""What we did last year was make managers feel like owners," Furner said at a retail and consumer conference in April. "This includes shareholding, which has positively impacted their approach to the company's profits and losses.""
""This is the latest wage investment in our people," Walmart spokesperson Anne Hatfield told Fortune earlier this year. "This has been a years-long journey with increases in hourly pay that started in 2015.""
Walmart raised total compensation for top-performing regional store managers in January 2024 to between $420,000 and $620,000. Average base pay increased from $130,000 to $160,000, with the remainder provided through substantial stock grants and annual bonuses to promote ownership. The policy affected over 4,000 U.S. store managers within a workforce of roughly 1.6 million. The measure aimed to address pandemic-era turnover and manager shortages while boosting morale and retention. Reported outcomes include improved hourly-worker retention by 10% over the last decade, higher corporate rankings, and a forthcoming Harvard Business School study on wage impacts.
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