If your goal is to have a job that pays a six-figure salary, you may want to head to Walmart.
The retailer is making a big investment in its managers, who now have the opportunity to earn more than $400,000 a year.
Starting in April, Walmart store managers will receive an annual grant of Walmart stock. While the amount is based on store format, managers at Supercenters will receive $20,000 in stock every year.
"We ask our managers to own their roles and to act like owners -- and now, they'll literally be owners," CEO John Furner said in a video posted to LinkedIn.
The retailer also recently redesigned its pay structure and bonus program to put more cash in managers' pockets.
Managers will now earn an average base salary of $128,000 per year, up 9% from $117,000 in 2023. Managers also have the opportunity to earn a yearly bonus up to 200% of their base pay, based on their stores' sales and profits.
"A Walmart store manager is running a multimillion dollar business and managing hundreds of people," Furner said. "It's a far more complex job today than when I managed a store. "
With the higher base pay and stock grants, Walmart managers can now earn up to $404,000 per year -- and no college degree is required, according to CBS News. The retailer noted that 75% of its field management team started as hourly workers.
Want to get caught up on what's happening in SoCal every weekday afternoon? Click to follow The L.A. Local wherever you get podcasts.
Walmart believes the investments will lead to the "development of our next generation of leaders." In a note to store managers, Cedric Clark, the executive vice president of store operations, said the number one driver of job satisfaction is an associate's manager.
"We believe you're the keepers of our culture today while you're also helping to identify and grow the future leaders of our company. You're the reason our associates can build something special working at Walmart," Clark wrote. "Investing in you is an investment in our future."
Last year, Walmart increased employee starting wages to between $14 and $19 an hour.
Follow KNX News 97.1 FM
Twitter | Facebook | Instagram | TikTok