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Walmart corporate responsibility
Walmart corporate responsibility
Walmart corporate responsibility
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The corporate social responsibility is a commitment by a business to contribute to economic development while improving the quality of life for employees and their families’ as-well as contributing to the society. Walmart is a well-known company that offers customers the items they want and need at a low cost, with nearly 4,000 stores in the United States. According to the Fortune 500, Walmart was ranked number 1 in 2015. Just like any other superstore Walmart needs to continue the use of social responsibility by recreating a relationship between business and the community especially if they want to dominate the competition in 2016. The use of sustainability, strategic philanthropy, causing market, shared values, stakeholders and global perspective will help readers understand the purpose of social responsibilities in the corporate world. Business Sustainability requires firms to adhere to the principals of sustainable …show more content…
While keeping in mind they are a business which rely on profits. Walmart is a popular company that is known for their low prices. This corporation is also known for giving back to communities by making charitable contributions of 100,000 grants annually, as well providing disaster relief to various countries burdened by disasters and donated $100 million dollars to neighborhoods and law enforcement agencies. They also provide employees with college grants to obtain a two or four year college degree, Walmart is investing in their employees by giving them an advantage in their future. Walmart has also found ways to reduce waste by creating materials that are nontoxic and are recyclable friendly. With the use of sustainability, strategic philanthropy, causing marketing, shared values and stakeholder that is why this company was ranked number one by Forbes list in
But Wal-Mart’s care for us goes beyond that simple relationship. As many of us have seen if we have been to a Wal-Mart, they hire people who normally would not be able to get a job. The company knows that by broadcasting itself as positive and helpful in nature it can increase its revenue and in turn increase the amount of assistance it provides to us the consumer. “In 2004 Wal-Mart donated over $170 million. More than 90 percent of these donations went to charities in the communities served by Wal-Mart stores.’ Even more heartfelt than this, Wal-Mart was the leader in goods based relief efforts for victims of hurricane Katrina. “Walmart’s response to the hurricane was lauded even by its critics: it donated more than $20 million worth of merchandise, including food for 100,000 meals, and it promised jobs for all of its displaced workers.” And the first supply truck to arrive at the superdome was a Wal-Mart truck.
Regardless of what you think of Wal-Mart, Wal-Mart is continually voted as one most admired companies in America by Fortune magazine. This is how Jerry Useem began the article he wrote for Fortune magazine:
The good Wal-Mart Seglin describes as thrifty, industrious and offer fair deals. They serve society and due to their exceptional distribution system, pass along gains to everyone. The company employs insightful managers who "democratize the American dream". The company spurs productivity and helps fight inflation. The good one is "Americas most admired company" (Seglin, 2004).
The Wal-Mart Corporation is a multi-billion dollar low-cost retail organization, consisting of 6400 stores and 1.8 million sales associates worldwide. Wal-Mart’s influence on the retail world and the enormity of their corporate size is unparalleled. Wal-Mart can easily report sales of $312.4 billion dollars per fiscal quarter and net profits of $3.8 billion dollars. Wal-Mart promises her customers "Always low prices. Always!" and upholds this motto by providing low prices to her customers and high return on investment to her stockholders. One way that Wal-Mart has managed to maintain a competitive edge over other low cost retail giants and provide low prices is by cutting wages and by not offering too many company benefits to their employees. Full-time employee working at Wal-Mart only make $8 an hour, while only 45% of the workers can afford to be covered by health insurance. Wal-Mart also increase part time employees from 20 percent to 40 percent so that they do not have to cover all of their employees for health insurance . Although Wal-Mart may not provide excellent benefits to her employees, it successfully performs as a legitimate business operating in a capitalistic society. Wal-Mart upholds the primary fiduciary duty to satisfy her stockholder and follows free the market libertarianism model, which states that a business should not interfering with the free market. In a free market Wal-Mart has a direct responsibility to her primary stockholders rather than the employees of a company.
Social responsibility can be defined as “the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large” (Mallen Baker, 2004). In addition, social responsibility has been defined differently by various corporate leaders that provide guidelines which impacts how one manages the core business. Social responsibility is an essential part of a business. If managed correctly should strengthen the competitive spirit of the company and provide prosperity to society.
Sam Walton was born in 1918 in Kingfisher, Oklahoma. In 1942, at the age of 24, he joined the military. He married Helen Robson in 1943. When his military service ended in 1945, Sam and Helen moved to Iowa and then to Newport, Arkansas. During this time, Sam gained early retail experience, eventually operating his own variety store. He opened the first Walmart in 1962 at the age of 44 in Rogers, Arkansas. His competitors thought his idea that a successful business could be built around offering lower prices and great service would never work. As it turned out, the company 's success exceeded even Sam 's expectations. By 1990, Walmart was the nation 's number-one retailer. As the Walmart Supercenter redefined convenience and one-stop shopping,
It is important to understand that decisions made by businesses can have either negative or positive implications on the public, which is companies have corporate social responsibility. In order to understand Wal-Mart’s corporate social
Corporate Social Responsibility is the obligation from corporations to utilize their resources to aid and benefit the larger society. The four components of CSR are economic, legal, ethical, and philanthropic. Social Responsibility is a fundamental force in the wealth creation process. If correctly demonstrated, CSR should heighten competitiveness and boost the value of wealth creation to society. A company's CSR Initiatives directly represent who the company is and what it believes it. The m...
