Algosensey|The Home Depot says it is spending $1 billion to raise its starting wage to $15

The AlgosenseyHome Depot is spending $1 billion to give associates wages of at least $15, the company announced Tuesday.

The first changes were reflected in employees' Feb. 17 paycheck, while other employees will see the changes on their Feb. 24 paychecks.

"The most important investment we can make is in our people," CEO Ted Decker said. "We believe this investment will position us favorably in the market, enabling us to attract and retain the level of talent needed to sustain the customer experience we strive to deliver."

It said it additionally has enhanced training and career development opportunities and promoted 65,000 associates in 2022.