Wal-Mart’s $2 Billion Bonus Stimulus
Submitted by CARPE DIEM
March 19 (Bloomberg) — Wal-Mart Stores Inc., the world’s largest retailer, plans to award $2 billion in extra compensation to about 1 million U.S. hourly workers this year after sales jumped in the recession (average of $2,000 per worker). The Arkansas-based retailer is benefiting from record sales in the fourth quarter that boosted annual revenue by 7.2% to $401 billion.
The amount of the bonuses, profit sharing, discounts and 401(k) and stock-plan contributions being given to employees compares with the $1.8 billion Wal-Mart distributed last year. Payments to employees include $933.6 million in bonuses today.
HT: Russ Roberts, who points out that “This is how capitalism once worked. Successful companies rewarded their employees and lousy companies disappeared.”
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March 20th, 2009 at 6:37 pm
My wife received $26 bonus at the Lexington, NC Walmart store and so did most of the others if not all. As she appreciates any bonus this is just outrageous. The news stations have been reporting grand stories of 2 billion and of that 934 million in direct bonuses averaging $666 per domestic worker. leading the public to believe that walmart takes care of their employees and is a good corp. citizen, just crap! We contacted the local news station and the national news stations to report these essential details. We recommend each of you do the same so we can shine light on this rather shady situation.
March 24th, 2009 at 6:49 pm
THE STORE I WORK IN HASN’T RECEIVED A BONUS IN TWO QUARTERS.SO I GUESS THIS NOT WHAT PEOPLE THINK THAT WAL-MART IS GIVING EXTRA BONUSES.
I WORK IN RANDLEMAN N.C.
March 27th, 2009 at 1:57 pm
I am a Walmart employee, hourly. I didn’t receive a bonus. My store worked extremely hard this past year. When I asked if anyone had received the $666.00 bonus check NO ONE EVEN heard there was supposed to be a bonus check. Anyone want to explain how a store that is suppoosedly exceeding goals (according to management) doesn’t have one employee bonus check (at least not to my knowledge)?
March 31st, 2009 at 11:51 am
This is not really news. This is just a new spin on the same bonus structure that has existed for years at Walmart. The managers are hired at appalling low salaries with the promise of bonus payments if they meet their sales goals. The hourly associates used to get a yearly stakeholders bonus - also based on store financial performance. That has now been split into quarterly payments because whiners who can’t manage their personal finances complained about not getting it more frequently. So all the hype is either the fault of Walmart for their verbage when they released the info or the media for doing creative math and distorting reality. For those of you not receiving bonuses, maybe if you pay closer attention at the store meetings, you might learn why.
April 5th, 2009 at 3:47 pm
WALMART IS A BUNCH OF BULLSHIT, I BEEN WORKING FOR WALMART SINCE I CAME OUT OF HIGH SCHOOL, I’M 23 NOW AND WALMART HAS BEEN MY SECOND JOB, THEY TREAT THERE EMPLOYEES LIKE DIRT. I DON’T UNDERSTAND HOW A STORE CAN MAKE ALMOST A MILLION DOLLARS A DAY, AND MY STORE HAS’NT GOT A BONUS IN YRS.
April 17th, 2009 at 8:37 am
I was looking forward to this major bonus and all it was like $190 I think the management got the major part of the bonus the one came in to the store and bought a huge tv and he is one that don’t usually make major purchases wheres our money heck I can’t even keep up on just average bills let alone buy something of leisure
April 26th, 2009 at 4:26 pm
I work at a Walmart as well and this news just filtered into my store, but we have not recieved a bonus in three years. This supposed bonus has not been recieved either. If they are going to try and make themselves sound better they might as well follow through with what they are advertising. I know many people in my store who could use this bonus for their families in these hard times.
April 30th, 2009 at 1:21 pm
My husband and I both work at Walmart as our 2nd jobs. We are updated almost daily on how our store did the previous day, and where we are at with our quarterly bonus. I have worked there for about 1 1/2 years, he has been there for 3 years and I have received all but 2 bonuses. 1, because I wasn’t eligible yet. But, people need to realize that if your store isn’t doing well, then you will not get a bonus.
May 28th, 2009 at 1:28 am
Our store manager has been talking about these bonuses since january…we have yet to see one of the two promised to us in the past two checks…hmmm
August 3rd, 2009 at 8:55 pm
My husband and I are both employed at walmart. I have been there for 1 1/2 years he has been there for 2 years. We both got this bonus but it was no where near $666 or a combined $2000 between profit sharing and other benefits. I got a $97 bonus and he got a $26 bonus. But we could really use the $600 if they could squeeze it out for us! Maybe we wouldn’t have to put the baby diapers on a credit card every month!
August 22nd, 2009 at 11:10 am
I have been working for Wal-Mart for almost two years. In those two years I have worked at two very different stores, my first store wasn’t a twenty-four hour store and was in another state. The store I currently work for is VERY high revenue store. We have been told we earned full bonuses every quarter, which I think is approx. $450 and the biggest one I have seen was around $190. Our last quarter were were told we were getting the full thing but when check day came half of the store received $90 and the rest received $190. The half with the lesser amount was compensated on the next check. But even though are sales are actually up this quarter and we have had no major accidents (no employee accidents in over 120 days,) we were told we will be getting nothing this quarter.
September 1st, 2009 at 7:25 pm
MY CASE IS NO VERY DIFERENT, I AM WORKING FOR “HELLMART” ALMOST 1 YEAR AND A HALF, I WORK HARD EVERY DAY AND I JUST RECEIVED 1 BONUS ($188)BUT, THE SAME WEEK THEY CUT MY HOURS DRAMATICLY, ABOUT “MY SHARE” MORE THE SAME THING, 3 MONTHS LATER THIS THIEVES CONTINUE CUTTING HOURS AND GAVE US THIS MONTH A FEW DOLLARS, THIS IS INSULTING AND DEGRADING. WE NEED ORGANIZE A MASSIVE PROTEST,WAKE UP AMERICA, DO NOT LET THESE VAMPIRES STEAL YOUR LIFE. WE LIVE IN AMERICA. NO MORE SLAVE LABOR!!!
November 26th, 2009 at 3:14 am
I work for Walmart too. And what I am reading is that most of you don’t understand the words PROFIT/LOSS. To qualify for bonus, your store must meet ALL profit levels for the quarter.
Your store can make a million every day, but if you pay out a million and a half in expenses and loss of product that million you made ain’t helping.
Those stores that do get bonus, how can you gripe about money you are given but haven’t earned? A bonus is a luxury not a right. Ya’ll make me ashamed. Think how many people don’t get bonus money.
As for the 2Billion…how many stores times how many employees? How many stores that qualify? Your check is determined by your target areas being met. If you don’t know what that is, you need to ask your manager. Your MyShare info is given to the stores every quarter.
December 16th, 2009 at 1:15 am
All,
I really don’t understand when people say this is cheating when they don’t pay bonus. When you joined Wal-mart you should have calculated what you could/would be making and if thats not what you wish why the hell did you join the stupid company. Can’t you just quit and go to a job that you can make more money… I think the point is people who cry are either lazy or not confident that they can make more if they go to a different company. Why the cry !!, you are free to leave right?