Walter Todd, president and chief investment officer of Greenwood Capital, also joined Morning with Maria to discuss the state of the U.S. economy and mortgage rates as housing inflation continues to rise.
Walmart announced Thursday that U.S. store managers will receive a pay raise in February, raising average hourly wages in superstores to more than $18.
The retail giant says starting February 1, the average salary for store managers will increase from the current $117,000 to $128,000. In addition, if the manager achieves certain goals and profit indicators, the annual bonus can reach 200% of his basic salary.
Walmart said last year that its average hourly wage would rise from $17.50 to more than $18 due to “investments in front-line hourly employees and upcoming annual raises.”
The company then redesigned its store manager bonus program, giving managers up to 200% annual bonuses based on sales and store profits.
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The Walmart logo outside a store in Chicago, Illinois, USA, November 20, 2018. (Reuters/Kamil Krzaczynski/File Photo/Reuters Photo)
In a memo to the United States, Cedric Clark, Walmart's executive vice president of store operations, said, “The biggest determinant of job satisfaction is our employee managers, and as our front-line leaders, we are committed to the retail industry. We believe it is the best in the world.” Managers. “Not only are you responsible for exceeding customer expectations every day, but you are the CEO of a multi-million dollar business. And you are the driving force behind developing our next generation of leaders.”
This latest move comes on the back of solid wage gains and strong retail sales growth in December as U.S. employers hired more workers in an overall tight labor market. There is.
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Monday, August 14, 2023, at a Walmart store in San Leandro, California, USA. Walmart is scheduled to announce its financial results on August 17th. (David Paul Morris/Bloomberg via Getty Images/Getty Images)
Walmart is investing in its store workforce to retain more employees, and in September announced changes to its pay structure to standardize starting hourly wages across all jobs and departments.
A Walmart spokesperson told FOX Business at the time, “As Walmart continues to grow and evolve over the years, so too has the need for jobs to support our business.” “We are changing our approach to campus office work to remain competitive in today’s environment, better reflect the work currently being done, and streamline positions across campus office roles. We are in the process of updating it.”
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A Walmart store sign outside the Ferguson Walmart Shopping Center on November 28, 2014 in Ferguson, Missouri. (Michael B. Thomas/AFP via Getty Images/Getty Images)
Walmart made a series of adjustments to compensation and workforce requirements last year. In September, the company announced it would eliminate college degree requirements for some white-collar positions at its headquarters in Bentonville, Arkansas.
Walmart also announced that it would lower starting salaries. personal shopper and stocker — However, this change did not affect current employees.
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walmart minimum wage Company-wide hourly pay is $14, but starting wages can reach $19 per hour depending on store location.
The retail chain employs approximately 1.6 million people in the United States.
FOX Business' Eric Revell and Reuters contributed to this report.
