You‘re on the hunt for a new job and wondering – should I consider working for Walmart?
With over 1.6 million U.S. associates, Walmart is the largest private employer in the country. The retail giant‘s benefits packages impact a huge number of working families.
But are Walmart‘s benefits any good?
In this detailed guide, I‘ll walk you through everything you need to know about Walmart‘s pay, health insurance, retirement plans, time off and other benefits. You‘ll see how Walmart‘s offerings stack up and get insights to help decide if a job there is right for you.
Let‘s start with the key question…
Does Walmart Have Good Benefits Overall?
The short answer is yes – Walmart provides benefits that meet or beat retail industry standards.
Compared to other major chains like Target, Best Buy and Kroger, Walmart offers:
- Access to health coverage for both full and part-time workers
- Retirement plans with generous 401(k) match
- Up to 19 days of PTO per year for long-term staff
- Parental leave well above the 12 weeks offered by FMLA
- Associate discounts on top of regular sales and deals
According to Walmart‘s 2021 ESG report, over 600,000 associates have health insurance through Walmart. The company contributed over $1 billion to 401(k) retirement accounts last year.
However, Walmart‘s benefits are not perfect. The retail giant has faced criticism over the years for:
- Historically low wages (now increased to $12-$17 per hour)
- Requiring premium contributions for health plans
- Starting vacation time lower than some competitors
Overall though, Walmart benefits stand out in the retail sector and provide stability for hundreds of thousands of working families nationwide.
Keep reading this guide for a deep dive into Walmart‘s pay, health insurance, retirement plans, time off and other job perks.
Walmart Pay Rates: How Much Do Employees Make?
Over the past five years, Walmart has invested over $1 billion to increase worker pay. But how much can you actually earn working there?
Here are the current Walmart hourly pay rates as of February 2022:
Walmart U.S. Average Hourly Wages
| Position | Average Hourly Pay |
|---|---|
| Cashier | $12.28 |
| Stocker | $15.75 |
| Sales Associate | $14.15 |
| Department Manager | $19.44 |
| Pharmacy Technician | $16.87 |
| Store Manager | $65,185 per year |
Data Source: Walmart Corporate 2022
Walmart also provides quarterly bonuses to full-time hourly associates based on store performance. Bonuses average between $150-$400.
Some notable points on Walmart pay:
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Minimum wage increased to $12 per hour in 2021: This exceeds the federal minimum wage of $7.25. Workers in higher cost areas can make up to $17 per hour.
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Manager salaries above retail average: The average store manager salary of $65,185 is significantly higher than the $33,000 industry average for retail managers according to PayScale.
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Wages compete with Target & Amazon: Walmart wages match or exceed starting pay at competitors like Target ($15) and Amazon ($15).
While Walmart has made progress, the average full-time wage of around $14.50 per hour lags Costco at $25 per hour. There is room for continued improvement, but overall pay now trends higher than most retail options.
Walmart Health Insurance and Medical Plan Options
Next to wages, health coverage is likely a top concern when considering any job. Here is an overview of the medical insurance Walmart offers:
Walmart Health Plan Types
| Plan | Description |
|---|---|
| PPO | Use any doctor with lower costs in-network after deductible |
| HMO | Pay predictable copays when seeing in-network providers |
| HDHP w/HSA | Lower premiums but higher deductible, paired with tax-advantaged HSA |
In 2022, monthly premiums range from around $30 for individual coverage to $160 family coverage per pay period. That adds up to under $400 per month for family health insurance – very affordable compared to plans on public exchanges.
Associates need to contribute toward premium costs, unlike at companies like Starbucks that cover 100% of employee premiums. However, part-time workers can access coverage too, unlike at Costco which only covers full-timers.
Key Perks of Walmart Health Plans
- $4 prescriptions for many generic medications
- Access to virtual doctor visits for a $4 copay
- Maternity, mental health, and newborn care covered
- No cost preventive services like checkups and vaccines
Associates can also elect to add dental and vision benefits for additional premiums.
While premium contributions and deductibles apply, Walmart‘s plans remain very competitive for retail. The average annual deductible is around $2,500 for in-network care according to 2021 benefits documents – just $500 above the national average.
And having in-store pharmacies and virtual doctor access helps workers conveniently manage costs.
Retirement Benefits: Walmart 401(k), Stock Purchase and More
Saving for retirement is crucial. Here are the main retirement benefits Walmart provides:
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401(k) Plan: Associates can contribute 1%-100% of pay and Walmart matches 6% of compensation. The company match alone can equal over $3,500 per year for full-time staff.
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Stock Purchase Plan: Buy Walmart stock at a 15% employee discount through payroll deductions.
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Retirement Contributions: After one year, Walmart automatically contributes 2%-5% of pay to associate 401(k) accounts based on tenure.
