OAN's Elizabeth Bolbelding
12:33 PM – Monday, January 22, 2024
Walmart, America's largest private employer and retailer, announced it will raise the average annual salary for store managers.
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Walmart announced Thursday that the average annual salary for store managers will increase 9.4% to $128,000 from the current $117,000.The wage increase is scheduled to take effect from February 1st.cent2024.
Employees are also eligible for bonuses, which can be up to 200% of their base salary and are determined by a particular store's profits and sales.
The company has revamped its store manager bonus system, giving managers up to 200% of their base salary if they achieve all goals.
Additionally, Walmart announced that it will increase the average hourly wage for front-line hourly workers from $17.50 to $18 starting next month. The company says 75% of its supply chain, store and club managers started out as hourly employees.
Cedric Clark, vice president of store operations for Walmart's U.S. branch, announced the news. blog post.
“Not only are you responsible for exceeding customer expectations every day, each of you is the CEO of a multi-million dollar business,” Clark said in the release. “And you are the driving force behind developing our next generation of leaders.”
The reason for the new wage hikes is that the multinational retailer says it wants to “attract and retain managers” in a competitive job market.
“Most of you (approximately 75% of our field management team) began your career at Walmart in the hourly ranks. So did I. I started out as an hourly employee. I was able to grow my career because people invested in me. Working at Walmart taught me that the possibilities are endless. “We know that the possibilities are endless for you and for everyone you lead every day,” Clark added. “This investment is about belief. We believe in you. We believe that you are the guardians of our culture today, as well as helping us identify and develop our future leaders. We believe in you. Just like so many of us, our employees are able to build something special at Walmart because of you. You make a difference. And we couldn't be more excited to continue this journey with you.”
Walmart CEO Doug McMillon said in December that prices were falling in various categories. As a result, McMillon argued, Walmart's sales outlook for the first half of 2024 is uncertain, even though consumer spending is strong and economic growth is likely to slow this year.
“If we had talked about it last spring or early last year, we would have expected it to be even softer by this time of year than it actually is,” McMillon said. “Next year is a different story. It will be interesting to see what happens in the general merchandise category over the next year as prices have come down significantly.”
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