With that, Walmart are able to provides products that are beneficial to the environment and customers can be aware that how much impact the products they bought can do to the environment. Walmart buy products from more than 60,000 supplies from 70 countries. With the Sustainability Index, Walmart can make sure that the products bought from the suppliers do not harm the environment. When Walmart are able to reduce the waste products from the organization, they can cut the cost and provides lower prices for customers. By reducing the waste of the products, Walmart can save millions
The term Corporate Social Responsibility refers to a company’s responsibility to provide a benefit to the society the company affects. Corporate social responsibility incorporates dimensions of corporate responsibility, and corporate policy which include a company’s policy to hire minority or disabled workers, or taking a stance on social and political issues that benefit the community. The social portion of corporate social responsibility includes corporate charitable business contributions and expands on this common social business practice by invoking corporate social initiatives. For example, as a policy, Wal-Mart grocery store managers purchase as much produce and goods from local farmers and distributors they can as opposed to relying on national food distributors. This example of a corporate social initiative provides a greater benefit to the economy of the society surrounding Wal-Mart stores than if Wal-Mart made only charitable contributions to a food bank within the local area. Environmental responsibility is a business’s responsibility to decrease its carbon footprint and produce green products. The trend to produce green products has come into effect since global warming has become a greater concern in the world over the past decade. Reducing the carbon footprint and making green products may increase a company’s cost, but the company can charge more for its products and services to offset the increased cost. Nickels, J. McHugh, and S. McHugh give an example of the Ciba Specialty Chemicals Company, a Swiss textile dye manufacturer who charges more for its dyes than other dye companies because Ciba’s dyes “require less salt than traditional dyes”, and are therefore more expensive to produce (Nickels, J McHugh, S...
Wal-Mart’s strategy over time helped it establish leadership position in discount retailing. It used rural underserved markets to announce its arrival. It also used innovation levers, customer centricity, positioning as a low cost player, and effective stakeholder management including employees, suppliers, and stockholders to achieve distinctive competitive advantage. It successfully outperformed other firms in the industry leveraging its strategy to achieve overall cost leadership. Their customers desire products that are more efficient, last longer and perform better. They want to know the product’s entire lifecycle. They want to know the materials in the product are safe, that it is made well and is produced in a responsible way. These desires inspired them to help develop the sustainability index. With this initiative, they are helping to create a more transparent supply chain, accelerate the adoption of best practices and drive product innovation and ultimately providing their customers with information they need to assess products’ sustainability.
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
The arguments for and against corporate social responsibility have captured two points of view. Those who believe that organizations should not be concerned about social responsibility base many of their arguments on the costs involved and whether organizations should shoulder those costs on behalf of society. And those who are in favor feel that organizations benefit from society and, therefore, have an obligation to improve it. Although there is no universal agreement, surveys and other reports express that many organizations are, becoming increasingly active in addressing social
Walmart, a conglomerate with global sites, has influenced its subsidiaries and co-operate in managing, addressing, enforcing and formalizing its foundation because of organizational structure and culture. For example, “Approximately 500,000 Wal-Mart associates throughout United States have participated in the Personal sustainability Project (PSP), a voluntary program encouraged by CEO Lee Scott (Ferrell, Fraedrich, Ferrell, 2011).” “Scott called also called for Congress to increase minimum wage and noted that Wal-Mart had increased spending on health insurance (Ferrell, Fraedrich, Ferrell, 2011).” They share values, disciplinary actions, standards of learning are the same with all their stores. They are leaders in their business and they lead by example. This category share corporate social responsibility which rate from zero to five is in richness according to the content analysis theory (Jizi et al2014) that is used to measure corporate social responsibility, will prove that Wal-Mart’s chains-stores: Sam’s Club, and other owners in the Wal-Mart company, value key stakeholders including the minority individuals. These are people who are interested in an “everyday low price.” It is used to measure the content of CSR disclosure of community involvement, environment, human resources, and social products and service quality according to (Jizi et al2014).Wal-Mart is quite aware that being socially responsible is very expensive. However, with the annual disclosure giving greater transparency in daily operations, I believe that more investors will become interested in its evolution and be able to benefit from its profit. For example, China is the largest supplier for Wal-Mart according to (Ferrell, Fraedrich, Ferrell,
In the current time of growth and progression, individuals should know that how a business not only flourish but sustain itself. Making profit is one of the main targets of every corporates but it must not be the only one. When an individual builds a company in order to do business, they should be well aware of their contribution towards the society as well as their business and employees in it. It is total strategy of all. We should be able to realize every increment contributes of it. One of the major factors that affect a business is how well it participates in Corporate Social Responsibility. According to (Werther & Chandler, 2006) corporate social responsibility (CSR) refers to a business practice that involves participating in initiatives that benefits the society. In authenticity, there is a whole lot to argue about it. There are no major guidelines that decides either a business is participating in Corporate Social Responsibility; what might be considered a Business practicing CSR to some, can still not be accepted for it by others. CSR may be restrained a term which his highly flexible. This paper will discuss about Corporate Social Responsibility and its