According to Walmart‘s 2021 Annual Report, the company contributed over $1 billion to U.S. associate 401(k) plans last year.
The 6% 401(k) match is twice the 3% average employer contribution, according to Fidelity investment data. Retailers like Target and Amazon also offer up to a 6% match, but Walmart goes a step further with extra retirement contributions based on service years.
In summary, Walmart provides retirement benefits on par with competitors and well above many other retailers. The 401(k), stock purchase option, and retirement contributions help associates prepare for the future.
Walmart Time Off Policies: Paid Vacation, Sick Leave and Holidays
Work-life balance is another essential job benefit. Here is the rundown of paid time off options at Walmart:
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Vacation: Associates earn 6-19 days per year based on tenure. Accrual increases at 3 years, 10 years, and 20 years milestones.
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Sick Leave: Up to 6 days of paid sick leave annually for full-time hourly associates.
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Personal Time: 3 days per year for personal reasons.
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Parental Leave: 10 weeks paid maternity leave and 6 weeks parental leave available after 1 year of service.
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Holidays: 7 paid holidays plus an 8th personal day. Part-time associates earn prorated holiday pay.
Compared to retail competitors, Walmart‘s time off scales up competitively based on service duration:
Paid Vacation Days Per Year
| Company | 1 Year Tenure | 5 Year Tenure | 15 Years Tenure |
|---|---|---|---|
| Walmart | 6 days | 10 days | 19 days |
| Target | 7 days | 10 days | 20 days |
| Amazon | 10 days | 12 days | 20 days |
| Best Buy | up to 10 days | up to 15 days | — |
Parental leave is another standout – Walmart‘s 16 paid weeks for new parents far exceeds the 12 unpaid weeks mandated by the Family Medical Leave Act.
In summary, while start rates could improve, Walmart vacation accruals outpace key retail rivals over the long run. Parental leave and sick time add to family health support.
Discount Programs: Merchandise, Entertainment, and More
Who doesn‘t love a discount? Working at Walmart comes with plenty of money-saving perks:
- 10% discount on regularly priced general merchandise
- Special deals on cell plans, movie tickets, hotels, and more
- Early access to Black Friday and holiday sales events
- Sam‘s Club membership for $15 per year
Associates also unlock free shipping with no order minimum on Walmart.com.
These discounts can easily save full-time staff over $1,000 annually on groceries, clothes, electronics, and entertainment for the family. Not bad!
Financial Support Programs: Grants, Loans, Education and More
Beyond regular benefits, Walmart provides programs to support workers through emergencies and help them gain skills.
Key Financial Assistance Offerings
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Associate Grants: Get emergency funds from the Associate in Critical Need Trust if facing unforeseen hardship.
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Scholarships: Over $60 million awarded annually to finish college degrees.
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Health Advocacy: Free help navigating benefits, finding local resources, and getting counseling.
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Adoption Assistance: Up to $5,000 to support adoption costs.
Career Development Opportunities
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Walmart Academy Training: Develop retail skills and prep for advancement to management.
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Live Better U: Earn a college degree for only $1 per day with rest of tuition covered.
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Internal Job Postings: Chance to move up by applying for open roles company-wide.
These programs provide financial stability, offer paths to upskill, and open doors for career growth within the company.
Weighing the Pros and Cons of Walmart Benefits
Based on this comprehensive review, should benefits factor into your decision to work at Walmart?
Here are a few pros and cons to consider:
Pros
- Health insurance options beat many retail competitors
- Strong 401(k) match and retirement contributions
- Up to 19 days PTO outpaces some rivals over time
- Parental leave exceeds standard FMLA leave
- Associate discounts on top of everyday low prices
Cons
- Premium contributions required for health coverage
- Starting base pay still trails some competitors
- Minimum PTO lower than companies like Amazon
- No stock options offered beyond stock purchase plan
Overall, Walmart benefits stack up well against the retail industry. Offerings like 401(k) plans, PTO, and parental leave rank with or above chief rivals like Target and Amazon.
Premium contributions are required for health insurance, and wages could still improve. However, Walmart has invested heavily to raise pay and upgrade benefits in recent years.
For retail positions, you can do a lot worse than Walmart in terms of compensation. Strong benefits help add financial value and provide income stability for hundreds of thousands of associates nationwide.
Final Thoughts on Working at Walmart
Walmart‘s benefits packages may not be perfect. But they offer solid pay, health coverage, retirement savings, and time off compared to alternatives in the retail space.
Perks like merchandise discounts, adoption assistance, education opportunities, and health advocacy provide additional financial security.
With competitive pay and benefits, room for internal advancement, and new investments in training, Walmart offers a stable career path for many hourly retail workers.
If you‘re looking to gain skills while securing health insurance and retirement benefits, Walmart is worth strong consideration. The compensation package can provide long-term value worth the investment of your time and talent.
