Walmart is implementing alterations to job titles and compensation structures for its corporate staff, with these changes set to take effect in November. While the adjustments mainly pertain to job titles and pay, there will be no reductions in the base pay of current employees. The modifications will involve reassigning certain staff to new job titles, while maintaining their existing roles, responsibilities, job types, and base pay. Additionally, Walmart is revising its bonus criteria and stock-based compensation plans.
A Walmart spokesperson explained, “As Walmart has expanded and transformed its operations over time, so too have the roles necessary to support our business. We are in the process of modernizing our approach to corporate office positions to stay competitive in today’s dynamic environment, more accurately reflect the current nature of work, and simplify job titles across our corporate office functions.”
Corporate personnel at Walmart and its subsidiary, Sam’s Club, will be reclassified into fewer categories of potential job titles, with some pay adjustments commencing in November. While the majority of employees will continue to receive the same or higher levels of stock-based compensation, approximately 4% of staff will experience reductions in stock targets to align compensation across various regions. Those affected by stock option reductions will receive a one-time grant to offset the overall compensation change before their options are adjusted to lower levels in the future.
According to a Walmart spokesperson cited by the Wall Street Journal, these changes aim to establish “sound compensation practices” that ensure equitable rewards for similar levels of work.
This move represents the latest in a series of adjustments Walmart has made to its compensation and workforce requirements. Recently, the company announced the elimination of college degree requirements for certain white-collar positions at its corporate headquarters in Bentonville, Arkansas. In a blog post, Walmart executives emphasized the importance of considering applicants based on their skills alongside any degrees they may hold, creating a more flexible hiring approach.
Furthermore, Walmart had previously announced a reduction in the starting pay for personal shoppers and stockers in early September, affecting new hires but not current employees. The company’s minimum wage remains at $14 per hour, though starting pay can vary and reach as high as $19 per hour, contingent on the store’s location.
