- Walmart says it will hire another 50,000 workers to meet the rising demand due to Coronavirus.
- The U.S retail giant met its previous target of 150,000 new workers sooner than expected.
- Walmart says around 85% of its new hires are for part-time or temporary positions.
As consumers continue to stockpile household essentials and groceries amidst the ongoing Coronavirus pandemic, Walmart Inc. (NYSE: WMT) cited a sharp increase in demand at its clubs, stores, and distribution centres. The American multinational retail corporation said it will hire another 50,000 workers to cope up with the demand.
Walmart had previously set a target of hiring 150,000 workers in March that, as per the retailer, has been hit sooner than expected. The company said that it hired roughly 5,000 people per day in recent weeks and targeted workers who have been furloughed from other industries as businesses resort to cost-cutting due to the Coronavirus uncertainty.
Walmart Is Currently Around 10% Up Year To Date
COVID-19 has so far infected more than 710,000 people in the United States and has caused over 37,000 deaths. In a bid to minimize the fast transmission of the flu-like virus, the U.S government had been expanding lockdowns and imposing strict social distancing measures that have brought the economic activity to a near halt.
Compared to its record high in February, the benchmark S&P 500 index is currently around 15% down. The rising demand, however, has pushed the Walmart stock roughly 10% up year to date.
According to Walmart, it partnered with over 70 U.S companies that furloughed employees due to the health crisis to hit its target of 150,000 new workers. The majority of these, the retailer added, came from the hospitality industry including restaurants.
Target, Kroger, And Amazon Are Also Recruiting Actively
Walmart said that around 85% of the new workers that it is hiring are for part-time or temporary positions. Other prominent market players including Target, Kroger, and Amazon have also been hiring actively to meet the unprecedently surging demand for hand sanitizers, food, toilet papers, household items, and online orders at large.
In compliance with the health guidance, Walmart said that the face-covering policy will be made mandatory for its U.S staff from now on. Walmart employees at its corporate offices, fulfilment centres, clubs, stores, and distribution centres will now be required to wear a mask on duty or other similar coverings.
As per Walmart’s memo, the emergency leave policy has also been extended until the end of May.
In 2019, Walmart posted an annual gain of more than 25% in the stock market. At the time of writing, it is valued at £299 billion and has a price to earnings ratio of 25.46.