What was Walmart thinking?
The big-box retailer announced Thursday it was hiking pay and handing out one-time bonuses, which was applauded by many, including Treasury Secretary Steven Mnuchin.
“The timing is ridiculous,” branding analyst Dean Crutchfield of Dean Crutchfield Associates said in an interview with CNBC’s “Power Lunch” on Friday.
“I can only look at this one and think you were trying to skip this one under the carpet,” said Crutchfield. “There’s no strategy here. There’s nothing really professional here apart from them trying to cover up.”
Walmart said it would raise the minimum hourly wage from $9 to $11, a move that would cost up to $400 million a year. The company also said it would hand out one-time bonuses of up to $1,000, depending on the length of each employees’ individual service. That will cost it another $400 million.