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Walmart Inc. (NYSE:WMT) announced Thursday that it is hiring an additional 150,000 workers to meet rising consumer demand in the face of the novel coronavirus (COVID-19) outbreak.
What Happened
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The workers would be hired on a temporary basis and work across roles in stores, clubs, distribution and fulfillment centers, Walmart said.
The retailer noted that a number of workers in hospitality and restaurants are forced out of work due to the pandemic, adding that it is reaching out to such businesses to facilitate the employment of their workers on a temporary basis.
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"We know millions of Americans who are usually employed at this time are temporarily out of work, and at the same time we're currently seeing strong demand in our stores," Walmart CEO Doug McMillon said in a statement. "We're looking for people who see Walmart as a chance to earn some extra money and perform a vital service to their community."
The retailer also announced it would pay about $550 million in bonuses to the existing employees.
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Full-time hourly workers would be paid a bonus of about $300 and part-time hourly workers $150, as part of their efforts during the coronavirus outbreak. Walmart expects these bonuses to amount to about $365 million.
It said it would pay another $180 million in early quarter one bonuses to the employees, irrespective of whether the company meets the quarterly goals or not.
Why It Matters
The COVID-19 outbreak has increased demand for certain products, including hand sanitizers, home goods, and staples.
Earlier this month, Walmart reduced the operating hours of all its stores across the United States. The retailer said it would help employees restock the products and sanitize stores.
Rival e-commerce giant Amazon.com Inc. (NASDAQ:AMZN) similarly announced earlier this week that it was looking to add another 100,000 people to its workforce to meet the increased demand for home delivery of goods as American residents are advised to practice social distancing.
Price Action
Walmart's shares closed 2.12% lower at $119.45 on Thursday. The shares inched further 0.63% lower at $118.70 in the after-hours session.
Photo Credit: Public domain photo via Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.