Walmart announced on Thursday that US store managers will get a raise in February, raising the average hourly wage at the superstore to more than $18.
Starting Feb. 1, a store manager’s current average salary of $117,000 will be increased to $128,000, the retail giant said. Additionally, annual bonuses can be as high as 200% of base salary, if managers meet certain profit targets and metrics.
Last year, Walmart said “investments in front-line hourly associates and future annual raises” would cause average hourly wages to rise from $17.50 to more than $18.
The company has redesigned its store manager bonus program, calculating store sales and profits to give managers annual bonuses of up to 200%.
“The number one driver of job satisfaction is the associate manager, and we believe that you – our frontline leaders – are the best in retail,” Cedric Clark, Executive Vice President of Store Operations for Walmart, wrote in a note to US store managers. “Not only are you responsible for exceeding customer expectations day after day; each of you is the CEO of a multi-million dollar business. And you are the driving force behind the development of our next generation of leaders.”
Walmart managers are slated to get a raise to $18/hour in February 2024. AP
The latest development was driven by strong wage gains and strong retail sales growth in December, as US employers hired more workers in a generally tight labor market.
Walmart has invested in its store workers to retain more workers and in September announced changes in its pay structure to align hourly starting wages across all job roles and departments.
“As Walmart has continued to grow and expand over the years, so have the jobs needed to support our business,” a Walmart spokesperson told FOX Business at the time. “We are in the process of updating our approach to campus office work to ensure we remain competitive in today’s environment, better reflecting the work being done today, while streamlining job titles across our campus office roles.”
Walmart has revised its bonus policy as well, allowing managers to qualify for bonuses of up to 200%. AP
Walmart last year made a series of adjustments to its compensation and workforce needs. The company announced in September that it would drop the college degree requirement for some white-collar roles at its corporate headquarters in Bentonville, Arkansas.
Walmart also announced that it will lower starting wages for shoppers and personal stockists — although the changes do not affect current employees.
Walmart’s company-wide minimum wage is $14 an hour, although starting wages can be as high as $19 an hour depending on store location.
The grocery chain employs about 1.6 million associates in the United States.
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