Who said the age of a company supporting its workers with huge stock opportunities is over?
Walmart, in a move reminiscent of companies of yesteryear, announced Monday a program in which all store managers in New Jersey and across the U.S. will receive an annual stock grant of up to $20,000.
The news comes on the heels of the Jan. 18 announcement about investments in store manager pay in New Jersey and across the U.S. — resulting in the store manager average salary increasing to $128,000 per year — and a newly designed bonus program, which gives store managers the opportunity to earn an annual bonus that’s up to 200% of their salary.
Walmart CEO John Furner said Monday’s announcement is the latest step in an ongoing journey of investing in store associates — a journey that not only is focused on pay raises for hourly store associates over the past several years, but for store managers, too.
The breakdown of the potential bonuses for store managers is as follows:
- $20,000: Supercenter;
- $15,000: Neighborhood Market or Division 1 store;
- $10,000: Hometown store.
Pay for a Walmart store manager now includes:
- Average salary: $128,000 (before bonuses);
- Yearly bonus: Up to 200% of their salary;
- Yearly Walmart stock grant: Up to $20,000.
In releasing the update, Furner included this factoid: Store managers at Walmart most often are promoted from within. The company said approximately 75% of Walmart store, club and supply chain management started as hourly associates and, on average, it only took five years to get to a management position, and a college degree is not required.
