US Offline Retailer Walmart Store Manager Job Posting
High Salary, Stock Compensation, Bonuses Exceeding 500 Million KRW
Walmart, the largest offline retailer in the United States, was once known as the stingiest company. Its slogan until 2007 was "Always Low Prices. Always." The company did not provide adequate wages and treatment to employees at places where prices were kept low. However, since 2007, the current slogan has been "Save Money. Live Better." Walmart's corporate management has also changed.
Walmart currently operates an extensive network of stores and clubs in 24 countries worldwide, employs 2.3 million people globally, and serves over 200 million customers weekly. By the end of 2022, Walmart's U.S. sales reached $572.3 billion (760 trillion KRW), with an operating profit of $143.7 billion (191 trillion KRW).
On the 29th (local time), The Wall Street Journal (WSJ) reported that "Walmart is offering annual salaries exceeding $400,000 (about 535 million KRW), including bonuses and stock options, to attract store managers." Earlier this month, Walmart raised the average annual salary for store managers from $117,000 (about 157 million KRW) to $128,000 (about 170 million KRW), and increased the maximum bonus from 150% to 200%. Additionally, store managers can receive stock compensation worth up to $20,000 (about 27 million KRW) annually and bonuses up to 200%.
Walmart store managers, numbering in the thousands in the U.S. alone, primarily serve as middle managers overseeing about 350 employees and managing stores with annual sales of approximately $100 million (about 134 billion KRW). About 75% of Walmart store managers come from part-time worker backgrounds and do not require higher education such as a college degree. It is known that one can become a manager after working for about five years.
The news that successful managers of large stores can earn over 500 million KRW has become a hot topic among Americans. This reflects the philosophy of John Furner, CEO of Walmart U.S., who was a Walmart store manager 30 years ago. He stated that the introduction of the "automatic stock compensation" system has made it easier for store managers to think and act like owners.
Previously, Walmart has made significant investments in store employees to retain more staff. In September last year, it announced a wage structure change adjusting hourly wages across all job roles and departments, and throughout last year, it hired about 1.6 million employees in the U.S. alone.
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