Walmart raises minimum wage to $14 an hour, increasing average hourly wage to $17.50, increasing pay for 340,000 employees, part of tight labor market, other perks offered.
Walmart has announced that it is raising its minimum wage for store employees to $14 an hour, representing a 17% increase for these workers. This will affect approximately 340,000 store employees, resulting in an average hourly wage of $17.50, which is above the industry average. Walmart is also providing additional perks to attract and retain employees, such as tuition and fees for part- and full-time workers through their Live Better U program, as well as more high-paid roles at their auto care centers and recruiting employees to become truck drivers.
This move comes as other retailers are warning investors about a tougher year ahead due to weaker retail sales and persistent inflation. While the jobs market has remained strong, retailers have had to work hard to recruit and retain workers, making layoffs a less attractive option. Walmart’s wage hike puts them in line with other major retailers such as Target, Amazon, and Best Buy, who have all raised their minimum wages to $15 an hour.
The wage increase is a positive move for Walmart employees, who are feeling the pinch from pricier food, electricity, and other costs of living. It is also a sign that the retail giant is taking a proactive approach to managing their workforce, as well as being competitive in the job market. This move could also help to improve employee morale and productivity, which could in turn help the company to remain competitive in the long-term.
Overall, Walmart’s wage increase is a positive move for both its employees and the company. It is a step in the right direction for Walmart, as it shows that they are taking the needs of their employees seriously, while also positioning themselves competitively in the job market. This could have a positive impact on Walmart’s overall performance and success in the long-term.