How to calculate wages at Walmart?

Walmart’s salary management content is as follows:

Walmart has nearly 400,000 employees. The company treats its employees not as "employees" but as "partners" and "colleagues." The company stipulates that subordinates are always called "colleagues" and not "employees". The company's concern for the interests of its employees is not just a matter of words or a few slogans on corporate culture theory, but a set of detailed and specific implementation plans.

Walmart's compensation system is: fixed salary + profit sharing plan + employee stock purchase plan + loss incentive plan + other benefits. Wal-Mart does not regard its employees as employees, but as partners. Therefore, all human resources systems of the company reflect this concept. In addition to allowing employees to participate in decision-making, they also implement a unique compensation system.

Wal-Mart's fixed wages are basically at the lower level in the industry, but its profit sharing plan, employee stock purchase plan, and loss bonus plan play a decisive role in the entire compensation system.

1. Fixed salary: The basic salary of Wal-Mart’s basic employees is at a low level. As the position increases, the salary continues to increase. The employee’s treatment is divided according to the city level. The salary of Zhengzhou Wal-Mart’s basic employees is about Around 1,300 to 1,500, including basic salary + perfect attendance bonus + five insurances and one fund + assessment and evaluation. The basic salary for a supervisor is about 2,500 to 4,000. ?

2. Profit sharing plan Profit sharing plan refers to an organization-wide incentive plan in which employees receive a portion of the company's profits based on work performance. Now, in addition to dividends, the sharing plan also includes employees purchasing company stocks. Profit sharing plans include cash plans and deferred profit sharing plans. The cash plan is to share a certain proportion of profits at a certain time. The deferred profit sharing plan is that under the supervision and entrustment management, the enterprise deposits a part of the profit into employee accounts according to a predetermined proportion and pays it out after a certain period of time.

Individual profit distribution (comprehensive method): The company retains a certain percentage of the profits and employee salary.

Payment method (deferred payment): When employees leave the company or retire, they can withdraw these deposits. The withdrawal method can be cash or company stocks. All employees who have joined the company for more than one year and work no less than 1,000 hours per year are entitled to share a portion of the company's profits.

The company raises retention based on a certain percentage of employees’ salaries based on profits, generally 6%. Withdrawal is used to purchase company stocks. Since the value of company stocks increases with performance growth, employees can receive a considerable amount of cash or company stocks when they leave the company or retire. ?

3. Employee Stock Purchase Plan Wal-Mart’s internal employees purchase company stocks on a voluntary basis. You have the right to purchase stocks at a price lower than 15% of the market value. You can pay in cash or deduct it from your salary. This plan has been implemented since 1972 and is an employee benefit.

This scheme allowed many employees to accumulate considerable wealth due to the appreciation of the company's stock. Of course, those managers, including middle-level managers who have worked in the company for a long time, have accumulated more wealth, and many have become millionaires or even multi-millionaires.

Currently, 80% of Wal-Mart’s employees own the company’s stocks and have truly become shareholders of the company. But because there are still about 20% of employees who are either not qualified enough or have not been with the company long enough, they cannot buy stocks. Therefore, Wal-Mart has also implemented many incentive and bonus plans so that every employee can participate in the company's business like a partner. One of the most successful bonus programs is the so-called "shrinkage bonus program," which best embodies Wal-Mart's partnership principles.

4. Shrinkage Reward Program Shrinkage is one of the most vexing enemies in the retail industry. It refers to the difference between the inventory shown by records to be present and the actual inventory. It includes a small amount of loss due to improper operation, and a large amount of merchandise theft. In the retail industry, this loss amounts to 2.% of actual sales.

Although Wal-Mart's merchandise theft rate is relatively low among its peers, the base number is large and the total volume is considerable. Some stores have once been as high as 6%. In 1980, Wal-Mart decided to implement a reduction Loss Sharing Award - Share with employees the company's profits from reducing losses. That is, the company sets a goal to reduce losses. If a certain store achieves this goal and maintains the loss within the company's goals, the company The savings will be given as incentives to staff who work hard to reduce losses.

Generally speaking, every employee in the store can receive a bonus, up to a maximum of $200. This reward has achieved remarkable results after its implementation. Because this approach establishes a mutual supervision mechanism within employees, and at the same time encourages employees to love and respect themselves, reducing the occurrence of theft. The profit gained by the store due to reduced losses is shared between the company and its employees. ?

5. Performance pay, an annual salary system that links managers to sales performance. The income of a store manager is directly linked to the store's sales performance, and good performance can exceed the income of a regional manager. The annual salary of managers above the regional level is linked to the performance of the entire company. There are also bonuses and equity awards for particularly good work.

