Store managers at retail giant Walmart Inc (NYSE:WMT) are soon to receive annual stock grants valued up to $20,000, a decision that could potentially push the highest earners’ total compensation above $525,000.
What Happened: Walmart unveiled these stock grants after considerable pay and bonus raises earlier this month. The grants, which are a part of the compensation packages for store managers, will start in April, As reported by Business Insider on Tuesday.
John Furner, President and CEO of Walmart’s U.S. division, stated, “A Walmart store manager is running a multi-million dollar business and managing hundreds of people.” The grant amount will hinge on the size of the store, with varying ranges for Hometown, Neighborhood Market or Division 1, and Supercenter managers.
Along with the stock grants, a new salary and bonus structure will be put into effect from Thursday, Feb. 1. This restructuring will bolster the average base salary for U.S. store managers to $128,000, a significant rise from the previous $117,000.
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The revamped plan also hikes the maximum bonus from 1.5x to 2x the annual salary, emphasizing store profitability along with top-line sales. A Supercenter manager with a top-end base salary of $170,000 could potentially earn a total of $530,000 after receiving the maximum bonus and stock grant.
Interestingly, around three-quarters of Walmart store managers commenced in hourly roles, with the company not mandating a college degree for job consideration.
Why It Matters: In January last year, Walmart revealed plans to raise wages for its U.S. employees starting the next month. The pay increase would bump starting wages to a range of $14 to $19 per hour, up from the previous range of $12 to $18 per hour, varying by location.
Earlier this month, Walmart expanded its drone delivery service across 75% of the Dallas-Fort Worth population, marking the largest drone delivery footprint by a U.S. retailer.
However, the company also faced criticism as a report revealed its involvement in a vast fraud network involving gift cards and money laundering in late January.
Walmart Photo by Sundry Photography on Shutterstock
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