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Walmart on Saturday announced changes to job titles and pay structure for its corporate staff starting in November.
The changes will largely affect job titles and compensation, although no current workers will see their base pay reduced. Walmart, the largest private-sector employer in the U.S., said some staff will receive new job titles although their roles, responsibilities, type of work and base pay will be unchanged. Walmart is also updating its bonus targets and stock compensation plans.
"As Walmart has continued to grow and evolve over the years, so have the jobs needed to support our business," a Walmart spokesperson told FOX Business in a statement. "We’re in the process of updating our approach to campus office jobs to ensure we remain competitive in today’s environment, better reflect the work being done today, while streamlining job titles across our campus office roles."
WALMART DROPPING COLLEGE DEGREE REQUIREMENTS FOR SOME CORPORATE JOBS
Walmart is revamping titles and compensation for corporate staff. (David Paul Morris / Bloomberg / File)
Corporate employees at Walmart and Sam’s Club, the company’s warehouse chain, will be reclassified into fewer groups of possible job titles with some pay changes taking effect in November.
While most staff will receive the same or higher levels of stock compensation, about 4% of staff will see stock targets reduced to align compensation across different geographies. Those who are set to see a reduction in stock options will receive a one-time grant to account for the change in total compensation before their options are reset at a lower level going forward.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 159.29 | +1.64 | +1.04% |
A Walmart spokesperson told the Wall Street Journal, which first reported the story, that the changes are "good compensation hygiene" aimed at helping ensure the company is "appropriately rewarding similar levels of work."
WALMART LOWERS STARTING PAY FOR SOME NEW HIRES
Walmart also recently revised degree requirements for certain headquarters jobs as well as the starting pay for specific roles. (Dustin Chambers / Bloomberg / File / Getty Images)
The move is the latest in a series of adjustments Walmart has made to its compensation and workforce requirements. The company announced last week that it would drop college degree requirements for some of the white-collar roles at its corporate headquarters in Bentonville, Arkansas.
"We’re rewriting job descriptions for our campus (headquarters) jobs to factor in the skills people possess, alongside any degrees they hold," Walmart executives wrote in a blog post. "This creates an either/or option for an applicant: to be considered for the job, you can have a related college degree or possess the skills needed for the job, whether through previous experience or other forms of learning."
"Both options count," the company added. "While degrees should be part of the equation and in some cases even required, there are many roles where a degree is simply unnecessary, including at corporate headquarters."
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In early September, Walmart announced that it would lower the starting pay for personal shoppers and stockers – the change didn’t affect current employees.
Walmart’s minimum wage across the company is $14 an hour, although starting pay can be as high as $19 an hour depending on the store location.
FOX Business’ Breck Dumas and Reuters contributed to this report.