This income distribution system not only allows the income of store managers with good performance to exceed that of senior managers, but also ensures that the overall income of senior managers is higher than that of lower-level managers, which is conducive to mobilizing various employees. The motivation of hierarchical managers. ?

6. Other benefits and attendance bonus: Every employee should clock in to work on time within the designated working hours. Employees who arrive on time or work actively will receive a monthly attendance bonus. Deputy General Manager Except for persons above the level of deputy general manager. For unpaid leave, long sick leave or other invalid leave, the attendance bonus will be deducted accordingly, and the full attendance bonus for the month will be canceled if absenteeism occurs.

Double pay: The company pays full-time employees double pay at the end of the year, but the employees must be employed on the day when the double pay is issued. The amount of the double pay is equivalent to the employee's average monthly salary for the current year. If the working time is less than one year, the company will provide double pay in proportion to the employee's actual working time, including the probation period. Employees who leave in the middle of the year will not be entitled to double pay. ?

Subsidy: Working meal subsidy, the company provides one working meal free of charge throughout the day. If the employee needs to go out to perform business and does not return to the company to eat, the employee can eat out according to the upper limit of meal expenses stipulated by the company and be reimbursed with the invoice. .

Housing subsidy: According to local practice, different levels in different regions return to one subsidy per month. If the company provides accommodation, the subsidy will be cancelled.

Night shift allowance: Colleagues working night shifts will receive a night shift allowance every month, which is calculated based on the actual number of night shift days. The night shift allowance is a post-tax component. If an employee is readjusted and no longer has to work night shifts, he or she will not be entitled to this allowance. ?

Overtime: If an ordinary employee works more than 40 hours per week, the company will pay overtime pay. The company can arrange an equal amount of time off for the employee or base monthly salary X 12 X factor X number of overtime hours .

The coefficient values ??are: 1.5 on ordinary working days, 2.0 on rest days, and 3.0 on statutory holidays. Employees working in shifts will be entitled to overtime benefits only if they work more than 40 hours per week, and each employee will have at least one day off per week. Employees need to seek permission from their department heads to work overtime. ?

Leave: statutory holidays, office employees are entitled to 11 days, as well as any other holidays prescribed by laws, regulations and the government. Employees working in the operations department will enjoy 11 days of vacation a year, and the specific vacation time is determined by the company. ?

Annual leave: Employees who work continuously for 12 months enjoy paid annual leave. Annual leave cannot be accumulated or transferred to the next year. Under special circumstances, management employees can use 11 days with the approval of the department manager. For annual leave, ordinary employees can use 7 days of annual leave to the first quarter of the next year, and the remaining annual leave will be cancelled.

Part-time and temporary employees can only start calculating their entitlement to annual leave from the date they become full-time employees. ?

Travel leave: Reimbursement of travel and travel expenses is only applicable to cities specified by the company. Travel leave lasts for consecutive days and is determined based on the household registration of parents and spouses. Employees must first pay their own fares and return to the company for reimbursement. ?

Marriage leave: Employees who have worked for one year when they get married will enjoy 3 to 7 days of wedding leave according to government regulations. Wedding leave must be claimed within six months after registration.

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Maternity leave: Female employees enjoy statutory maternity leave. Paid leave for pregnancy, childbirth and lactation is handled in accordance with relevant government regulations. Normal childbirth is 90 days, and difficult childbirth is 120 days. Pregnant female employees must notify the company as soon as possible, provide proof of expected delivery, be not assigned to positions they are not suitable for, and work hours not exceeding normal working hours. ?

Bereavement leave: 3 days of paid leave to handle the funeral of a family member. ?

Medical benefits: After providing invoices from state-owned hospitals recognized by the company, employees can declare 80% or the upper limit of outpatient expenses specified by the company. The company reimburses all medical expenses for injections, tests, ultrasound, and X-wave special medical expenses according to the annual specified amount. If an employee falls ill during the working day, he or she must call the department manager to request sick leave before starting work or no later than 15 minutes before work.

Inpatient medical benefits: The company provides inpatient medical benefits if an employee is hospitalized for illness and the hospitalization period does not exceed three months in total each year. ?

Travel and entertainment expenses: Reasonable expenses such as accommodation, meals, transportation and other expenses incurred by employees on business trips will be reimbursed by the company. ?

Wal-Mart establishes a partnership between employees and the company through profit sharing plans and employee stock purchase plans, making employees feel that the company belongs to them and their income depends on their own efforts, so they will care about the development of the company. Work extra hard.

However, this salary system also has limitations. For those employees whose food and clothing problems have not been solved, they are more concerned about the current fixed salary rather than future income; for companies in the mature stage, In other words, the increase in profits and the appreciation of stock value do not mainly depend on the efforts of employees, and the potential for stock appreciation is very small. This will make the profit sharing plan and employee stock purchase plan not bring much benefit to employees.