Managers at Walmart are set to get a raise of approximately $11,000, meaning their salaries will go up to $128,000 a year.
Walmart announced last week that the average salary for store managers will go up from $117,000 to $128,000 a year – amounting to a 9.4 per cent increase in salary.
Each store manager at Walmart’s 4,700 stores in the US will receive a pay raise.
Managers at Walmart, which is one of the biggest companies in the world, will also be entitled to bonuses of up to 200 per cent of their base salary, based on individual store sales and profit.
The company told CNN that it hasn’t made any changes to store managers’ pay structures in more than a decade.
“We are on a journey of investing in our associates,” Cedric Clark, executive vice president for Walmart US store operations, said in a release announcing the pay raise. “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.”
The company also announced that the hourly wage for Walmart’s approximately one million hourly workers will climb from $17.50 to $18.00 an hour in February.
Walmart said about 75 per cent of its field management teams began their Walmart careers as hourly workers.
The company’s CEO, Doug McMillon, also rose through the ranks from his first job with the company unloading trucks at a distribution centre.
Mr McMillon was paid $24.1m in 2023, according to a government filing – about 933 times the median salary of a Walmart employee, the company said in a disclosure required by law.
Walmart employs 1.6 million people in the US.