BENTONVILLE, Ark. (KNWA/KFTA) — Sam’s Club announced on Tuesday that it will be increasing pay for nearly 100,000 store workers as part of a new employee compensation plan.
The company said in a news release that it has created a roadmap for associates “to plan and pursue more predictable, longer-term financial futures.”
The warehouse chain said under its new plan, Sam’s Club’s hourly wages “will progress faster in their pay range,” with some increasing between 3% and 6% based on years of service.
Sam’s Club says it expects the average hourly rate for workers to exceed $19, excluding bonuses. However, the company said associates will have the opportunity to earn thousands annually in bonuses.
The company said in the last five years its average hourly wage has jumped by around 30%.
“At Sam’s Club, we believe delivering an unparalleled experience for our members starts with investing in our frontline associates,” Chris Nicholas, president and CEO of Sam’s Club, said in a LinkedIn post. “Until now, retail compensation has largely been about hourly wages, and it’s almost unheard of to talk about frontline associate compensation in terms of a predictable financial future — that changes for Sam’s Club starting today.
The new pay plan is set to go into effect on November 2.
For more information, visit Walmart’s corporate website.