Walmart Ends Quarterly Employee Bonuses While Raising Wages
The move will make compensation more consistent and predictable, a spokesperson said.
Walmart is ending its quarterly bonuses for employees at the same time as it raises hourly wages for workers, according to the Wall Street Journal.
Citing a spokesperson, CNBC confirmed the reporting Thursday, noting that after decades of the program, bonus pay will be eliminated on Jan. 31, 2022.
It will be rolled into workers’ base pay. The move will make compensation more consistent and predictable, the spokesperson said.
Walmart announced last week that it would raise its minimum employee wage to $12 an hour. The company said that increase would impact over 565,000 workers, all of whom would earn at least a dollar more. It joins other companies, like Target and Amazon, in raising its wages, although many -- including those -- have elected to bump workers up to $15.
In April, the company announced plans to convert two-thirds of its hourly store roles into full-time positions with consistent weekly schedules.
The move is part of an effort to "attract and retain top talent," Drew Holler, the retail giant's senior vice president of U.S. people operations, said in a blog post at the time.
There will be about 100,000 more full-time roles at Walmart than there were five years ago once the initiative is complete.