On Monday, January 29, 2024, John Furner, President and CEO, Walmart U.S., announced an expansion of these investments to include an annual stock grant of up to $20,000.
Making Walmart the best place to shop means we need to make it the best place to work. To accomplish that, we are on a journey of investing in our associates – from offering competitive front-line pay to benefits that support associates’ health and well-being in all aspects of life.
“Today, we take the next step in this journey. We’re increasing our commitment to you with an investment in store manager wages and a redesigned bonus program. As you know, your pay is made up of two parts: base pay and annual bonus. We’re updating both.
First, base pay. We’re simplifying and increasing store manager wages. With this investment and upcoming annual increases, the store manager average salary will go from $117,000 to $128,000 a year.
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.
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. 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.
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.
Key Highlights: While on stage this morning at Walmart’s annual Year Beginning Meeting in Houston, John Furner surprised the store managers in the audience with news that the company is now giving all store managers up to $20,000 in Walmart stock every year.
The amount of the annual stock grant is based on store format, here’s the breakdown:
- $20,000 – Supercenter
- $15,000 – Neighborhood Market or Division 1 store
- $10,000 – Hometown store
Walmart store manager total pay now includes:
- $128,000 average salary
- Yearly bonus that’s up to 200% of their salary
- Yearly Walmart stock grant up to $20,000
Last week, the company announced a redesigned bonus program which gives store managers the opportunity to earn an annual bonus that’s up to 200% of their base salary.
Starting next month, Walmart store manager’s base salary (before bonus) will increase to $128,000/year.
I’m proud Walmart is making this investment following last year’s increase in starting pay for stores. As a result of those investments in front-line hourly associates and upcoming annual increases, our U.S. average hourly wage will soon exceed $18.
Most of you – approximately 75% of our field management teams – began your Walmart careers in the hourly ranks. So did I. My Walmart career started as a sporting goods hourly associate in Washington state. I was able to grow my career because people invested in me. I know firsthand that the possibilities are endless when working at Walmart. And the possibilities are endless for you and for everyone you lead every day.
This investment is about belief. 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.
