Walmart’s logo is seen outside one of its stores ahead of the Thanksgiving holiday in Chicago, Illinois, United States, November 27, 2019. Portal/Kamil Krzaczynski/File Photo Acquire License Rights
Sept 30 (Portal) – Walmart (WMT.N) said on Saturday it will optimize the job titles of all its employees to ensure the company remains competitive.
“We are in the process of updating our approach to on-campus office jobs to ensure we remain competitive in today’s environment, better reflecting the work being done today, while optimizing the job titles for our on-campus office jobs,” said a Walmart spokesperson said in a statement.
While some employees will receive a new job title, their roles, responsibilities, nature of work and base pay will not change, the retailer said.
Corporate employees at Walmart and Sam’s Club, its warehouse chain, will be reclassified into fewer groups of possible titles and, in some cases, salary changes will take effect starting in November.
Stock option grants to employees remain the same or, in many cases, even increase. About 4% of employees will see a reduction in stock option awards to ensure compensation is equal across regions, Walmart said.
Employees whose stock options are reduced will receive a stock grant to reflect the change.
The change is “good compensation hygiene” and ensures Walmart “appropriately compensates similar levels of work,” the Wall Street Journal, which first reported the news, quoted Walmart’s head of global total compensation, Kim Lupo, as saying.
Earlier this month, Walmart changed its entry-level hourly pay structure for store entry-level employees. The change meant that store employees, including cashiers, personal shoppers, stock clerks, self-checkout assistants and employees in departments such as sporting goods or electronics, would all receive the same starting hourly wages paid in-store, rather than different levels as before.
Reporting by Gursimran Kaur and Juby Babu in Bengaluru; Edited by Andrea Ricci and Marguerita Choy
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