with money for school.


Image Source: https://depositphotos.com/