On 18 January 2024, Walmart announced that it will raise the annual average salary and bonus for US store managers. The decision will become effective on 1 February.
The decision aims to showcase the commitment of the company to investing in its workforce, by increasing average hourly wages by over $18.
After the scheduled changes, Walmart is increasing the average salary for store managers to $128,000 per year, which is a bump from the previous $117,000.
Additionally, the company noted that the yearly bonus could double the base salary based on meeting goals and store profitability. It is emphasised that these changes, along with investments in frontline hourly workers and upcoming raises, will increase the average hourly pay to over $18. This is an improvement from the $17.50 hourly rate announced in January of the previous year.
Walmart changed how it gives bonuses to US store managers, letting them earn up to double their salary. This is a response to a changing job market with higher wages and more sales. Walmart has been investing in its workers, and had adjusted starting pay in September.
In November, they adjusted sales and profit forecasts because more people are buying groceries during high-interest rate periods.
By the end of 2023, Walmart had 1.6 million workers in the US, making it one of the biggest employers. The recent changes in pay and bonuses show Walmart’s commitment to keeping and motivating its workers in a tough job market.
