Walmart said on Monday that Supercenter managers would get $20,000 in stock awards annually, bringing the company's total compensation for store managers to up to $400,000. "We want our managers to take ownership of their responsibilities and behave like owners — and soon, they will really be owners," said John Furner, CEO of Walmart U.S., in a LinkedIn video.
Starting in April, Walmart Supercenter managers will get a yearly salary of $20,000, according to Furner. The decision to offer shares coincides with the retail behemoth's recent increase in managers' basic compensation to $128,000, up 9% from $117,000 annually in 2023.
Additionally, managers are eligible to receive annual incentives of up to 200% of their basic compensation, or an extra $256,000, depending on the sales and profitability of their shops. The increased base salary and stock awards allow managers to make up to $404,000 annually.
"Compared to my time managing a shop, this position is significantly more involved," Furner said.
Almost every employee may now pursue a profitable career thanks to the increase in Walmart managers' salary, the company claimed. It said that 3 out of 4 persons in management positions in its shops, clubs, or supply chain divisions began as hourly workers and that a college degree is not necessary to become a manager.
According to the organization, it takes an average of five years to go from an entry-level position to management. Walmart has launched an effort to hire recent college grads, even though the corporation states that those without a degree are welcome to apply. The Wall Street Journal claims that the initiative aims to improve Walmart's talent pipeline.
Although Walmart's managers will benefit from the salary increase, the gap between the company's top employees and its rank-and-file employees will grow. Walmart raised the beginning pay for its U.S. workers to $19 an hour, depending on the region, last year.
Neighborhood Markets and smaller Walmart shops will earn $15,000 in shares yearly, while managers of other stores would receive lower stock awards, according to Walmart. Store managers in their hometown will get $10,000 annually. Over the last 12 months, Walmart's stock price has increased by 16%.
Starting in April, Walmart Supercenter managers will get a yearly salary of $20,000, according to Furner. The decision to offer shares coincides with the retail behemoth's recent increase in managers' basic compensation to $128,000, up 9% from $117,000 annually in 2023.
Additionally, managers are eligible to receive annual incentives of up to 200% of their basic compensation, or an extra $256,000, depending on the sales and profitability of their shops. The increased base salary and stock awards allow managers to make up to $404,000 annually.
"Compared to my time managing a shop, this position is significantly more involved," Furner said.
Almost every employee may now pursue a profitable career thanks to the increase in Walmart managers' salary, the company claimed. It said that 3 out of 4 persons in management positions in its shops, clubs, or supply chain divisions began as hourly workers and that a college degree is not necessary to become a manager.
According to the organization, it takes an average of five years to go from an entry-level position to management. Walmart has launched an effort to hire recent college grads, even though the corporation states that those without a degree are welcome to apply. The Wall Street Journal claims that the initiative aims to improve Walmart's talent pipeline.
Although Walmart's managers will benefit from the salary increase, the gap between the company's top employees and its rank-and-file employees will grow. Walmart raised the beginning pay for its U.S. workers to $19 an hour, depending on the region, last year.
Neighborhood Markets and smaller Walmart shops will earn $15,000 in shares yearly, while managers of other stores would receive lower stock awards, according to Walmart. Store managers in their hometown will get $10,000 annually. Over the last 12 months, Walmart's stock price has increased by 16%.
