Walmart Inc., the Bentonville, Arkansas-headquartered world’s largest brick-and-mortar and online retailer, had issued a statement saying that the American multinational retail corporation would peter out its decade-old quarterly bonuses for store workers after instrumenting a wage hike for roughly 565,000 hourly workers.
On top of that, Walmart was quoted saying in the statement that the US retailer would phase out quarterly bonuses by January 31 next year, the end of its fiscal 2021. Meanwhile, addressing the significance of an hourly wage hike, a spokesperson for Walmart said in a statement followed by the announcement, “The overwhelming majority of our associates say their hourly wage is the most important part of their pay and by folding the bonus into the overall pay raise, associates receive consistent, predictable pay”.
Walmart to ditch out quarterly bonuses
On top of that, latest Walmart Inc move came forth just a week after the Bentonville-based retailer had told in a statement that it had been working out a plan to raise wages of as many as 565,000 store workers by at least $1 per hour, remarking the American multinational retailer’s third wage hike in the US in a year and a half, while Walmart’s average hourly wages would perk up to $16.40 an hour in the United States following its latest pay-hike, added the retailer.
If truth is to be spoken, having been met with a steep labour shortage over recent months, a swathe of US retailers and small-businesses ranging from restaurants to hypermarket chains, had been forced to trim working hours and limit operations, while Walmart Inc.’s latest move had largely been contemplated as an approach to draw more Americans into workforces ahead of a busy holiday season.