Company Makes Other Enhancements to Pay Programs
BENTONVILLE, Ark., Aug. 7, 2006 – Wal-Mart announced today that it has raised the starting rate in more than 1,200 Wal-Mart stores and SAM’S CLUBS throughout the country.
“Wal-Mart pays competitive wages, and we continue to transform our pay plans as we grow,” said Susan Chambers, executive vice president of the People Division for Wal-Mart Stores, Inc. “These start rate changes, combined with our competitive benefits like affordable health care, 401K and profit sharing and annual incentives for our hourly associates, make us an even more attractive employer, which is why people stand in line to apply for Wal-Mart jobs.”
Additionally, Wal-Mart announced that the company was raising pay increases for those associates displaying excellent annual performance and customer service. Discretionary increases will now be reinvested into the annual performance evaluation process allowing the company to increase the amount of the “above target” reward, which impacts a larger percentage of associates.
The company is also implementing new pay ranges, which are wider than many other retailers, with the maximum being near the top of the market in many regions. Pay ranges are used by many other retailers, and are already used for management and hourly positions at Wal-Mart and SAM’S CLUB home offices. Associates wanting to move beyond their pay maximum may apply for a number of career opportunities in the company. No associate’s salary will be reduced as long as the associate remains in his or her current job.
Start rates and pay ranges are being reviewed annually and will be adjusted to respond to changes in each market. Any associate paid below his or her facility’s new start rates will have his or her pay increased to fall within the new range.
In June 2004, Wal-Mart announced that the company was implementing a new job classification and pay structure for all hourly associates in the U.S. “Those changes, coupled with these recent enhancements will ensure that we have the most appropriate classification and pay programs to meet our growth needs, which has included creating more than 240,000 new jobs over the past three years,” said Chambers.”
About Wal-Mart Stores, Inc.
Wal-Mart Stores, Inc. operates Wal-Mart Stores, Supercenters, Neighborhood Markets and SAM’S CLUB locations in the United States. The company also operates in Argentina, Brazil, Canada, China, Costa Rica, El Salvador, Germany, Guatemala, Honduras, Japan, Mexico, Nicaragua, Puerto Rico, South Korea and the United Kingdom. The company’s securities are listed on the New York and NYSE Arca stock exchanges under the symbol WMT. More information about Wal-Mart can be found by visiting www.walmartfacts.com.
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