Walmart Inc. (NYSE:WMT) Walmart Canada disclosed it raised the hourly wage earlier this month for approximately 40,000 store associates to remain competitive in providing attractive compensation in its operating markets.

The wage hike is part of Walmart Canada's broader strategy to develop talent, modernize work processes, and strengthen its workplace culture.

In addition to wage increases, Walmart Canada has invested in digital handheld devices for store associates. These devices enhance customer service by allowing associates to quickly locate items and communicate more efficiently.

Walmart Canada's compensation package includes an annual incentive bonus, enhanced health and dental benefits, mental health care, and gender affirmation care.

Associates also have access to 24/7 virtual care and employee assistance programs through TELUS Health, as well as a Walmart discount card for 10% savings on groceries and general merchandise.

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Through the Live Better U (LBU) educational program, Walmart covers 100% of tuition, books, and course fees for associates and has already benefitted over 3,000 associates.

"We're on a journey of developing our talent, simplifying and modernizing how we work, investing in our teams, and strengthening our culture," said Chief People Officer, Walmart Canada, AnnMarie Mercer.

The development follows similar investments made in recent months for U.S. store workers, aimed at retaining more employees, reported Reuters.

In February, Walmart increased the average annual salary and bonus for U.S. store managers.

Additionally, in June, the company announced bonuses for U.S. hourly store workers, including those in pharmacies and Vision Centers, benefiting 700,000 front-line staff.

Related: Walmart Sweetens The Deal For Hourly Employees with Annual Bonuses And Skill Upgrades: Details

The recent move comes amid easing inflation and rising unemployment in Canada. Walmart Canada operates over 400 stores nationwide, employing more than 100,000 associates.

Walmart stock has gained more than 31% in the last 12 months. Investors can gain access to the stock via the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) and Vanguard Consumer Staples ETF (NYSE:VDC).

Price Action: WMT shares are trading lower by 0.21% at $69.87 at last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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