Walmart re-tooling offers higher staff wages
Walmart is testing 'The Great Workplace' model which offers higher pay
Walmart, the largest U.S. retailer and employer, is testing out a new management model, which in some cases pays a higher starting wage of $12 an hour for team associates.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMT | WALMART INC. | 60.16 | -0.05 | -0.08% |
“The Great Workplace” model, which the company says offers workers more opportunity to “lead” and to advance their careers, is being tested in 500 supercenters.
“We are really excited about our test that further empowers our associates to take care of customers. Our associates are enjoying learning new skills and working on small teams within their store” Drew Holler, Walmart's senior vice president of associate experience, said in a statement provided to FOX Business.
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Additionally, team leads in the program can earn a starting rate of $18 an hour. The stores outside this program are paying the $11 minimum wage, although the company notes the average full-time hourly wage is $14.03.
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| KSS | KOHL'S CORP. | 24.53 | +0.25 | +1.03% |
| GPS | GAP INC. | 21.36 | +1.14 | +5.64% |
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The retail environment is becoming more cutthroat as retailers including J.C. Penney, Gap and Kohl’s struggle, while Amazon, Target and Restoration Hardware are showing stronger performances.
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Other retailers including card company Papyrus and Pier 1 are closing stores.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM INC. | 179.62 | +5.95 | +3.43% |
| TGT | TARGET CORP. | 164.70 | +0.27 | +0.16% |
| RH | RH | 248.91 | +5.54 | +2.28% |
Walmart, which also owns Sam’s Club, employs 1.5 million people in the U.S. and 2.2 million worldwide.
The stock has gained nearly 18 percent over the past 52 weeks, trailing the S&P’s 25 percent advance during the same time frame.
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