Walmart Announces $128K Annual Salary, Stock Grant, No College Needed

RIVERSIDE COUNTY, CA — All Walmart store managers across Riverside County received news Monday when company CEO John Furner announced a new benefit: Starting this year, all store managers nationwide will receive an annual stock grant of up to $20,000.

On Monday, Walmart's stock price closed up at $165.04 a share.

"It’s fair to say that we’re asking them to act like owners and to think like owners," Furner said in a call to reporters. “And with this announcement, they will all be owners ...,"

The news comes on the heels of the Jan. 18 announcement from the company about investments in store manager pay. According to the big-box retailer, store manager average salary increased to $128,000 a year.

The new starting annual base salary for U.S. store managers now ranges from $90,000 to $170,000, up from $65,000 to $170,000, according to a statement from Cedric Clark, executive vice president of store operations at Walmart’s U.S. division.

Additionally, Walmart unveiled a bonus program earlier this month that allows store managers to earn an annual bonus that’s up to 200% of their annual salary.

The incentives are likely aimed at driving profitability and recruiting and retaining employees who might otherwise seek work with competitors.

Monday's announcement is "the latest step in our ongoing journey of investing in our store associates — a journey that’s focused on pay raises for hourly store associates over the past several years," according to a Walmart news release.

"Here’s the secret few people know: With hard work and dedication, just about ANYONE can become a Walmart store manager and run a multimillion-dollar business," the company stated. "In fact, approximately 75% of Walmart store, club and supply chain management started as hourly associates and on average it only took 5 years to get to a management position, and a college degree is not required." See Walmart's career portal here.

According to the latest data from the U.S. Bureau of Labor Statistics, the national annual mean wage for "first-line supervisors of retail sales workers" is around $50,000. In California, the figure is $53,000 to $59,000, according to the BLS data.

Walmart has store locations across Riverside County.