Wal-Mart just announced earnings this morning, but the real nugget that people are talking about is the plan to boost wages for workers.
Here's the statement from the report:
McMillon announced a bold new initiative on pay and training for U.S. associates. Approximately 500,000 full-time and part-time associates at Walmart U.S. stores and Sam's Clubs will receive pay raises in the first half of the current fiscal year. Current and future associates will benefit from this initiative, which ensures that Walmart hourly associates earn at least $1.75 above today's federal minimum wage, or $9.00 per hour, in April. The following year, by Feb. 1, 2016, current associates will earn at least $10.00 per hour.
In a separate blog post, Wal-Mart CEO Doug McMilon explained the rationale for the move, and offered more details:
One of the most immediate changes is that we’ll raise our starting pay, and we’ll provide opportunities for further raises based on performance. For our current associates, we’ll start by raising our entry wage to at least $9 an hour in April, and, by February of next year, all current associates will earn at least $10 an hour. I’m also excited about an innovative program we’re launching for future associates that will allow you to join Walmart at $9 an hour or more next year, receive skills-based training for six months, and then be guaranteed at least $10 an hour upon successful completion of that program. We’re also strengthening our department manager roles and will raise the starting wage for some of these positions to at least $13 an hour this summer and at least $15 an hour early next year. There will be no better place in retail to learn, grow, and build a career than Walmart.