Walmart store managers can now earn up to $620,000 per year in total compensation, according to the Wall Street Journal.
Walmart is increasing the pay of market managers, or regional store managers in charge of about a dozen Walmart stores, to a total compensation of $420,000 to $620,000 this year. These managers earned $320,000 to $570,000 last year, resulting in a possible pay increase of up to $100,000.
A Walmart spokesperson specified to the Journal that the minimum base pay for market managers has increased from $130,000 to $160,000 a year, while the maximum has remained the same at $260,000 per year.
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The additional layers of compensation come from stock grants, which have increased to $100,000 a year from $75,000 last year, and potential annual bonuses, which are now up to 100% of base pay from 90% last year. Walmart began offering store managers stock grants last year.
In a video posted on Linkedin last year first announcing that store managers would receive annual stock grants, Walmart’s U.S. president and CEO John Furner emphasized the critical part Walmart store managers play at the company.
A Walmart store manager is running a multimillion-dollar business and managing hundreds of people,” Furner said. “We ask our managers to own their roles and act like owners.”
Related: Walmart to Lay Off Hundreds of Employees, Relocate Remote Workers Back to the Office
Walmart Reduces Pay for Other Employees
Meanwhile, Walmart is reducing perks in other areas, including reducing overall pay for some staff and cutting back on remote work.
In September, the retailer gave thousands of office staff new titles and pay packages, reducing stock awards for 2,000 workers.
In May, Walmart announced that hundreds of remote workers would be mandated back to the office at the retailer’s headquarters in Bentonville, Arkansas, and other hubs around the country.
Walmart employees pushed back on the return-to-office plan, expressing concerns about childcare, life in another state, and their partner’s jobs also being affected. Some even chose to quit, with the most high-profile resignation being the chief technology officer of Sam’s Club.
Walmart had around 1.6 million U.S. employees at the end of fiscal year 2024.
Related: Sam’s Club Exec Would Rather Quit Than Move to Arkansas
