With everyone staying in their houses and getting around to doing those home improvements and DIY projects, U.S. hardware giant Home Depot's earnings for the third quarter rose 23 percent from the same period in 2019.

The company announced this week that it is investing a billion dollars of that profit into its employees—and making it permanent.

Throughout the COVID-19 pandemic, The Home Depot has been supporting its associates with expanded paid time off for all hourly workers and implementing temporary weekly bonuses for everyone.

Now the company is transitioning from these temporary programs to invest in permanent wage increases for frontline employees—both full and part time—totaling $1 billion in raises for their workers annually.

"I am proud of the resilience and strength our associates have continued to demonstrate, and I would like to thank them," the chairman and CEO Craig Menear, said in a statement.

"We believe that our associates are a competitive advantage to the Home Depot, and they're critical to the overall customer experience."

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