Lowe’s Companies employs Job Family Structures to define job grades and compensation structures. Job families are divided into approximately seven to nine levels, which varies among job families. The levels determine the job’s requirements and job grades. Each grade has a fixed salary range with a specified midpoint, minimum, and maximum salary.
The benchmarking of key Lowe’s positions occurs every two years. The purpose of benchmarking is to compare the company’s compensation and benefits against other organizations, and to make compensation adjustments to attract and retain quality staff. Lowe’s employs national and local surveys, industry surveys, data exchanges, and more recently, online employment portals, like Glassdoor.com and TheLadders.com …show more content…
Stock options vest over a three-year period as a long-term incentive to retain high-quality senior staff. The Lowe’s bonus program is available to all full-time employees. Earned bonuses are calculated based on three company performance metrics and paid annually. While all full-time employees participate in the bonus program, bonus percentages vary considerably across job levels.
Employee benefits fall into two categories, namely legally mandated benefits and voluntary benefits. Legally mandated benefits include Social Security taxes, Unemployment Insurance taxes, and Workers’ Compensation benefits. In addition, companies are required to provide Family and Medical Leave Act (FMLA) and States Leave of Absence benefits for qualified leave of absences. Furthermore, companies need to provide special accommodations for employees protected under the Americans with Disabilities Act (ADA), in order to ensure equal employment opportunities for all …show more content…
Lowe’s does this at the time of annual merit increases each year. The company provides employees with a Total Compensation Statement that reminds employees to consider all aspects of their remuneration and benefits, and not to focus on salary alone. Lowe’s also operates the MyLowesBenefits.com websites that contains an overview of available benefits to employees. In addition, Lowe’s publishes benefits information on company-internal Wiki pages, Blogs, and FAQ’s. Furthermore, Lowe’s hosts two annual Employee Wellness Fairs with the goal of putting employees in direct contact with benefit
The benchmarking of key Lowe’s positions occurs every two years. The purpose of benchmarking is to compare the company’s compensation and benefits against other organizations, and to make compensation adjustments to attract and retain quality staff. Lowe’s employs national and local surveys, industry surveys, data exchanges, and more recently, online employment portals, like Glassdoor.com and TheLadders.com …show more content…
Stock options vest over a three-year period as a long-term incentive to retain high-quality senior staff. The Lowe’s bonus program is available to all full-time employees. Earned bonuses are calculated based on three company performance metrics and paid annually. While all full-time employees participate in the bonus program, bonus percentages vary considerably across job levels.
Employee benefits fall into two categories, namely legally mandated benefits and voluntary benefits. Legally mandated benefits include Social Security taxes, Unemployment Insurance taxes, and Workers’ Compensation benefits. In addition, companies are required to provide Family and Medical Leave Act (FMLA) and States Leave of Absence benefits for qualified leave of absences. Furthermore, companies need to provide special accommodations for employees protected under the Americans with Disabilities Act (ADA), in order to ensure equal employment opportunities for all …show more content…
Lowe’s does this at the time of annual merit increases each year. The company provides employees with a Total Compensation Statement that reminds employees to consider all aspects of their remuneration and benefits, and not to focus on salary alone. Lowe’s also operates the MyLowesBenefits.com websites that contains an overview of available benefits to employees. In addition, Lowe’s publishes benefits information on company-internal Wiki pages, Blogs, and FAQ’s. Furthermore, Lowe’s hosts two annual Employee Wellness Fairs with the goal of putting employees in direct contact with benefit