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Walmart Inc. (NYSE:WMT) has announced it will provide bonuses to eligible hourly U.S. store workers, with a potential of up to $1,000 a year.
Both part-time and full-time associates will qualify for the annual bonus program, which stemmed from employee feedback, according to John Furner, CEO of Walmart U.S.
The store workers include those at its pharmacy and Vision Center outlets. The retailer’s move aims to enhance wages for approximately 700,000 front-line employees, reported Reuters.
Furner emphasized the significance of maintaining competitive base wages, ahead of the company’s annual shareholder meeting.
Employees must have a year of tenure to be eligible, and bonuses will be based on store performance metrics.
Also Read: Walmart’s Self-Checkout Glitch Leads to Widespread Mispricing
As of the end of FY2024, Walmart employed approximately 2.1 million associates worldwide, with approximately 1.6 million associates in the U.S. Its minimum hourly wage begins at $14.
This is lower than the $15 starting wages offered by Amazon.com (NASDAQ:AMZN) and Target (NYSE:TGT). Additionally, the company increased the average salary and bonus for its U.S. store managers starting February 1.
The U.S. labor market remains tight, with the Labor Department’s latest report indicating a slower-than-expected job growth in April and annual wage increases falling below 4% for the first time in nearly three years, per the report.
“We are seeing a decrease in (store worker) turnover,” Furner said, which the report noted.
Walmart also introduced the ‘Associate to Technician’ certification program to assist employees in transitioning to higher-paying technical roles.
This program targets fields such as refrigeration, cooling maintenance, facilities maintenance, and automation technician roles, where the company faces shortages.
According to Lo Stomski, Walmart’s chief talent officer, this initiative aims to increase the technician workforce from about 450 to around 2,000 over the next two years, the report added.
“These jobs make between $19 and $45 an hour and offer opportunities to build a meaningful career,” Stomski said.
Walmart stock has gained more than 33% in the last 12 months. Investors can gain access to the stock via the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) and Vanguard Consumer Staples ETF (NYSE:VDC).
Price Action: WMT shares are trading higher by 0.13% at $66.69 at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Photo by Sundry Photography on Shutterstock
