Walmart Announces $128K Annual Salary, Stock Grant For Store Managers

SAN DIEGO, CA — All Walmart store managers in San Diego County and across the country received news Monday when company CEO John Furner announced a new benefit. Starting this year, store managers will receive an annual stock grant of of up to $20,000.

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

"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, and many of them do own stock."

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.

About 75% of Walmart store, club and supply chain management started as hourly associates, according to the company. It takes an average of five years to get to a management position, and a college degree is not required.

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

Walmart has nearly 5,000 stores nationwide and 300 stores, including Sam's Clubs, in the state. There are more than a dozen stores and clubs in the San Diego area.

• Also see: Walmart Closing 2 San Diego Area Stores Due To Underperformance