Walmart store managers hit the jackpot earlier this month when the company announced it was increasing wages. On Tuesday, that jackpot just got a little bigger.
Walmart President and CEO John Furner announced on his LinkedIn page that store managers will also receive an annual grant of company stock starting this year. The stock bonus could be as much as $20,000 annually depending on the size of the store.
“A Walmart store manager is running a multimillion-dollar business and managing hundreds of people,” Furner said on LinkedIn. “And it’s a far more complex job today than when I managed a store. We ask our managers to own their role and act like owners. And now, they’ll literally be owners.”
Two weeks ago, the Bentonville, Ark.-based retailer unveiled a new compensation plan for managers that included a pay raise and a redesigned bonus plan.
The new starting annual base wage will range from $90,000 to $170,000, moving the average up to $128,000. Previously, store managers were pulling in $65,000 to $170,000.
Profits also will play a bigger role in the bonus program, and if a manager hits all their goals for the year they could double their base salary. Bonuses used to lean heavily on sales.
