You’ve got to spend money in order to make money, they say.
Walmart’s announcement Wednesday (March 16) that it will hire 50,000 workers over the next (roughly) six weeks brings that old saying to mind.
That push would add to the 2.3 million Walmart and Sam’s Club associates already within the company’s ranks.
In a blog post Wednesday, EVP, Chief Technology Officer and Chief Development Officer Suresh Kumar wrote that the company is also adding tech hubs in Toronto and Atlanta.
“Today, Walmart Global Tech develops and manages the foundational technologies on which customer experiences are built, including cloud, data, enterprise architecture, DevOps, infrastructure and security,” said Kumar.
In the months ahead, according to the blog, the company is focused on hiring cybersecurity professionals, architects, developers, software engineers, data scientists, data engineers … we might go on a bit, but you get the point. Delivery drivers are also in the targeted mix, too, which underscores the continued push to enhance logistics and streamline last-mile efforts.
Heated Competition for Workers
The hiring spree comes amid a labor market that is, above all else, a tight one, where it is tough for all manner of companies to fill positions. But we contend with the relatively specialized nature of the positions noted above may mean that 1) the competition for workers will be heated and 2) that competition may put upward pressure on wages paid. Paying higher wages implies at least some margin pressure, too.
The initiative to hire 50,000 workers within the confines of about six weeks is 50% of the roughly 100,000 the firm hired, company-wide in all of its latest fiscal year, which ended in January of 2022.
The tech focus of many of the new roles also shines a light on the buildup and buildout of a range of digital capabilities, and, by (eventual) extension, a super app.
As had been reported in this space just after the new year dawned, Hazel FinTech (in turn owned in a joint venture between Walmart and Ribbit Capital) acquired Even Responsible Finance Inc., which enables companies to offer employees earned wage access (Walmart is a customer), and ONE Finance Inc., a neobank complete with a debit card. Among other goals, Walmart is gunning to become a financial services hub for customers. The super app strategy also dovetails with the fact that, as PYMNTS has found, 67% of consumers — which equates to a staggering 173 million people — want apps that help them manage their digital lives. An estimated 27 million of those consumers want to do all this through a single app.
Read also: Walmart’s FinTech and Super App Future Takes Shape With Pair of Purchases
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