Walmart Inc. is offering annual stock grants as a new incentive for store managers, bringing potential pay for the most successful ones to more than $400,000.
Starting in April, all U.S. store managers will receive as much as $20,000 in Walmart stock every year, as the world’s largest retailer seeks to attract and retain staff. The amount of stock grants will vary by store format, with those overseeing smaller outlets eligible for less, the company said Monday.
Stock grants are the company’s latest effort to boost compensation for managers. It said this month that the average store manager’s salary will increase to $128,000 from $117,000.
Walmart is also redesigning its bonus program so that store profits play a bigger role in determining awards.
Managers can now receive as much as 200% of their base salary in bonuses if targets are met. About 75% of Walmart’s managers started as hourly employees and on average took about five years to land a management role, according to the company.
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A manager making the new average salary and hitting the top end of the bonus range could make $404,000 a year with the maximum stock grant.
“We are asking them to act like owners and to think like owners,” said John Furner, chief executive of Walmart‘s U.S. division, who worked as a store manager after starting at the company as an hourly employee more than 30 years ago.
Store managers play a key role at Walmart.
At a typical supercenter, they oversee hundreds of employees, ensure stores are stocked and manage multiple millions of dollars in sales for locations that offer a wide variety of items, including groceries, apparel, pharmacy products and auto services. Running delivery and pickup operations has become a bigger part of the job in recent years.
The stock grants for managers will vest quarterly over a three-year period. Managers for Neighborhood Markets and division 1 stores will each get $15,000, and those for hometown stores will receive $10,000. Division 1 and hometown stores, started during the company’s early days, mostly sell general-merchandise products.
Walmart will continue to offer a stock purchase program for employees, through which staff buy stock directly and the company matches 15% of the purchase, up to $1,800 a year.
Meanwhile, Walmart lowered its starting pay for some new hires as part of a revamped wage structure, a move that affected online-order pickers, shelf stockers and other employees.
After facing severe labor shortages during the pandemic, retailers including Walmart have experienced improvements in staffing, though retention remains a challenge for some. U.S. jobless rates have remained relatively low, while average hourly earnings have increased in recent months.
Walmart’s turnover rates have improved among managers and other employees over the last year or so, Furner said, as supply challenges stabilized. Managers are staying at their stores longer, and the company didn’t hire as many people last fall for the holiday season.
“We are feeling really good about our staffing levels,” he said.
FAQs
High-performing Walmart managers now have the ability to earn more than $400,000 a year after the retail giant announced it is offering the ability for some managers to earn $20,000 worth of stock grants starting in April.
Can Walmart Supercenter managers make $400,000 a year with no college degree necessary? ›
Walmart managers can now earn over $400,000 a year, no college required, thanks to stock grants.
Can Walmart store managers make $500,000 a year? ›
Yes, Walmart store managers can now make more than $500,000 a year.
Do Walmart managers really make 200k? ›
Walmart typically pays an annual salary of $200,000+ for store managers, according to WSJ.com, which is well above the $129,470 that BLS cites as the average salary for a sales manager. But even that may not be enough to recruit and retain qualified managers, according to the WSJ.com article.
What is the highest salary in Walmart? ›
Walmart Salary FAQs
The average Walmart salary ranges from approximately ₹1.4 Lakhs per year for a Team Member to ₹123.4 Lakhs per year for a Director Engineering. Salary estimates are based on 6.7k Walmart salaries received from various employees of Walmart.
How much does the highest paid Walmart manager make? ›
Walmart raised both the base salary range and bonus pay range for store managers in early 2024. Walmart store managers can now make anywhere from $90,000 to over half a million dollars annually in total compensation, including base salary and incentive awards.
What is the $400,000 job that doesn't require a degree? ›
That means a successful manager of a large Walmart store can earn up to $404,000 a year in total compensation. A Walmart spokeswoman declined to share how many managers generally receive their full bonus each year. The job has become more complex in recent years, said John Furner, Walmart U.S. chief executive.
How hard is it to become a manager at Walmart? ›
It noted that a college degree isn't required to become a manager, and that 3 in 4 people in management roles at its stores, clubs or supply chain divisions started as hourly workers. On average, it requires about 5 years to move from an entry-level role to management, the company added.
Is it true that Walmart pays for college? ›
Walmart pays for program tuition for eligible associates. Walmart also reimburses all required program fees, including books, registration fees, technology fees, required exam fees, inclusive access content fees, required graduation fees, and externship fees for eligible associates.
How to earn $500,000 a year? ›
13 jobs that can pay over $500k a year
- Actor.
- Author.
- Accountant.
- Insurance agent.
- Investment banker.
- Professional athlete.
- Entrepreneur.
- Hedge fund manager.
The estimated total pay range for a Store Manager at Walmart is $123K–$187K per year, which includes base salary and additional pay. The average Store Manager base salary at Walmart is $109K per year. The average additional pay is $41K per year, which could include cash bonus, stock, commission, profit sharing or tips.
How much does a super Walmart make a year? ›
Walmart Supercenter Salary in California
| Annual Salary | Weekly Pay |
|---|
| Top Earners | $69,525 | $1,337 |
| 75th Percentile | $58,264 | $1,120 |
| Average | $39,537 | $760 |
| 25th Percentile | $26,928 | $517 |
Walmart CEO Doug McMillon received $26.9 million in total compensation last fiscal year. The median compensation for Walmart employees was $27,642, per the company's annual proxy statement. Since 2009, McMillon has been paid $136 million for his work as a Walmart executive.
Why do Walmart store managers make so much money? ›
Stock grants are the company's latest effort to boost compensation for managers. It said this month that the average store manager's salary will increase to $128,000 from $117,000. Walmart is also redesigning its bonus program so that store profits play a bigger role in determining awards.
Is Walmart giving a pay raise in 2024? ›
Jan. 18, 2024, at 2:00 p.m. NEW YORK (AP) — Walmart Inc. is raising the starting base pay for store managers, while redesigning its bonus plan that will put more of an emphasis on profits for these leaders. The moves, announced Thursday, will be effective Feb.
What is the highest you can make at Walmart? ›
Walmart salaries range between $19,000 a year in the bottom 10th percentile to $50,000 in the top 90th percentile. Walmart pays $15.2 an hour on average.
How much does a CEO of Walmart make annually? ›
McMillon's total compensation rose 6.6 percent to $27 million last year from $25.3 million the year before, according to the company's proxy filing with the Securities and Exchange Commission on Thursday.
What is the $400,000 job that doesn't require a college degree? ›
Walmart is giving bigger bonuses and adding stock awards to their annual pay packages, pushing the total compensation for the best ones to more than $400,000 a year. The retail giant has thousands of store managers who act as midlevel executives.
How much does a Walmart store manager make in the US? ›
The estimated total pay range for a Store Manager at Walmart is $60K–$137K per year, which includes base salary and additional pay. The average Store Manager base salary at Walmart is $90K per year. The average additional pay is $48K per year, which could include cash bonus, stock, commission, profit sharing or tips.
