Walmart Raises Pay For Managers In US, Offering Over Rs 3 Crore Annually

Walmart is boosting compensation for high-performing managers, providing the chance to earn more than $400,000 (Rs 3,31,86,220) annually. Beginning in April, eligible managers at Walmart Supercenters may be granted $20,000 (Rs 16,59,311) in stock, according to NBC News.

The specific amount of the stock grant is influenced by the store formats where managers are situated, as outlined by Brian Furner, Walmart US President and CEO, in a LinkedIn video shared on Monday.

With the recently revealed uptick in the average salary to $128,000 (Rs 1,06,19590) and the potential to earn bonuses equivalent to 200% of that salary, Walmart managers now have the opportunity to achieve an annual income of $404,000 (Rs 3,35,18082).

"A Walmart store manager is running a multimillion-dollar business and managing hundreds of people, and it's a far more complex job today than when I managed a store," Furner said. "And we ask our managers to own their roles and act like owners. And now, they'll literally be owners."

A Walmart spokesperson has told NBC News there are about 4,600 Walmart stores, including more than 3,500 Supercenters.

The company has estimated that 75% of Walmart managers started out as hourly workers, suggesting many never graduated from college.

"I'm proud Walmart is making this investment following last year's increase in starting pay for stores. As a result of those investments in front-line hourly associates and upcoming annual increases, our US average hourly wage will soon exceed $18," the top executive said.

"My Walmart career started as a sporting goods hourly associate in Washington State. I was able to grow my career because people invested in me. I know firsthand that the possibilities are endless when working at Walmart. And the possibilities are endless for you and for everyone you lead every day."