Here's how much Walmart store managers will earn this year
Some people go into fields like medicine or engineering in hopes of earning top dollar. But there's another way to earn six figures: become a store manager at Walmart.
The world's largest retailer announced this week that it is raising managers annual salary to $128,000, up 9% from $117,000 per year in 2023. Managers can also earn up to 200% of their pay as yearly bonuses, based on their stores' profits and sales, according to the retailer. The company will offer the enhanced compensation package to managers across its U.S. stores starting on February 1.
Walmart's move to sweeten managers' pay could help counter the high rate of turnover in retail. According to a survey from employee screening firm Checkr, 74% of retail workers were actively searching for a job or considering doing so in 2023.
While Walmart is bumping up pay for store managers, it has also recently lowered pay for certain roles within its ranks. Since July, the company has been paying one dollar less per hour to newly hired shelf stockers, delivery people and curbside delivery order preparers, the Wall Street Journal reported.
Walmart did not immediately reply to CBS MoneyWatch's request for comment.
By contrast, Walmart last year increased its U.S. employees' starting wages to between $14 and $19 an hour, depending on a store's location. The current federal minimum has been stuck at $7.25 an hour since 2009, though many states and cities have sharply increased hourly pay in recent years.
Higher minimum wages took effect in 22 states this year, while workers in 20 states remain subject to the federal baseline pay.