Walmart raises wages of pharmacy workers in tight labor market
Reuters
Published Jun 16, 2022 09:48AM ET
Updated Jun 16, 2022 11:36AM ET
By Siddharth Cavale
NEW YORK (Reuters) -Walmart Inc said on Thursday it would increase the average pay of pharmacy workers to more than $20 per hour and offer more frequent and automatic pay raises as part of a new "progressive wage model" to address a tight domestic labor market.
The raises by the nation's largest private employer will be offered to more than 36,000 Walmart (NYSE:WMT) and Sam's Club pharmacy technicians beginning this week, the company said in a blog post.
Starting pay will remain the same, however, ranging from $15 to $22.50, a company spokesperson said, with certified technicians starting at $16.50 and higher.
The announcement marks the second pay increase over the past year for Walmart technicians, who last received hikes of at least $1 to their base pay in August 2021.
There is currently a nationwide labor shortage caused by the COVID-19 pandemic that is forcing retailers to adapt by offering attractive incentives and pay increases. Pharmacy chains Walgreens and CVS also raised minimum wages to $15 per hour and doled out sign-on bonuses over the past year.
A survey https://ncpa.org/sites/default/files/2021-11/November2021-NCPA-Pharmacy.Economic.Health.Survey_0.pdf by the National Community Pharmacists Association last year found that more than a third of independent community pharmacies were having a hard time filling staff positions, with 88% stating that pharmacy technicians were in short supply. This was also leading to increased dispensing times.
Walmart also announced on Thursday that it would hire about 5,000 additional pharmacy technicians this year.
It will also offer more frequent and automatic pay hikes to pharmacy technicians as part of new wage model "designed to set us apart from the competition."
New pharmacy technicians, for example, will get raises that can add up to $4 to their hourly starting base pay over the course of four years under this plan, the company said.
They also will get pay hikes every six months over their first two years with the company.
"We are sending a strong signal to pharmacy technicians everywhere that Walmart is serious about attracting top talent," senior executives wrote in the blog post https://corporate.walmart.com/newsroom/2022/06/16/walmart-launches-new-approach-to-pharmacy-tech-wages-with-more-frequent-raises.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.