Economic panelists react to the company's new artificial intelligence developments on "Barron's Roundtable."
Walmart on Saturday announced changes to job titles and pay structure for its corporate staff starting in November.
The changes will largely affect job titles and compensation, although no current workers will see their base pay reduced. Walmart, the largest private-sector employer in the U.S., said some staff will receive new job titles although their roles, responsibilities, type of work and base pay will be unchanged. Walmart is also updating its bonus targets and stock compensation plans.
"As Walmart has continued to grow and evolve over the years, so have the jobs needed to support our business," a Walmart spokesperson told FOX Business in a statement. "We’re in the process of updating our approach to campus office jobs to ensure we remain competitive in today’s environment, better reflect the work being done today, while streamlining job titles across our campus office roles."
WALMART DROPPING COLLEGE DEGREE REQUIREMENTS FOR SOME CORPORATE JOBS
Walmart is revamping titles and compensation for corporate staff. (David Paul Morris / Bloomberg / File)
Corporate employees at Walmart and Sam’s Club, the company’s warehouse chain, will be reclassified into fewer groups of possible job titles with some pay changes taking effect in November.
While most staff will receive the same or higher levels of stock compensation, about 4% of staff will see stock targets reduced to align compensation across different geographies. Those who are set to see a reduction in stock options will receive a one-time grant to account for the change in total compensation before their options are reset at a lower level going forward.
| Ticker | Security | Last | Change | Change % |
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| WMT | WALMART INC. | 159.29 | +1.64 | +1.04% |
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A Walmart spokesperson told the Wall Street Journal, which first reported the story, that the changes are "good compensation hygiene" aimed at helping ensure the company is "appropriately rewarding similar levels of work."
WALMART LOWERS STARTING PAY FOR SOME NEW HIRES
Walmart also recently revised degree requirements for certain headquarters jobs as well as the starting pay for specific roles. (Dustin Chambers / Bloomberg / File / Getty Images)
The move is the latest in a series of adjustments Walmart has made to its compensation and workforce requirements. The company announced last week that it would drop college degree requirements for some of the white-collar roles at its corporate headquarters in Bentonville, Arkansas.
"We’re rewriting job descriptions for our campus (headquarters) jobs to factor in the skills people possess, alongside any degrees they hold," Walmart executives wrote in a blog post. "This creates an either/or option for an applicant: to be considered for the job, you can have a related college degree or possess the skills needed for the job, whether through previous experience or other forms of learning."
"Both options count," the company added. "While degrees should be part of the equation and in some cases even required, there are many roles where a degree is simply unnecessary, including at corporate headquarters."
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In early September, Walmart announced that it would lower the starting pay for personal shoppers and stockers – the change didn’t affect current employees.
Walmart’s minimum wage across the company is $14 an hour, although starting pay can be as high as $19 an hour depending on the store location.
FOX Business’ Breck Dumas and Reuters contributed to this report.
FAQs
Cashier: $14.52 per hour. Retail Sales Associate: $16.13 per hour. Replenishment Associate: $16.62 per hour. Warehouse Worker: $20.11 per hour.
What is Walmart corporate restructuring? ›
This initiative will involve workforce reductions within the corporate sector and a shift towards a more centralized office-based environment for most remote employees. The move coincides with Walmart's broader automation plan, targeting 65% of in-store operations to be automated by the conclusion of fiscal year 2026.
What is the compensation structure of Walmart? ›
Your Walmart compensation program is made up of three primary components — base salary, short- term incentive (annual incentive or bonus) and long-term incentive (equity). Base salary is linked to job duties and responsibilities and individual performance.
Is Walmart raising wages for all employees? ›
Along with salary increases for managers, comes an increase for the company's hourly workers. Clark, who started as an hourly worker in a Washington state Walmart, said the company will invest in its non-salary workers by increasing the hourly wage to over $18.
Will Walmart team leads get a raise in 2024? ›
Jan. 18, 2024, at 2:00 p.m. NEW YORK (AP) — Walmart Inc. is raising the starting base pay for store managers, while redesigning its bonus plan that will put more of an emphasis on profits for these leaders. The moves, announced Thursday, will be effective Feb.
Is Walmart laying off corporate staff? ›
Walmart said Tuesday it is eliminating several hundred corporate jobs and will relocate most of its remaining remote office staff to its Bentonville, Arkansas, headquarters. Walmart confirmed the move in a memo sent by Donna Morris, its chief people officer, to employees on Tuesday and obtained by CNN.
Is Walmart cutting corporate roles and relocating employees? ›
Walmart is laying off and transferring hundreds of its corporate employees. The company is relocating remote workers and those at its Dallas, Toronto and Atlanta offices. The discounter is currently building a new headquarters in its hometown of Bentonville, Arkansas.
Is Walmart forcing people to move? ›
Now, the retailer is requiring hundreds of previously remote employees to move within commuting distance of the company's Bentonville, Arkansas, main office or hubs near New York and San Francisco.
What is the Walmart corporate bonus? ›
For example, under the new bonus plan a full-time worker who's been with Walmart between one year and almost five years can earn an extra $350 per year, while a 20-year full-time worker can earn a maximum bonus of $1,000, Walmart said. The plan will be available to 700,000 U.S. workers, the company said.
Who are the highest paid employees at Walmart? ›
The highest paying jobs at Walmart are software engineer, co-manager, inventory management specialist, and department manager.
As of Jul 13, 2024, the average hourly pay for a Team Lead Walmart in the United States is $25.73 an hour.
What is the turnover rate for Walmart employees? ›
In contrast, turnover at Wal-Mart is 44% a year, close to the industry average. In skilled and semi-skilled jobs, the fully loaded cost of replacing a worker who leaves (excluding lost productivity) is typically 1.5 to 2.5 times the worker's annual salary.
Is Walmart changing to weekly pay? ›
According to Walmart's standard policy, you will get your paycheck on a biweekly basis (an update from the weekly basis before 2023). However, once you subscribe to Instapay, a feature from the “Even” app, it is possible to request a partial advance payment once a week!
How fast can you move up at Walmart? ›
Pathways: Training and Education to Build a Future
There's a path for everyone at Walmart. We have a culture of promoting from within, from entry-level roles to C-suite executives. Entry-level associates receive their first promotion in seven months, on average.
What is the pay raise for 2024? ›
The Biden Administration has worked to reverse these trends, providing federal employees a 4.6 percent pay raise in 2023 and a 5.2 percent raise in 2024. Nonetheless, federal employee pay increases have failed to keep pace with rising labor and living costs.
Is Walmart switching to weekly pay? ›
According to Walmart's standard policy, you will get your paycheck on a biweekly basis (an update from the weekly basis before 2023). However, once you subscribe to Instapay, a feature from the “Even” app, it is possible to request a partial advance payment once a week!
What is the salary expectation for Walmart? ›
How much does Walmart in California pay? The average Walmart salary ranges from approximately $25,677 per year for Distribution Associate to $230,508 per year for Principal Data Scientist. Average Walmart hourly pay ranges from approximately $16.20 per hour for General Manager to $68.73 per hour for Staff Pharmacist.
What is the highest salary in Walmart? ›
The highest-paying job at Walmart is a Director Product Management with a salary of ₹121.7 Lakhs per year. The top 10% of employees earn more than ₹50 lakhs per year.
