Walmart Cuts Starting Wages as Labor Market Cools

Walmart recently changed its pay structure for entry-level workers like stockers and personal shoppers, lowering their starting pay by about $1 per hour. This signals easing labor market conditions.
Walmart's pay change contrasts with pay hikes earlier this year when the labor market was very tight. The retailer may be a bellwether for the broader economy.
Wage growth for job switchers has slowed down, another sign of an easing labor market according to Atlanta Fed data.
Walmart's stock price is up 20% over the past year as consumers seek value, and Q2 earnings beat expectations.
As the largest private employer, Walmart's compensation trends often impact other retailers and sectors.

yahoo.com

Relevant topic timeline:

8/29/2023

Walmart cuts pharmacist pay, hours while workload piles up

Walmart is asking its pharmacists to take voluntary pay cuts and reduce working hours, in an effort to cut costs and address the drag on profits caused by high-priced weight-loss drugs and an opioid-related legal settlement.

8/29/2023

Employers have had enough and are starting to cut salary offers by as much as 47%, according to analysis of 20,000 job postings

The trend of hefty pay increases for new hires is reversing, with the average posted pay for more job titles declining rather than increasing so far this year, according to data from ZipRecruiter, indicating a potential end to a brief golden age of wage growth for job seekers.

9/7/2023

Walmart Lowers Starting Wages for Some New Workers to Boost Staffing Consistency

Walmart is adjusting its pay scale to create consistency in starting hourly wages for new employees, except for those in higher skill set departments, in an effort to improve staffing and customer service, with no pay cuts for current employees.

9/29/2023

Walmart Drops College Degree Requirement for Some Corporate Jobs, Will Prioritize Skills Over Degrees

Walmart is removing the requirement of a college degree for some white-collar positions at its headquarters, focusing on skills and experience instead.

9/30/2023

Walmart Simplifies Corporate Job Titles, Keeps Pay Mostly Stable

Walmart will streamline job titles across its corporate staff to remain competitive, with some employees receiving new titles but no changes to their roles, responsibilities, type of work, or base pay.

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Posted 9/8/2023, 7:02:20 PM

Walmart Cuts Starting Wages as Labor Market Cools

Walmart recently changed its pay structure for entry-level workers like stockers and personal shoppers, lowering their starting pay by about $1 per hour. This signals easing labor market conditions.
Walmart's pay change contrasts with pay hikes earlier this year when the labor market was very tight. The retailer may be a bellwether for the broader economy.
Wage growth for job switchers has slowed down, another sign of an easing labor market according to Atlanta Fed data.
Walmart's stock price is up 20% over the past year as consumers seek value, and Q2 earnings beat expectations.
As the largest private employer, Walmart's compensation trends often impact other retailers and sectors.

yahoo.com

Relevant topic timeline:

8/29/2023

Walmart cuts pharmacist pay, hours while workload piles up

8/29/2023

Employers have had enough and are starting to cut salary offers by as much as 47%, according to analysis of 20,000 job postings

9/7/2023

Walmart Lowers Starting Wages for Some New Workers to Boost Staffing Consistency

9/29/2023

Walmart Drops College Degree Requirement for Some Corporate Jobs, Will Prioritize Skills Over Degrees

Walmart is removing the requirement of a college degree for some white-collar positions at its headquarters, focusing on skills and experience instead.

9/30/2023

Walmart Simplifies Corporate Job Titles, Keeps Pay Mostly Stable