- Walmart said it will boost US store managers’ pay, effective February 1.
- Store managers’ average salary will increase from $117,000 to $128,000 a year, the company said.
- Walmart said roughly three-quarters of its store managers started at the company in an hourly role.
Walmart store managers are set to see a significant bump in pay next month.
The retail giant announced Thursday it will increase salaries for US store managers, bringing the average from $117,000 to $128,000 a year, and offer a bonus of up to 200% base pay.
“We see an investment in you as an investment in our culture, our core values and in the day-to-day experience of every associate in every store. Investing in you is an investment in our future,” said Cedric Clark, head of store operations for Walmart US, in a note to managers that was posted on Walmart’s corporate website.
Walmart told Business Insider the changes will take effect on February 1.
“Most of you — approximately 75% of our field management teams — began your Walmart careers in the hourly ranks. So did I,” Clark added.
Walmart CEO Doug McMillon also rose through the ranks from his first job with the company unloading trucks at a distribution center.
Walmart employs 1.6 million people in the US and operates more than 4,600 retail locations.
Store managers at the lowest end of the salary range are set to see the largest increases, jumping from $65,000 to $90,000, while the top end will remain at $170,000, the company told BI.
Total bonuses will increase from 150% to 200% and focus more on store profitability in addition to top-line sales.
The company said these changes follow previous starting wage increases that will soon bring its US average hourly wage to more than $18.
Boosting pay could give a lift to the company’s recruiting and retention efforts this year.
Job seekers’ interest in UPS soared after the Teamsters union negotiated a pay package for delivery drivers worth about $170,000 when factoring in healthcare coverage and other benefits.
One thing these six-figure jobs have in common: no college degree is required.
If you are a Walmart store manager who would like to share your perspective, please contact Dominick via email or text/call/Signal at 646.768.4750. Responses will be kept confidential, and Business Insider strongly recommends using a personal email and a non-work device when reaching out.
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