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BENTONVILLE, Ark. — With more than 2.1 million employees worldwide, Walmart recognizes that its workforce is not just a critical asset — it’s the heart and soul of the company’s operations and the key to its success.
“We’re a people-led and tech-powered company, and our associates are at the center of everything we do,” says Donna Morris, Walmart’s chief people officer.
That view — that Walmart’s people and its culture are the company’s biggest asset and its most significant competitive advantage — is pervasive at the company. In a year-end LinkedIn post, Walmart chief executive officer Doug McMillon shared a list of the books he had read in 2024, which included new books on people and technology, but also Sam Walton: Made in America, Walton’s autobiography, which was written with John Huey and first published in 1992.
“It was most impactful reading Sam’s book again,” McMillon wrote in his post. “Every time I read it, I pick up new ideas and am reminded of why our culture is so successful. We still talk about Sam today, not just because we’re proud of our history, but because so much of what he believed, said and did is still relevant and inspires — just as it has from the very beginning.”
Walton created a company culture based on thrift and embracing change, that also recognized the role employees played in a company’s success. His book detailed the company’s first profit-sharing plan, instituted in 1971, and the decision to call workers “associates,” and treat them that way, instead of just employees.
“Because the way management treats the associates is exactly how the associates will then treat the customers,” Walton wrote. “And if the associates treat the customers well, the customers will return again and again, and that is where the real profit in this business lies, not in trying to drag strangers into your stores for one-time purchases based on splashy sales or expensive advertising.”
That view still resonates today, even in a retail world being transformed by digital commerce. John Furner, president and CEO of Walmart U.S., emphasized the importance of people and culture in a blog post he co-wrote last year with Lo Stomski, the retailer’s senior vice president and chief talent officer.
“For Walmart to be the best place to shop, we also need it to be the best place to work,” the executives wrote. “That idea is the North Star of our journey to build a better company for our associates. Whether we’re investing in compensation, learning and development, well-being, or resources for a simpler day at work, our commitment to associates is strong, and our goal is simple: helping them live better at every stage of their careers.”
This belief underpins the company’s multifaceted investments in wages, career development, health benefits and technological tools designed to simplify work and enhance well-being. In recognition of these efforts, and the way they reflect how important Walmart’s people and culture are to the company’s current and future success, the editors of Mass Market Retailers are recognizing the Walmart Associate as our Retailer of the Year for 2024.
Over the past five years, Walmart has increased hourly wages by approximately 30%, bringing the U.S. average hourly wage to nearly $18. While this is a significant step forward, Walmart leaders emphasize that compensation is only part of the equation.
“It’s not just about pay,” Furner and Stomski said. “We’ve also invested in centers of excellence for health care, family-building and adoption benefits, and many other resources for mind and body.”
These investments in holistic well-being reflect Walmart’s commitment to its associates’ personal and professional lives. For instance, Walmart has expanded its health care benefits to include nearly all types of cancer under its Cancer Centers of Excellence program and offers medical coverage starting at just $34.50 per biweekly paycheck for full-time and eligible part-time associates.
Career development is a cornerstone of Walmart’s strategy to retain talent and create opportunities for advancement. Through its Walmart Academy, one of the largest training ecosystems in the country, the company is equipping associates with the skills and knowledge to take on higher-paying, in-demand roles.
This year, Walmart piloted its Associate to Technician program in the Dallas-Fort Worth area, offering pathways to careers in facilities maintenance, refrigeration and HVAC, and automation technology. These roles, which pay between $19 and $45 per hour, address both the skilled labor shortage and the aspirations of associates looking for meaningful careers.
“Programs like these allow us to meet our business needs while providing associates with opportunities to thrive,” Morris said.
In addition, Walmart’s Live Better U program has doubled its certificate offerings to more than 50 skills-based options that associates can complete in just four months. These certificates target roles such as pharmacy technicians, opticians, software engineers, and leadership positions in stores, clubs and supply chain facilities. Over the next three years, Walmart aims to fast-track associates into 100,000 higher-paying jobs that are critical to its evolving business model.
“We believe in our associates and their potential,” Furner and Stomski wrote. “When they’re given the right tools and opportunities for growth, they can accomplish more than they imagined.”
To celebrate the hard work and dedication of its associates, Walmart introduced a new bonus structure for eligible full- and part-time hourly store associates. The longer an associate stays with Walmart, the higher their potential bonus, up to $1,000 annually.
“This new associate bonus rewards great work and customer service while celebrating long-term associates who build a career at Walmart,” Furner and Stomski explained.
The initiative is part of a broader effort to align rewards with performance and tenure, reinforcing Walmart’s commitment to creating a supportive and engaging workplace.
Walmart also sees a role for technology in simplifying tasks and improving the work experience for associates. The company’s Me@Walmart app is a prime example how the company is working to take advantage of technology’s potential in this area. The app’s new Total Pay and Benefits feature provides associates with an at-a-glance view of their compensation, discounts, learning opportunities and other benefits, streamlining access to tools that enhance both work and life.
“We’re very much investing in digital and ensuring we’re equipping associates with the tools and skills for the future,” Morris said.
Another technological innovation is the company’s My Assistant GenAI tool, which has facilitated over 1.5 million interactions across 13 countries. This tool allows associates to save time and focus as they work on customer service and other high-value tasks.
Walmart says its ethos also centers on creating a workplace where everyone feels valued. Through active listening initiatives like the Associate Engagement Survey, the company gathers real-time feedback to continuously improve the employee experience.
“There is no one-size-fits-all employee experience, especially in today’s workforce that is diverse and multigenerational,” Morris noted. “Feedback is a gift, and we’re proud to act on it.”
Walmart’s commitment to long-term financial health for its associates extends to its retirement and stock purchase programs. Through the Associate Stock Purchase Plan, participation has grown to nearly 480,000 employees, with hourly associates accounting for over 80% of participants. Following a 3:1 stock split in January, Walmart has made ownership more accessible, empowering associates to share in the company’s success.
The company also offers a 401(k) plan with a company match, which provides associates with a pathway to secure their financial futures.
Walmart’s approach to leadership emphasizes empathy, adaptability and connection. This year, more than 4,000 store and club managers completed the Manager Academy, a weeklong program designed to instill the skills needed to lead with purpose.
“Leadership isn’t just about managing operations; it’s about inspiring people and building relationships,” Morris said.
Walmart’s expanded focus on its associates has not gone unnoticed. In 2024, Walmart made its first appearance on Fortune’s list of “The 100 Best Companies to Work For.”
“We’re thrilled that Walmart has been recognized as one of Fortune’s ‘100 Best Companies to Work For’ in 2024,” Morris wrote on LinkedIn when the news was announced. “This achievement marks the first time we have made Fortune’s list and reaffirms our commitment to our associates and underscores that it is our people that make the difference.”
As Walmart continues to focus on being a people-led, tech-powered company, its leaders are optimistic about the future.
“Our founder, Sam Walton, said it well,” Furner and Stomski wrote. “There’s absolutely no limit to what ordinary people can accomplish if they’re given the opportunity and encouragement to do their best.”
