By Dhirendra Tripathi

Walmart (NYSE) stock rose 1% Thursday following the announcement by Walmart that they are increasing drivers’ wages. This is a move to retain and attract more employees for its massive trucks.

According to a company release, in-house truck drivers could now make up to $110,000 during their first year with the company. At the high end, that’s 26% higher than the previous average pay for newly hired drivers, Bloomberg said.

It said that drivers who stay with Walmart for longer periods of time can make more money, depending on location and tenure.

Walmart also offered a private program for fleet development to help employees become licensed drivers. Employees in Dover, Delaware, and Dallas have earned commercial driver’s licenses over the course of the 12-week program, Walmart said.

Walmart’s latest exercise reflects the anxiety of retailers as they struggle to stock up their stores and deliver supplies to customers while facing a massive shortage of drivers and other staff.

A company that employs approximately 12,000 truck drivers had to recruit 7,000 in the two-year period, including an unprecedented 4,500 in 2021. According to American Trucking Associations (ATA), the U.S. lacks 80,000 truck drivers.