Walmart will raise its U.S. store managers’ base pay from an average of $117,000 per year to $128,000 and has redesigned its bonus program to include a store’s profits, not just its sales. Bonuses could now amount to 200% of a manager’s base salary.
Additionally, Walmart will offer stock grants of up to $20,000 annually for managers of Walmart Supercenters, with grants of $10,000 or $15,000 to those managing smaller-format Walmart stores. The retailer has had a stock purchase program that matched 15% of an employee’s purchase to a maximum of $1,800.
Walmart, the nation’s largest private employer, had raised pay for more than 7,000 opticians and pharmacists in June 2023, following January 2023 increases that boosted workers’ average hourly pay to $17.50.
“The number one driver of job satisfaction is an associate’s manager, and we believe that you — our front-line leaders — are the best in retail,” wrote Cedric Clark, EVP, Store Operations, Walmart U.S. in a blog post. “Not only are you responsible for exceeding customer expectations day in and day out; each of you is the CEO of a multimillion-dollar business. And you’re the driving force behind the development of our next generation of leaders.”
A strong labor market has many retailers raising wages and improving benefits for workers at multiple levels. Dollar General invested nearly $100 million to increase hours for its 170,000 store employees in March 2023, the same month that supermarket giant Kroger revealed plans to invest $770 million to raise wages for its frontline workers.
View Original Article
