Walmart managers have a new reason to be cheerful.
These employees can now make between $138,000 and $148,000 a year, depending on what kind of store they lead. And that’s just with their base salaries and new annual stock grants announced by the Arkansas-headquartered retail chain on Monday (Jan. 29).
Managers can also make 200% of their base salary in bonuses if they “hit all targets” by the end of the year. When you factor in bonuses plus the stock grants, they can earn up to $404,000 annually.
Walmart, the largest private employer in the US, first changed its pay structure in early 2023, bumping its minimum wage up $2, to $14. The retailer later walked back its decision half a step, lowering base pay for new hires by about $1 per hour. Then on Jan. 18, it raised managers’ salaries 9% on top of launching its new bonus program.
The stock grants add the biggest bump for Walmart’s superstore managers, who will receive $20,000 a year. Walmart Supercenters are, unsurprisingly, the company’s largest locations, spanning about 180,000 square feet. Meanwhile, managers of smaller neighborhood market stores will get $15,000, and those of even smaller “hometown” stores will get $10,000.
“It’s fair to say that we’re asking [managers] to act like owners and to think like owners,” John Furner, CEO of Walmart US, told reporters Monday.