Walmart's multi-store managers can now make up to $620,000

Walmart is enhancing its compensation structure for market managers, a role that manages multiple stores and requires no college degree. The retail giant announced on Thursday that it will provide pay increases for around 440 market managers across its roughly 4,600 U.S. locations, reflecting Walmart's commitment to offering competitive salaries within the retail industry.

Starting this year, the base salary for market managers will see a rise from $130,000 to $160,000. This increase is particularly significant for high performers, who could potentially earn over $600,000 annually through salary, stock grants, and bonuses. As part of the new compensation plan, stock grants will increase from $75,000 to $100,000, with further bonuses improving from 90% to 100% of base salary.

For a market manager at the top of the pay scale, this means that earning a maximum base salary of $260,000, combined with other incentives, could total around $620,000. This adjustment is part of Walmart's broader strategy to attract and retain talent in managerial positions, particularly following recent pay increases for store managers, who now earn between $90,000 and $170,000.

Store managers are also eligible for bonuses that can reach 200% of their base pay and can receive stock grants of up to $20,000, leading to a maximum compensation package of approximately $530,000 for top performers in that role.

Walmart prioritizes internal promotions, with about 75% of its salaried field management personnel having begun their careers in hourly positions. This approach not only enhances employee loyalty but also helps in developing a well-versed management team that understands the company's operational dynamics.