Walmart to give US store managers a raise

foxbusiness.com:

Greenwood Capital President and CIO Walter Todd joined ‘Mornings with Maria’ to discuss the state of the U.S. economy and mortgage rates as housing inflation continues to rise. 

Walmart announced Thursday that its U.S. store managers will get a raise in February, increasing the average hourly wage at the superstore to more than $18.

Beginning on Feb. 1, the current average salary for store managers of $117,000 will be raised to $128,000, the retail giant said. Additionally, the annual bonus could be as high as 200% of base salary, if managers meet certain targets and profit metrics. 

Last year, Walmart said «the investments in front-line hourly associates and upcoming annual increases» will result in average hourly pay rising from $17.50 to more than $18.

The company has since redesigned its store manager bonus program, calculating sales and store profits to give managers an annual bonus of up to 200%. 

WALMART CHANGING TITLES, PAY STRUCTURE FOR CORPORATE STAFF

Walmart's logo is seen outside one of the stores in Chicago, Illinois, U.S., November 20, 2018. (REUTERS/Kamil Krzaczynski/File Photo / Reuters Photos)

«The number one driver of job satisfaction is an associate’s manager, and we believe that you – our front-line leaders — are the best in retail,» Cedric Clark, Executive Vice President of Store Operations for Walmart, wrote in a note to U.S. store managers. «Not only are you responsible for exceeding customer expectations day in and day out; each of you is the CEO of a multimillion-dollar business. And you’re the driving force behind the development of our next generation of leaders.»

The latest development comes on the back of a solid rise in wages and strong retail sales growth in December, as U.S. employers