Walmart Raises Store Managers’ Wages Starting in February

(CTN News) – On Thursday, Walmart announced it would raise average salaries and bonuses for US store managers beginning in February.

The move aims to increase the average hourly wage at Walmart to over $18, with store managers’ salaries rising to $128,000 annually from $117,000 currently. Depending on the company’s goals and profits, the annual bonus could reach 200 percent.

Adjustments to Walmart’s salary and bonus structure reflect the company’s commitment to investing in its front-line hourly employees. In January of the previous year, the average hourly pay was $17.50; with this change, it should reach $18.

All US store managers will be eligible for the new bonus structure, which includes a possible 200 percent annual bonus linked to their salary.

To attract and retain talented employees, companies are prioritizing competitive compensation. Walmart’s decision follows this trend. Providing equal compensation across all departments and job roles is at the core of the company’s commitment to fairness.

The US labour market has experienced robust wage growth and strong retail sales, contributing to an increase in hiring by employers. As a result of these market dynamics,

Walmart has enhanced its wage and benefit structures in order to remain competitive.

As part of ongoing efforts to invest in its workers, this salary and bonus adjustment has been made. During periods of higher interest rates, grocery shopping becomes even more important, as evidenced by the company’s higher fiscal 2024 sales and profit forecast.

By prioritizing employee welfare and satisfaction, Walmart seeks to strengthen its position in the market, with approximately 1.6 million associates in the United States at the end of fiscal 2023.

As a result of the announcement, Walmart’s shares rose by 1.4% in late afternoon trade. According to the stock movement, the news of enhanced wages for US store managers has prompted a positive market reaction.

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