This week, retail giant Walmart announced pay raises for approximately 440 managers, with some salaries now reaching the high six figures—up to $620,000.
“Walmart is increasing base pay, bonus opportunities, and annual stock awards for our market managers,” a company spokesperson confirmed to Fortune. “This role is essential to our business and to serving customers however they choose to shop. This is the latest in a series of investments in both hourly and salaried roles across Walmart U.S.”
Starting Feb. 1, the base salary for market managers will rise from $130,000 to $160,000. When factoring in bonuses and stock awards, these managers earned between $320,000 and $570,000 in 2024. With the new compensation structure, their earnings will range from $420,000 to $620,000.
Annual stock grants for market managers will increase from $75,000 to $100,000, and potential annual bonuses will rise to 100% of base pay, up from 90%, according to The Wall Street Journal, which first reported the changes.
America’s Largest Employer Wants to Stay on Top
“This is the latest wage investment in our people,” spokesperson Anne Hatfield told Fortune. “This has been a yearslong journey, with hourly pay increases that began in 2015.”
Recently, Walmart raised hourly wages and introduced a bonus program to encourage employee retention, offering a maximum $1,000 bonus to workers with 20 or more years at the company. According to Walmart’s website, the average hourly wage for employees is $17.50. Pay raises have largely been aimed at reducing turnover, a key factor behind the new compensation structure for managers as well. Bloomberg previously reported that Walmart experienced a significant loss of managerial talent, especially during the early pandemic years.
“We will continue to raise wages across the business,” Hatfield added.
This is part of a decade-long effort to improve employee retention after years of criticism over low wages and high turnover. In the past, Walmart paid its workers so little that many qualified for government assistance. A 2020 Government Accountability Office report found Walmart was the top employer of Medicare-enrolled workers in three states and the leading employer of SNAP (food stamp) recipients in five states.
“Walmart is rewarding store managers for growing their businesses. As their store’s profit grows, so does their annual bonus,” Hatfield told Fortune in 2024.
