This report was originally published by Tyler Durden at Zero Hedge
Add Wal-Mart to the growing list of companies boosting employee compensation in the aftermath of the passage of Trump’s tax reform.
In a just released press release, Wal-Mart Stores announced it is boosting its starting hourly wage to $11, expanding maternity and parental leave benefits and providing a one-time cash bonus for eligible associates – those who have been with the company at least 20 years – of up to $1,000, capitalizing on the U.S. tax overhaul to stay competitive in a tightening labor market.
The company said that the increase will take effect in February next month and will cost approximately $300 million incremental to already planned wage hikes. The one-time bonus of up to $1,000 is based on seniority and will amount to an additional $400 million. The company is also expanding its maternity and parental leave policy and adding an adoption benefit.
Walmart CEO Doug McMillon said that “we are early in the stages of assessing the opportunities tax reform creates for us to invest in our customers and associates and to further strengthen our business, all of which should benefit our shareholders. However, some guiding themes are clear and consistent with how we’ve been investing — lower prices for customers, better wages and training for associates and investments in the future of our company, including in technology. Tax reform gives us the opportunity to be more competitive globally and to accelerate plans for the U.S.”
As Bloomberg adds, Wal-Mart, the nation’s largest private employer, has fought in recent years to improve its image in the U.S., as it weathered criticism over its treatment of employees. With the wage increase and bonus payment, the world’s biggest retailer seeks to even its pay gap with resurgent rival Target Corp., while simultaneously sending a high-profile thank you to the U.S. government for slashing the corporate tax rate.
The full release can be found here.
Yep and abruptly just shut down 260 Sam’s Clubs.
FEMA Processing Centers I guess.
I told this community two years ago that one of the cyclical precursors of the end of the business cycle would be rising bankruptcies as revenues collapsed, expenses increased, and inventories backed up.
But, hey this time is different !!! 🙂
im glad someone noticed that Walmart has no charity in its corporate mind. yeah, it raised pittance to pittance plus but stabbed in the back it Sams Club employees.
its why i boycott walmart 99percent. i almost never go there even if i have to, nor use their attendant gas stations. ill pay a little more to go elsewhere, F**K Walmart.
yeah but walmart stuck buy us and sold guns and ammo through the ammo drought. i respect walmart which is more than the NRA ever did.
I mean not that I’m a huge fan of Communism or anything, but hasn’t the Corporate Mantra since the 1970’s been “the beatings shall continue until morale improves”???
Also what happens when we get President Oprah in 2020 and everyone gets a new car at taxpayer expense…
Don’t talk it up. It could happen.
TheGuy, I can picture Oprah giving members of the free shit army new cars but not to white people.
Your correct with your analysis that the best recruiting agent the communists ever had was the ultra greedy capitalist. Actions like Frick of US Steel propelled the US organized labor movement. FDR threw labor a bone with the Wagner Act of 1935 to sway them away from communism. In modern times one could make a parallel with Obama being the greatest gun salesman in history.
Unfortunately I’m a headlines reader too but if you continue that article, Shortly after, the company issued a statement, stating that the number of stores for closure is somewhat lower, at 63, if still a sizable number. That compares with a total of five wholesale club stores the company has closed since fiscal 2013, securities filings show. You will fine that. I thought same thing but was so kindly corrected by the sweetest gentleman I have ever known. My son who is a Walmart employee at the home office. Some ppl hate Walmart and I get it really I do. But I shop there often and they give my son an honest days pay for an honest days work. Unlike their competitor amazon who you nvr hear of treating their employees with any kind of dignity.
talk to our local walmart stores employees about honest pay and dignity for workers..they will lynch you for spreading falsehoods the company pushes like that. just as fast as local amazon employees will. what was your sons bonus this year? our local employees got to remain working for shit wages and shit HR policies.
shut up, you are ruining the fear porn. you are painting a picture of sponge bob over the nude face of kathetine Zeta Jones.
the company i work for just fired several worthless scum. how dare they!
Wal-Mart’s move to do this hasn’t a thing to do with Trump really. Might make it a bit more palatable is all. They are responding to the move to online shopping ala Amazon and such. They need some warm bodies that actually work….. until they can replace them with kiosks and some of those new sexy robo-dolls to stock shelves and do customer service. I’d not be one iota shocked to see a friendly grandma greeter needing the occasional gear-lube and hydraulic check-out.
Watchdog, I saw that earlier. They claimed they’re going to convert the closed stores to ‘eCommerce centers’ for their online customers. We’ll see.
Heartless, that plan to replace their workers with kiosks and robots will fail. And wallyworld is trying to improve their image? GMAFB!
TDBh – in my area – going on 1/3 of the checkout registers are now already kiosks @ Wallyworld. Really. And all b.s. aside, I’ve seen an increase in devices to direct customers to where items are, advertising machines that are 2-way comm. stations, kiosks to place orders, banking, some ‘do-it-yourself’ stations, the inventory being stocked is one human with a machine that accompanies him/her as each shelf is being loaded/counted/’fronted’. But, you’re right, doesn’t make the store any less …. odd. Ever look around and realize you’re the only normally dressed and acting person in the darned store?
Heartless, I know what you mean. There’s 8 wallyworlds in my area and they’re all the same way now. I still stay out of wallyworld all I can. Every time I go into one I wonder if I’ll have to get in a fight with some dickhead before I can get out of there.
And they’re closing every Sam’s Club up here in Alaska plus the Walmart in our capital city Juneau. There’s their crappy pay raise. Our folks in rural Alaska depend alot on Sam’s but who cares right?
Walmart, where the college grads become working-class TRIGGERS. “Sorry old man,” she said with a dead face, “we don’t accept coupons that you can print from the internet.” I smiled and walked out of the store leaving the conveyor full of stuff and all the stuff already bagged.
if there is seven levels to hell, walmart employees live on level 2. poor bastards.
Except you have to work for them 20 years to get the thousand. They tried to make it sound like they were giving everyone a thousand dollar bonus. Less than two years you get two hundred and 5 to five years two hundred fifty etc. 2twenty years, I doubt if that will include many workers, only execs as ussual.