November 27, N move on Thursday to give , of its U. Retailers hire tens of thousands of temporary workers across the country to keep up with crowds of people in stores and online, paying competitive wages and offering benefits.
But a nationwide worker shortage due to the COVID pandemic has retailers concerned they will not have enough workers in stores and warehouses to handle to extra sales online and in stores.
With its third wage hike over the past year, Walmart's U. Chief Executive John Furner said in a memo to staff. Bureau of Labor Statistics. Workers in Walmart's shop floor, food and consumable and general merchandise departments will receive the higher wages, effective Sept. In the first nine months of the pandemic, Walmart provided only a fraction of their Covid profits to workers in the form of hazard pay and additional compensation, according to an analysis by the Brookings Institution.
But Naughton said the increase did not go far enough, and he criticized Walmart for eliminating quarterly MyShare bonuses for all employees, which often provided workers with an extra few hundred dollars every three months. Walmart is the most subsidized company in America by the government. He said many of his co-workers have additional jobs and rely on Snap, rental subsidies and other government relief programs in order to make ends meet.
Walmart spokeswoman Anne Hatfield said the new model creates more predictability for those employees, since bonuses vary in amount and are not guaranteed, and said it will ultimately result in higher pay. She said it phased out quarterly incentive pay for some workers last year when it introduced new store leadership roles.
The big-box retailer announced the wage hikes for some of its workforce as it reported holiday-quarter earnings that fell short of Wall Street's expectations and cautioned that it expects its sales growth to moderate this year.
It had previously planned to reach that milestone by the end of , but accelerated its timetable during the pandemic. Companies have been under pressure to pay employees more as the Biden administration pushes for increased pay and half of U. Store employees at Walmart and other grocery stores have also been on the frontlines during the pandemic, too, taking on additional risks as they check out customers or stock shelves — with some falling ill, dying or spreading Covid to family members.
McMillon, who also serves as chairman of the Business Roundtable, has previously said that the retailer believes the federal minimum wage should be higher.
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