World news – Walmart promises to raise wages for 425,000 workers

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In an employee announcement, Walmart President and CEO John Furner announced that the Bentonville, Ark., company would increase pay for branch employees in digital and warehouse functions. The increase affects 425,000 people out of nearly 1.5 million US employees, with start rates ranging from $ 13 to $ 19 an hour depending on the outpost’s location and market.

« We’ve seen big changes in customer behavior over the past year that we believe will last. We need to keep working to stay in stock, deliver items on time and deliver the best possible omni experience, ”Furner wrote. « This is an investment in our people. At the same time, we are making new investments in our supply chain, automation and technology. »

According to Walmart, the average hourly wage will rise to over $ 15 an hour with the recent bump. However, the minimum hourly rate remains at $ 11.

In recent years, some of the big box chain’s biggest competitors have introduced minimum wages of $ 15 an hour: Amazon, Target, and Costco are among the brave retailers who Pay their workers $ 15 an hour – more than double the federal minimum wage of $ 7.25 an hour In October, Walmart improved wages for around 165,000 employees per hour as part of a new operating model in its Supercenter stores Hour – or around 11% of the US workforce.

The Walmart announcement was also made on the same day that its fourth quarter financial results were released. Revenue rose 7.3% to $ 152.1 billion, beating analysts’ expectations. Comps rose 8.6% for the period ended January 29. However, profits fell below forecast ;; It posted adjusted earnings of $ 1.39 per share, compared to market watchers’ bets of $ 1.51.

In recent months, the chain has benefited from pandemic-induced trends such as: B. increased non-discretionary purchases and the switch to digital channels. However, the health crisis has also contributed to business costs. Walmart reported in the fourth quarter that it incurred additional costs of $ 1.1 billion for COVID-19.

Nonetheless, President and CEO Doug McMillon was optimistic about the coming year: “We have one thanks to our great people strong year and fourth quarter finished. They have stepped up to serve our customers and members exceptionally well during a busy holiday season amid a pandemic. The change in retail accelerated in 2020. The skills we have built up over the years have moved us forward and we will be ahead. « 

© 2021 Fairchild Publishing, LLC, a subsidiary of Penske Business Media, LLC. FN and Footwear News are registered trademarks of Fairchild Publishing, LLC. All rights reserved.

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