Walmart is giving store managers an $11,000 reason to cheer in the new year.
That’s how much the Bentonville, Arkansas-based big-box retailer is hiking managers’ annual pay. The hike, set to kick in on Feb. 1, will raise annual salaries to $128,000 a year from $117,000, the company announced Thursday.
It’s also redesigning its annual bonus program so managers whose stores “hit all targets” could be eligible to receive up to 200% of their base salary as a bonus, Cedric Clark, executive vice president of store operations at Walmart US, wrote in a note to US store managers.
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“Investing in you is an investment in our future,” Clark wrote, saying store managers shape culture, values, and work ethic for employees across its 4,600-plus stores.
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The 9% raise comes after almost a decade of stagnant pay and after a couple years of high inflation.
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Quotable: Walmart managers are mini-CEOs
“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. 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.”
At the start of 2023, the company raised its minimum wage by $2, putting its lowest hourly rates of pay between $14 and $19 depending on location — well above the federal minimum wage of $7.25 — in a bid to retain employees.
Walmart later responded to a cooling labor market by reducing the starting pay by about $1 for new hires who prepare online orders for curbside pickup or delivery to customers’ homes, and those who restock store shelves. Still, the $14-19 average pay range remained unaffected.
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As a result of last year’s changes and the annual increases that were just announced, Walmart’s average US hourly wage is set to exceed $18 per hour, the company said.
One big number: Hourly-wage workers to managers at Walmart
75%:Share of Walmart’s field management teams that “began your Walmart careers in the hourly ranks,” per Clark, who is also among those who climbed the corporate ladder.
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“My Walmart career started as a sporting goods hourly associate in Washington state. I was able to grow my career because people invested in me,” he wrote in his memo. “I know firsthand that the possibilities are endless when working at Walmart. And the possibilities are endless for you and for everyone you lead every day.”
Fun fact: Walmart managers don’t need college degrees
Walmart managers do not need to have a college degree to qualify for the job. Last year, the company even dropped the requirement for some corporate jobs at its headquarters, instead moving to a system that values “earning skills, experience and hard work.”
Walmart is giving store managers an $11,000 reason to cheer in the new year. That's how much the Bentonville, Arkansas-based big-box retailer is hiking managers' annual pay. The hike, set to kick in on Feb.1, will raise annual salaries to $128,000 a year from $117,000, the company announced Thursday.
According to Glassdoor, annual bonus pay for the role ranges from $9,000 to $17,000 with a median of $12,000, and annual stock awards range from $5,000 to $10,000 with a median of $7,000.
For example, a full-time worker who's been with Walmart between one year and almost five years can earn a maximum bonus of $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.
In smaller stores, a store manager can be granted up to $10,000 to $15,000 annually. Combined with the previously announced annual average salary of $128,000 and the ability to earn up to 200% of that salary in bonuses, a Walmart manager could earn as much as $400.000 a year if running a large store.
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.
Position: Executive-level roles usually have higher percentages, while mid-level managers may receive 10% to 20%. Entry-level positions might not receive bonuses or get a smaller percentage. Company Performance: Companies may base bonuses on individual, team, or company performance.
Walmart managers can now earn $400,000 a year, no college required, thanks to stock grants. The retail giant announced a new average annual salary of $128,000 this month.
This year, US hourly and OTR driver associates will be eligible to receive a holiday bonus payout, depending on the length of time they've been with Walmart and whether they're full-time or part-time. The bonus payout will appear on eligible associates' regular paychecks on Dec. 7, 2023.
The estimated total pay range for a Team Leader at Walmart is $40K–$54K per year, which includes base salary and additional pay. The average Team Leader base salary at Walmart is $43K per year. The average additional pay is $3K per year, which could include cash bonus, stock, commission, profit sharing or tips.
Please note that this means you will not be able to be 'double-paid' for working on a holiday. In the case of a holiday when your facility is closed, you would need to use a day of PTO to be paid.
Some of the highest wages a worker can make at Walmart are in the job titles Director Of Software Engineering ($271,000), and title Director Of Product Management ($263,037) which are the highest paying jobs at Walmart.
The minimum requirements are 2 years or general management experience to include financial accountability and 2 years experience supervising 20 or more associates/employees to include the responsibility of performance management, mentoring, hiring and firing.
For associates who have worked with Walmart for one to almost five years, the maximum bonus can be $350 per year, while a 20-year worker can earn a maximum of $1,000. According to the company, the plan will be available to 700,000 U.S. associates.
We're simplifying and increasing store manager wages. With this investment and upcoming annual increases, the store manager average salary will go from $117,000 to $128,000 a year. Second, we're redesigning our store manager bonus program.
You can set bonus amounts as a percentage of each manager's annual salary, perhaps as much as 20 percent. Alternatively, you might set aside a percentage of the company's profits for bonuses and divide this among your managers based on how successfully they attained their goals.
The average Coach base salary at Walmart is $57K per year. The average additional pay is $7K per year, which could include cash bonus, stock, commission, profit sharing or tips.
Starting in April, all US store managers will receive as much as $20,000 in Walmart stock every year, as the world's largest retailer seeks to attract and retain staff. The amount of stock grants will vary by store format, with those overseeing smaller outlets eligible for less, the company said Monday.
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