COMP NEWS – Walmart is increasing its store manager’s average salary from $117,000 to $128,000.

Walmart told store managers on Thursday that it would be increasing their average salary from $117,000 to $128,000 per year.

The raise will be effective from February 1 2024. The increase applies to the minimum starting base salary new store managers can earn, rather than the maximum packet.

Previously, the starting base salary fell between $65,000 – $170,000, with the new range sitting at $90,000 – $170,000, representing a nine per cent bump in average pay.

The retail giant also announced in the memo to employees that it is redesigning the store manager bonus program. The new bonus scheme increases the weight of store profits when calculating the bonus, alongside sales, allowing store managers to earn up to 200% of their base salary.

Cedric Clark, Executive Vice President, Store Operations, Walmart U.S., explains to store managers that the company is “on a journey of investing in our associates – from offering competitive front-line pay to benefits that support associates’ health and well-being in all aspects of life.”

Walmart estimates that this pay increase will bump up its employee’s average wage to $18 an hour.

The memo also highlights Walmart’s focus on achieving its business goals through its people. “Making Walmart the best place to shop means we need to make it the best place to work,” Clark writes.

Walmart estimates this pay increase will take the average hourly wage rate for employees up to $18. In January 2023, it announced it would bring the U.S. average hourly wage up to $17.50 by increasing its minimum wage from $12 to $14 per hour.

Clark also emphasizes the pay increase is designed to reward store managers for their work with customers, employees, and the business.

To read more about Walmart’s salary increases for store managers, click here.

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