Less than two weeks after increasing hourly pay for its 565,000 store associates by at least $1, big-box retailer Walmart is now forgoing its quarterly bonuses.
According to reports, Walmart will begin phasing out its “MyShare” quarterly bonuses for U.S. hourly store associates at the end of the third quarter ending October 31, 2021. The company will instead roll bonuses into current wages, enabling workers to receive consistent and predictable pay. By January 31, 2022, the company plans to completely scrap its bonus structure, according to a recent memo sent to staff discussing wage increases.
“It’s important to point out that the quarterly bonus makes up just a portion of the pay raise associates are getting,” Walmart said in a statement to Retail Dive. “Those bonuses vary each quarter because they’re based on sales for a specific store.”
Within the last year, Walmart has raised wages for 1.2 million hourly store workers, according to a company statement.