Walmart is raising the annual pay rate for managers to 128K annually.

In a significant move that underscores its commitment to employee well-being, Walmart has announced a substantial increase in the average salary for store managers across its approximately 4,700 U.S. stores. The average store manager's salary is set to rise from $117,000 to $128,000 annually, representing a notable 9.4% increase.

This salary boost, scheduled to take effect in February 2024, accompanies a revamped bonus program designed to further incentivize and reward store managers based on individual store performance metrics. Under the updated program, store managers have the potential to earn bonuses of up to 200% of their base salary, providing a substantial opportunity for increased compensation tied to store success.

Walmart's initiative is anticipated to positively impact the morale and financial well-being of its managerial workforce, fostering a sense of appreciation and recognition for their crucial role in the company's success. The move aligns with Walmart's ongoing efforts to invest in its employees and create an environment that values and rewards their contributions.

This announcement comes as part of Walmart's broader commitment to enhancing the overall work experience for its employees, solidifying its position as a leading employer and reinforcing its dedication to fostering a supportive and rewarding workplace culture.