Top Walmart execs will rake in over half a million dollars annually
Walmart is enhancing the compensation packages of its market managers, who supervise around a dozen stores, in a bid to attract and retain talent in a tight labor market. According to a company spokesperson, the starting base pay for market managers is jumping by nearly 25% to $160,000. This is part of a broader pay range, which now ranges from $160,000 to as high as $260,000.
The bonuses and stock awards for market managers are also seeing significant changes. Market managers will now receive annual stock grants worth $100,000, an increase from the previous $75,000. Furthermore, they will be eligible to earn an annual bonus equal to up to 100% of their salary, compared to the previous limit of 90%.
Walmart's focus on its workforce is also reflected in its actions relating to hourly wages. The company has raised hourly wages by approximately 30% over the past few years, with the current U.S. average hovering around $18. The starting hourly pay ranges from $14 to $19, depending on the store and local market conditions.
The changes in compensation are bearing fruit for Walmart, with the company reporting a 5% growth in sales at its U.S. stores open for at least a year. Profit also saw an 8% increase in the last quarter. Walmart's strategic investments in its grocery business, lower prices due to its vast scale, and a stronger assortment of goods have all contributed to its success.
The company's online operations, specifically, showed a 22% growth in U.S. sales last quarter. Walmart will release its next earnings report in February.
After enhancing market manager compensation, Walmart is now positioning itself as a competitive business for attracting and retaining talent. The increased compensation includes a base pay jump to $160,000 and up to 100% annual bonus based on salary for market managers.
