Yahoo Finance Costco and 4 More Retailers With High-Paying Manager Positions — And How To Work Your Way Up
You may remember that Walmart made headlines earlier this year for its manager salaries. At the time, it was reported some Walmart managers could now earn more than $400,000 a year without a college degree.
According to NBC News, “Combined with a previously announced new average salary of $128,000 and the ability to earn up to 200% of that salary in bonuses, a Walmart manager could earn as much as $404,000 a year.”
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If you’re looking to make the move into retail management, here’s a look at positions with some popular stores and some ways you can work your way up.
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Costco
Costco has long been known for having a good work environment for its employees — as evidenced by rankings from Glassdoor and others.
General managers at the chain are known to frequently have six-figure base salaries. That doesn’t include bonuses and commissions, which can easily add up to thousands of dollars.
Like many other retailers, Costco looks to hire managers who have retail experience. If that experience comes from working at Costco itself, even better.
If you’re looking to join Costco and start toward the bottom as a store team member, the pay isn’t all that bad compared to equivalent jobs at other places. According to ZipRecruiter, the average hourly pay in the United States at Costco is just over $22 an hour.
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Walmart
You might find similar starting pay at Walmart. The retailer has announced plans to increase pay and have its U.S. average hourly wage exceed $18.
There’s even better news — if you’re looking for a career in retail and want to work your way up at Walmart, they seem very open to that and value promoting from within. In fact, according to Walmart, about 75% of field management teams began their Walmart careers in the hourly ranks.
Other Retailers
As you might guess, six-figure base salaries are fairly common for retail store managers. Here’s a look at some of the top-paying companies and the median base salaries for store managers, according to Glassdoor.
The Home Depot: $164,000
Lowe’s: $151,000
Walmart: $151,000
Apple: $136,000
Costco: $120,000
It’s important to keep in mind that bonuses can greatly influence the take-home pay for retail store managers. In addition, your location will influence your salary. States like California and New York may have higher pay for store managers based on costs of living and other factors.
Work Your Way Up
If you’re already working for a retailer and want to move up, or you’re looking to start your retail career with a store you know has good salaries for managers, there are things you can do when you take your first job to set yourself up for success. Here are some tips from experts on LinkedIn.
Gain experience: Learn to do a variety of jobs within the store to increase your chances at a promotion.
Find a mentor: Seek out someone to help you learn, grow and prepare for your future as a store manager.
Build your skills: Work to build skills that extend beyond your current position and set you up for the next step in your career.
Network: Consider going to industry events and connecting with retail leaders on social media.
Track your results: Set personal performance goals and show leadership that you’re ready for the next step.
Embrace change: Volunteer for new opportunities and learn new technology skills to help elevate your retail career.
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This article originally appeared on GOBankingRates.com: Costco and 4 More Retailers With High-Paying Manager Positions — And How To Work Your Way Up
