Greenwood Capital President and CIO Walter Todd joined ‘Mornings with Maria’ to discuss the state of the U.S. economy and mortgage rates as housing inflation continues to rise.
Walmart announced Thursday that its U.S. store managers will get a raise in February, increasing the average hourly wage at the superstore to more than $18.
Beginning on Feb. 1, the current average salary for store managers of $117,000 will be raised to $128,000, the retail giant said. Additionally, the annual bonus could be as high as 200% of base salary, if managers meet certain targets and profit metrics.
Last year, Walmart said "the investments in front-line hourly associates and upcoming annual increases" will result in average hourly pay rising from $17.50 to more than $18.
The company has since redesigned its store manager bonus program, calculating sales and store profits to give managers an annual bonus of up to 200%.
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Walmart's logo is seen outside one of the stores in Chicago, Illinois, U.S., November 20, 2018. (REUTERS/Kamil Krzaczynski/File Photo / Reuters Photos)
"The number one driver of job satisfaction is an associate’s manager, and we believe that you – our front-line leaders — are the best in retail," Cedric Clark, Executive Vice President of Store Operations for Walmart, wrote in a note to U.S. store managers. "Not only are you responsible for exceeding customer expectations day in and day out; each of you is the CEO of a multimillion-dollar business. And you’re the driving force behind the development of our next generation of leaders."
The latest development comes on the back of a solid rise in wages and strong retail sales growth in December, as U.S. employers hired more workers in a generally tight labor market.
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A Walmart store in San Leandro, California, U.S., on Monday, Aug. 14, 2023. Walmart Inc. is expected to release earnings figures on August 17. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
Walmart has been investing in its store workers to retain more employees and in September announced a change in the wage structure to align the hourly starting pay across all job roles and departments.
"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 at the time. "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."
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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 last year made a series of adjustments to its compensation and workforce requirements. The company announced in September that it would drop college degree requirements for some of the white-collar roles at its corporate headquarters in Bentonville, Arkansas.
Walmart also announced that it would lower the starting pay for personal shoppers and stockers — though the change didn’t affect current employees.
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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.
The retail chain employs around 1.6 million associates in the United States.
FOX Business' Eric Revell and Reuters contributed to this report.
FAQs
Walmart has recently announced pay increases for employees
Do Walmart managers get a raise? ›
Walmart manager pay increase 2024
18 that it was increasing store managers' pay, hiking the current average manager salary from $117,000 to $128,000 starting Feb. 1. The retailer also is redesigning its store manager bonus program to offer managers who hit all targets up to 200% of their base salary.
Can Walmart store managers earn up to $400,000 a year? ›
Walmart managers can now earn $400,000 a year, no college required, thanks to stock grants. The retail giant announced a new average annual salary of $128,000 this month.
Are Walmart team leads getting a raise in 2024? ›
As confirmed by Walmart on Thursday, Jan 18, 2024, the retail giant will increase the annual average salary and bonus for its U.S. store managers starting Feb. 1. This move will elevate the average hourly wage at Walmart to more than $18, marking a notable jump from the $17.50 announced in January last year.
What changes are coming to Walmart in 2024? ›
Big Changes Are Coming To Walmart In 2024
- Get ready to see more in-store ads. ...
- You can expect to find more parcel stations. ...
- Buy now, pay later is now possible at self-checkout lanes. ...
- Drone delivery is now an option in the Dallas-Fort Worth area. ...
- Managers' base pay and annual bonus program will be updated.
Second, we're redesigning our store manager bonus program. In addition to sales, your store's profit will play a bigger role in calculating your annual bonus. If you hit all targets, your bonus could now be up to 200% of your base salary.
How much do you get paid for being a manager at Walmart? ›
In smaller stores, a store manager can be granted up to $10,000 to $15,000 annually. Combined with the previously announced annual average salary of $128,000 and the ability to earn up to 200% of that salary in bonuses, a Walmart manager could earn as much as $400.000 a year if running a large store.
What is the highest paying team lead position at Walmart? ›
Team Lead Walmart Salary
| Annual Salary | Hourly Wage |
|---|
| Top Earners | $127,000 | $61 |
| 75th Percentile | $50,000 | $24 |
| Average | $53,524 | $26 |
| 25th Percentile | $32,000 | $15 |
Here's how much Walmart employees make on average, according to a 2024 Indeed finding: Cashier: $14.52 per hour. Retail Sales Associate: $16.13 per hour. Replenishment Associate: $16.62 per hour.
Is Walmart giving store managers? ›
Starting in April, all US store managers will receive as much as $20,000 in Walmart stock every year, as the world's largest retailer seeks to attract and retain staff.
Walmart removes more self-checkout lanes as a response to shoplifting.
What is the 5 year plan for Walmart? ›
The retail giant, which last opened a domestic location in 2021, said most of the stores would be newly built. Walmart will add 150 stores in the United States over the next five years, a major expansion drive for the retail giant.
What is Walmart doing to retain their high potential employees? ›
Walmart hopes that associates who complete Live Better U will fill the 100,000 “higher-paying and in-demand” jobs it needs to fill over the next three years. In an effort to incentivize retention, full- and part-time associates are now eligible for annual bonuses of up to $1,000, based on tenure.
What position gets paid more at Walmart? ›
The highest paying jobs at Walmart are software engineer, co-manager, inventory management specialist, and department manager.
How fast can you move up at Walmart? ›
Pathways: Training and Education to Build a Future
Entry-level associates receive their first promotion in seven months, on average. Approximately 75% of our U.S. salaried store, club, and supply-chain management started their careers in hourly positions.
What happens after 90 days at Walmart? ›
You can start using the PTO you earn beginning on your 90th day with Walmart, and can use PTO as soon as you earn it. Your paid time off is divided into two buckets: regular PTO and Protected PTO. Regular full-time and part-time associates receive both types. Temporary associates only receive Protected PTO.
Do Walmart employees get promoted? ›
Everyone At Walmar
Our philosophy on access to employment and advance- ment is clear: We believe hiring and promotions should be based on a collection of skills, experiences and attributes, whether acquired on the job, through military and volun- teer service, or degrees and certificates.
