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Walmart (WMT) Offers Bonuses, Supports Workers Amid Pandemic

Walmart Inc. WMT proactively supported its employees and associates amid the coronavirus pandemic by providing benefits in form of bonuses and other facilities. Through such actions, the company also provides recognition to its workers for their unprecedented efforts during such trying and challenging times.

Progressing along such lines, the company announced that it will reward its U.S.-based associates with more than $700 million in additional cash bonuses. Additionally, the company extended its COVID-19 emergency leave policy for associates.

The latest cash bonus includes $319 million paid to associates in their Nov 25 paychecks, following the sturdy third-quarter fiscal 2021 performance. It also consists of nearly $388 million in special cash bonuses to be paid on Dec. 24 in appreciation of associates’ continued commitment toward customers during the pandemic.

Management pointed out that both full and part-time associates are eligible for the aforementioned bonuses. Markedly, the special cash bonus on Dec 24 will be received by nearly 1.5 million full- and part-time Walmart and Sam’s Club associates working across stores, clubs, distribution centers and fulfillment centers. This will mark the company’s fourth special cash bonus paid to its U.S. based associates since the beginning of the pandemic. As a result, Walmart’s total quarterly and special cash bonuses in 2020 for its associates now amount to more than $2.8 billion.

The company also stated that its U.S.-based hourly associates will be eligible for the special cash bonuses. The bonus amounts for its hourly associates will be similar to the previous three special cash bonuses provided during the pandemic. Accordingly, part-time and temporary hourly associates will be receiving $150 while full-time hourly associates will be provided $300 worth special cash bonus. Notably, more than 60% of the company’s hourly associates work full-time. Moreover, drivers, coaches and assistant managers will be provided with a special cash bonus.

In addition to Walmart, few other retailers have been providing financial support to frontline associates in recognition of their contribution during the pandemic. Last week, Amazon.com, Inc. AMZN stated that it intends to spend more than $500 billion in the form of bonuses for this holiday season.

Earlier this month, Lowe's Companies, Inc. LOW provided bonuses to its front-line hourly associates, alongside additional hiring endeavors. Target Corp. TGT has also been providing bonuses and monetary support for meeting requirements such as the well-being, health and safety of frontline workers.

Coming back to Walmart, the company has also announced an extension to its COVID-19 emergency leave policy for part-time and full-time associates till Jul 5, 2021. The facility grants employees with up to two weeks of pay if they are required to take leave from work due to COVID-related reasons including symptoms or illnesses as well as mandated quarantines.

If the associates are not able to return to work within two weeks, additional pay replacement benefits may be provided for up to 26 weeks. Moreover, management stated that employee absence in relation to approved COVID-19 leave will not be held against them.

 

Wrapping Up

Clearly, Walmart’s efforts exemplify that it is committed and sensitive toward employees as much as it is toward customers during this pandemic. Speaking of customers, the company is striving to boost online shopping experience by enhancing omni-channel capabilities such as same-day deliveries and curbside pickup. Walmart’s combination of robust store network and growing digital capacity steered by an effective workforce is likely to keep it in good shape in the forthcoming periods.

Markedly, this Zacks Rank #3 (Hold) stock has gained 4.5% in the past three months, which is almost in line with the industry’s growth. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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