Walmart is updating job titles and pay structure for corporate staff roles as part of a review of its compensation structures and job descriptions across the company.
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Walmart on Saturday announced changes to job titles and pay structure for its corporate staff starting in November. The changes will largely affect job titles and compensation, although no current workers will see their base pay reduced.in the U.S., said some staff will receive new job titles although their roles, responsibilities, type of work and base pay will be unchanged. Walmart is also updating its bonus targets and stock compensation plans.
"As Walmart has continued to grow and evolve over the years, so have the jobs needed to support our business," a Walmart spokesperson told FOX Business in a statement. "We’re in the process of updating our approach to campus office jobs to ensure we remain competitive in today’s environment, better reflect the work being done today, while streamlining job titles across our campus office roles.
While most staff will receive the same or higher levels of stock compensation, about 4% of staff will see stock targets reduced to align compensation across different geographies. Those who are set to see a reduction in stock options will receive a one-time grant to account for the change in total compensation before their options are reset at a lower level going forward.
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