Walmart employee benefits and perks are essential to attracting and retaining top talent. Walmart employees, commonly referred to as associates, receive various benefits and perks. Walmart's approach has primarily been shaped by the value of offering extensive benefits to employees.
Past and present Walmart employees have reviewed some of the most desirable benefits and perks on the job site Glassdoor. Reviewers scored Walmart employee benefits and perks 3.3 out of 5 stars overall.
Research on Walmart employee perks and benefits shows a positive appreciation by employees generally positive. The company's hefty 401(k) match, associate discount, and complimentary Walmart+ membership are amongst the most highly rated. Walmart employee benefits and perks extend to training, education, and paid time off. Walmart's benefits package is estimated to be valued at $10,716 per employee, which is higher than the average benefits package offered by other retailers.
A survey by Indeed found that Walmart employees are particularly happy with the company's competitive salary, flexible work schedules, and prospects for growth. Similarly, Indeed and Glassdoor awarded 3.3 out of 5 stars for Walmart employee benefits and perks respectively.
In 2021, Walmart released a video showcasing a Walmart associate's career progression, made possible by the Walmart scholarship. A separate video featured employees from diverse departments and positions expressing their appreciation for Walmart's employee benefits and perks.
The Walmart employee benefits and perks package depends on factors such as an associate's position, tenure, and location. Furthermore, Walmart benefits and perks are reviewed timeously. As such, employees should frequently check with their HR department or the official business resources for the most recent details on Walmart's perks and benefits.
In 2014, despite widespread positive feedback, Walmart faced media criticism for alleged cost-cutting measures regarding employee benefits and perks. Some associates and managers accused Walmart of altering its benefits and pay structure for cost savings. However, the company did not respond, and experts considered these claims as discontented employee grievances.
Walmart employee benefits and perks: Outline
1. Health and Wellness Benefits
Walmart provides its employees with an extensive health and wellness benefits package. This covers a variety of healthcare requirements and offers alternatives for medical, dental, and vision insurance.
Associates also have access to flexible spending accounts (FSAs) or health savings accounts (HSAs), which enable them to set aside pre-tax money for medical costs and prescription medication coverage. Generally speaking, both full-time and part-time workers are eligible for these benefits.
Walmart medical plan participants can access top-tier healthcare institutions for serious health procedures. Walmart has partnered with leading hospitals, including Cleveland Clinic, Johns Hopkins Hospital, and Mayo Clinic, to provide full coverage for certain speciality care, such as cancer treatment, joint replacements, transplants, and heart and weight loss surgery.
Most Walmart medical plan participants can receive virtual care through Doctor On Demand. This includes video chats with doctors and mental health specialists. Walmart waived the co-pay for virtual care during the COVID-19 pandemic. Additionally, Walmart provides associates three free face-to-face counselling sessions annually through Resources for Living.
Lastly, Walmart offers eligible full-time hourly and salaried birth mothers in the U.S. up to 16 weeks of paid parental leave. 6 weeks of paid parental leave is awarded to new fathers, non-birth mothers, and adoptive parents, and a $5,000 adoption benefit.
Related: Amazon Employees Benefits and Perks
2. Retirement Savings
Walmart gives its workers the chance to put money down for retirement. Employees can contribute a portion of their pay toward retirement savings through the firm's 401(k) plan. The plan involves a corporate match, in which Walmart matches a portion of the contributions.
Additionally, Walmart offers employees a discount on company stock through the Associate Stock Purchase Plan (ASPP). Both full-time and part-time employees are eligible for these retirement benefits.
Related: Costco Employee Benefits and Perks
3. Paid Time Off
Walmart also observes paid holidays, enabling staff members to celebrate important life events with their families. Most of the time, full-time and part-time employees are eligible for these paid time off benefits.
4. Education and Training
Walmart promotes its employees' continued learning and development. The company offers financial support for associates pursuing college degrees or vocational training through educational aid programs.
Additionally, associates can access Walmart Academy, an internal training and professional development facility. The SkillUp initiative also provides free online courses and certificates to improve skills and employment opportunities.
Walmart front-line associates can participate in the company's $1-a-day, debt-free Live Better U program to earn associate's and bachelor's degrees in various fields. Walmart also covers the full cost of high school diplomas for associates and their eligible family members.
Walmart offers a range of discounts to its staff members. These consist of associate discounts on various services and a 10% discount on Walmart merchandise. The Associate Discount Center provides associates access to special savings on various products and services. Usually, all associates are eligible for these reductions.
Related: Apple Employee Benefits and Perks
6. Life Insurance and Disability Benefits
Walmart offers life insurance coverage to its employees, providing financial security for their loved ones. There are also options for long-term and short-term disability insurance, which guarantees income security in case of a disability.
Walmart uses several strategies to support worker well-being. Some places may have exercise centres nearby or on-site to support staff in leading healthy lives. The organization also provides tools and wellness initiatives to help staff members become healthier.
Financial resources and counselling are offered to staff members to assist with saving and budgeting, enhancing their general well-being. These benefits for well-being may not be available in every place or position.
8. Financial Benefits
Walmart offers its employees additional cash benefits. This could include access to financial advice to assist associates in managing their finances well and, in certain cases, discounts on gym memberships. Usually, eligible associates are eligible to get these benefits.
Related: Google Employees Benefits and Perks
Walmart Employees Benefits and Perks: Critical Response
Research generally shows positive acclaim for Walmart employee benefits and perks. A 2022 University of Arkansas study found that Walmart employees who participated in the Live Better U program had a greater chance of receiving promotions and pay increases.
A 2021 study by the Center for American Progress found that Walmart's health insurance plan was one of the most affordable plans offered by a large employer.
In a survey by Glassdoor, it was found that Walmart associates were more satisfied with their benefits package than employees at other major retailers, such as Target and Amazon.
Related: Home Depot Employees' Benefits
Walmart Employees Benefits and Perks: Conclusion
In conclusion, Walmart's extensive array of employee benefits and perks is evidence of the company's dedication to its staff's welfare and career advancement.