Walmart CEO shares how retail giant helps employees ‘excel in their career,’ work their way up to six figures
The retail giant announced changes in the associate stock program, pay system in January
Walmart CEO shares how retail giant helps associates ‘excel in their career’
Walmart U.S. CEO John Furner joins ‘The Big Money Show’ to share developments with the retail giant, including the creation of 150 new U.S. stores.
Walmart's goal is to help families save money and live better, but CEO John Furner shared the retailer is also committed to providing opportunities for employees to "excel in their career."
"This is an environment where great performance definitely provides opportunity and people can excel in their career," Furner said.
While on "The Big Money Show" Wednesday, Furner said the company is investing more in their employees, from hourly associates to store managers.
WALMART CREATING 150 NEW STORES, REDESIGNING HUNDREDS MORE
Store managers can now earn up to $400,000 with an annual grant of Walmart stock. While the exact amount is based on the store format, supercenter managers will receive $20,000 in stock annually beginning in April.
"It's a great opportunity for our associates to be owners, to be owners of the company and participate in the upside," Furner said.
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"With store managers, we're constantly asking our store managers to act like owners and to think like owners. And they really do own their business. In many cases, these stores are the center of communities. They're large businesses. So the ability for us to be able to make them owners, we're really excited."
Walmart U.S. CEO John Furner outlined how his retail company provides employees opportunities to excel in their careers. (Luke Sharrett/Bloomberg via Getty Images/FOX Business / Fox News)
The announcement comes on the heels of other changes to the pay structure for store managers.
In terms of base pay, the company announced in January it is increasing the average salary for a store manager from $117,000 to $128,000 a year. On top of that, store managers could see bonuses of up to 200% of an individual's base salary.
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Walmart is providing opportunities for growth for a variety of people, including those without a college degree.
Furner noted that many store managers who will now see a salary boost started as hourly associates.
"About 75% of our managers started as hourly associates, including me. I started at a garden center just across the street at what we call store 100 here in Bentonville over 30 years ago. But about 75% of our associates or managers started as associates."
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While there have been updates in the program, stock ownership has also been a part of Walmart's company culture for years.
"This is a program that was started by our founder, Sam Walton, and it gives associates at all levels, even from their first day, which I started my first day to be able to buy stock and up to $1,800 a year will match up to about 15% of that. So it's a great opportunity for our associates to be owners," Furner shared.