How Walmart Became the King of Retail

Summary 

Walmart has set up new plans to hire 150000 more employees. This strategy is set to meet the growing demand for the brand's services in this coronavirus crisis. The demand for food and supplies have increased within the pandemic period. The brand’s sales have surged to increase the first quarter’s profits. According to CNBC, hourly employees will be paid up to $550 Million in bonuses as a reward for their efforts to keep up with the demands of the Covid-19. Fulltime workers will receive $300 each while part-time workers will earn up to $150 in bonuses (Walmart to pay nearly $550 million in staff bonuses and hire 150,000 new people amid coronavirus crisis, 2020). The company executives explained that the bonuses were meant to ease the financial strain caused by the pandemic. The brand’s executive vice president reported to CNBC that they were “performing Herculean efforts”. 

“ It’s almost like a mini-stimulus package for Walmart associates,” he said. 

According to further reports by CNBC, the number of temporary employees is currently higher than the permanent workers. Mr. Bartlett, the executive vice president assured the shareholders that most of the temporary jobs will soon become permanent. One of the most pressuring sectors for Walmart is the food supply chain. 

Analysis 

This article was published on the independent.co.uk website on Friday March 20 th , 2020. I believe this article is important as most businesses have been affected negatively by the Covid-19. Some businesses have filed their declarations for bankruptcy while others, on the verge of survival, have decided to furlough workers. Having Walmart projecting returns on the opposite trajectory is an interesting phenomenon. 

The news presented in this article as it provides insights to Walmart’s shareholders. It updates them on the financial strategies of the brand during these unique times when the COVID-19 has affected almost all businesses and industries globally. 

References 

Walmart to pay nearly $550 million in staff bonuses and hire 150,000 new people amid coronavirus crisis. (2020). Retrieved 20 May 2020, from https://www.independent.co.uk/news/world/americas/walmart-coronavirus-staff-bonus-amazon-stockpiling-employment-us-a9415526.html