Walmart to End Quarterly Bonuses for Store Workers

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Walmart to End Quarterly Bonuses for Store Workers

The Wall Street Journal2021-09-10

Retailer says the benefit, part of potential compensation of hundreds of thousands of workers, would be rolled into their hourly wages Bonuses based on store performance have been part of Walmart ...

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4c7ea105
·2021-09-10
Gd
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逢場作戲又一日
·2021-09-10
Bonuses
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Linnleo
·2021-09-10
Nice.. esp at this point
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She said the quarterly bonus makes up just a portion of the pay increase workers are receiving.\nThe bonuses have been part of Walmart store workers’ potential compensation for decades. Early on, Walmart distributed the bonuses annually based on store performance. Over the years the retailer has used a variety of metrics, including attendance or store-theft level, to determine the payout. Walmart moved the bonus to a quarterly structure in 2007. In some quarters, a store’s performance doesn’t qualify workers for a bonus.\nWalmart, the country’s largest private employer, is implementing a series of hourly wage increases for workers in a tight labor market that has businesses from restaurants to amusement parks competing for staff. Last week, Walmart said it would raise its starting wage to $12 from the $11 floor established in 2018, a move that will increase pay for over 525,000 of its 1.6 million U.S. workers by at least $1 an hour.\nAfter the wage increases, which take effect at the end of September, Walmart’s minimum hourly wage will be lower than at some competitors such as Amazon.com Inc. and Target Corp. Both start workers at at least $15 per hour. Other competitors, such as discount chains Dollar General Corp.,Dollar Tree Inc. and traditional grocers, often start hourly workers at lower wages than Walmart.\nWalmart’s warehouse and fulfillment facilities all pay workers over $15 an hour, said the company spokeswoman.\nWalmart has gradually phased out the quarterly bonus structure over the past year as it offered raises to parts of its hourly workforce. Last year, it raised wages for around 165,000 store workers and eliminated their bonuses. This spring it did the same for around 425,000 digital and stocking workers.\nWalmart has a long history of offering hourly workers financial incentives directly linked to store or company performance. The practice started under founder Sam Walton as a way to give workers a sense of ownership in the company’s results, provide good customer service and hold unions at bay, Mr. Walton wrote in his 1992 autobiography “Sam Walton: Made in America.”\nIn 1971, the company created a profit-sharing plan for all workers that awarded company stock each year. In 1979, Walmart started offering store workers an annual bonus if their store reduced shrink, the industry term for theft and other merchandise loss. “Profit-sharing has pretty much been the carrot that’s kept Wal-Mart [sic] headed forward,” Mr. Walton wrote. After 39 years, Walmart ended its profit-sharing program in 2010, saying it would roll more money into quarterly bonuses and other benefits.\nIn recent years, as competitors have raised hourly minimum wages, Walmart has emphasized its quarterly bonus, along with other perks such as a program that offers workers free college education and on-the-job training. By the end of this month, Walmart workers will earn an average of $16.40 an hour, the company said last week.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":883286857,"gmtCreate":1631244246579,"gmtModify":1676530507420,"author":{"id":"3582002557827165","authorId":"3582002557827165","authorIdStr":"3582002557827165","name":"4c7ea105","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3582002557827165"},"htmlText":"Gd","listText":"Gd","text":"Gd","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/883286857","repostId":1151224116,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":883217664,"gmtCreate":1631243643258,"gmtModify":1676530507286,"author":{"id":"3555043402922696","authorId":"3555043402922696","authorIdStr":"3555043402922696","name":"逢場作戲又一日","avatar":"https://community-static.tradeup.com/news/6a5fbf2ceb7c7ee0399d41e6348dadf7","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":5,"crmLevelSwitch":1,"idStr":"3555043402922696"},"htmlText":"Bonuses&nbsp;","listText":"Bonuses&nbsp;","text":"Bonuses","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/883217664","repostId":1151224116,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":883217978,"gmtCreate":1631243626894,"gmtModify":1676530507279,"author":{"id":"3584658134750205","authorId":"3584658134750205","authorIdStr":"3584658134750205","name":"Linnleo","avatar":"https://static.tigerbbs.com/b57e83af12c17b31db1fb1b80ea44c6a","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":2,"crmLevelSwitch":0,"idStr":"3584658134750205"},"htmlText":"Nice.. esp at this point&nbsp;","listText":"Nice.. esp at this point&nbsp;","text":"Nice.. esp at this point","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/883217978","repostId":1151224116,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":15,"commentSize":3,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}