Walmart on Thursday announced a series of new investments in its store management.
In a Thursday letter, Walmart U.S.’s EVP of store operations Cedric Clark said the company is increasing wages for U.S. store managers, with the average salary going from $117,000 to $128,000 a year. Walmart also rolled out a new bonus program that makes a store’s profits have more of an impact on the size of a manager’s annual bonus, which could be up to 200 percent of their base salary.
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“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,” Clark wrote in the letter, which was shared on Walmart’s blog. “Investing in you is an investment in our future.”
The announcement follows Walmart’s decision to increase starting wages to $14 an hour for U.S. store employees last year, which brought its average hourly U.S. wage to more than $17.50. Walmart’s previous minimum wage was $12 an hour. Soon, the chain’s U.S. average hourly wage will exceed $18, said Clark, who began his Walmart career as a sporting goods hourly associate in Washington state.
“This investment is about belief,” Clark said. “We believe in you. We believe you’re the keepers of our culture today while you’re also helping to identify and grow the future leaders of our company. You’re the reason our associates can build something special working at Walmart – just like many of us have. You make the difference, and we could not be more excited to continue this journey with you.”
In December, average hourly earnings rose 0.4 percent at the same rate of the prior month. Year-over-year, wages increased 4.1 percent in December.
In 2022, Walmart announced new pay raises for its truck drivers and a “Private Fleet Development Program” to train new associates. According to Walmart, truck drivers can make up to $110,000 in their first year with the company, with the chance to earn even more over time.
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