Walmart is implementing new perks for hourly workers in an effort to retain associates and improve their relationship with employees. The company, which is the largest private employer in the U.S., has recently seen a decline in employee turnover but is facing challenges in a competitive labor market. Walmart previously announced a stock grant program for U.S. store managers, and is now introducing a bonus plan for part-time and full-time associates. The bonus potential is based on store performance and number of years of Walmart experience, with a maximum of $1,000 for a 20-year worker.
The new program will be available to 700,000 U.S. associates, and is aimed at encouraging employees to stay longer with the company. In addition to the bonus plan, Walmart is starting a training program for hourly workers to move into skilled trade jobs such as maintenance, heating, ventilation, air conditioning, and automation. The company plans to increase the number of skilled workers from 450 to 2,000, and associates participating in the training program will be paid for their time. Walmart is offering 50 certificates through the program, up from five certificates offered in 2020, and associates can earn these certifications in just four months.
The programs will begin in Dallas as part of the Walmart Academy, and Walmart’s SVP and chief talent officer, Lo Stornski, is optimistic about the impact of the training program on associates. The new perks and training opportunities reflect Walmart CEO Douglas McMillon’s commitment to providing growth opportunities for employees and anchoring them to the company. In a time when jobs are hard to come by, Walmart’s initiatives are setting an example for other retailers by investing in their workforce and offering opportunities for advancement. The company is taking steps to ensure that associates have the chance to develop themselves and earn more money, which can ultimately lead to a stronger and more motivated workforce.
Overall, Walmart’s new programs for hourly workers demonstrate a strategic approach to retaining talent and investing in employee development. By offering bonuses and training opportunities, Walmart is not only addressing the competitive labor market challenges but also providing a pathway for associates to grow and advance within the company. With a focus on upskilling and rewarding long-term employees, Walmart is setting a positive example for other retailers and demonstrating a commitment to supporting their workforce in a challenging economic environment. As Walmart continues to prioritize employee well-being and advancement, the company is likely to see continued success in retaining and motivating its hourly workers.
