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Wal-Mart Stores, Inc.
Wal-Mart is a corporation that is based in America. It manages a series of retail department stores and warehouses all over the States. It has been recognized as the largest establishments in the private sector providing employment opportunities to over 2 million workers. The mastermind behind this business empire is the Walton family with a 50% share on the establishment. The empire started as one store in the year 1962, its advancement to a multi-billion dollar enterprise is attributed to Sam Wilton who went down as a revolutionist of the philosophy of proper work ethic and excellence. As any other business venture, Wal-Mart is faced with the issue of retaining the performance, which has been commendable over the years, and defends itself against competition from other existing companies. Various measures and theories can be implemented to ensure that the company retains an overall effective workforce and maintain its competitors at bay.
One of the strategies suggested by the executive human resource managers is that the company should take all the necessary measures needed to retaining their top talents. Retaining these high performers is usually seen as a move that guarantees the overall success of the company. It also gives the company and an upper hand in terms of competition with other corporate establishments. Research conducted shows that organizations with programs that nurture talents are more likely to lure and retain the high achievers in the market. The talent empowerment strategy is aimed at ensuring that the employees are aware of their employer’s motive, which is to contribute positively to their advancement in growth and development while also pursuing the firm’s ambitions and goals. Four disciplines should be implemented to ensure that the strategy is effective in retaining the top talents.
The first principle is the issuing of a meaningful company feedback regularly. The reviews on the performance of the employees and managers in the company should be provided on a regular basis as it assists the employees to assess themselves and strategize on how they can improve on their work (Watkins 35). The forum held to discuss the yearly performance is also a reflection to employees on how they can improve themselves in accomplishing their allocated work. The next principle that is also fundamentally crucial is the clarification on the objectives and expectations of the corporation. After having a clear picture of how they can improve their performance and acknowledging the standards set for the company, the employees are motivated to be productive and adequately challenged.
The management system setup to monitor talents also provides a clear picture on the achievements and progression of the employee. The next crucial principle that should be followed is acknowledgement, appreciation and rewarding of the employees when they have excellent performance. The talent monitoring system should incorporate a system that outlines the remuneration and incentives provided by the company for the workers who are high achievers (Watkins 50). The focus on improving performance is placed on enhancing the working environment so that the workers are satisfied. This move increases their overall productivity and performance, especially in a corporation such as Wal-Mart where most clients associate and interact with the employees than they do with the managers or executives.
The final principle is the provision of programs that assist employees in advancing their skills and expertise. Such programs include workshops on customer relations and care, leadership skill and effective communication and work ethic. These programs contribute to the productivity of the workforce as they serve as great motivators and confidence builders (Watkins 62). The adaptation of these strategies in the Wal-Mart will increase the worker satisfaction and productivity.
Wal-Mart, just like any other company in the global economic scene, faces fierce competition from new corporations, which try to take over the market share. Several issues have been outlined before addressing the strategies the company can adopt to counteract the competition. They include reasons for defending the company against the competition. Some of these companies are new, thus pose few threats to an established corporation like Wal-Mart. Therefore, it can avoid utilizing it resources to defend itself and direct them towards uses that are more meaningful. However, when faced with fierce competition the corporation should strategize contingency plans that will protect the company’s market share and economic status.
The first strategy is the “no action strategy” which simply translates to ignoring the competition. This plan helps the company save the financial resources that would be used by launching inefficient plans. As mentioned, the resources can be used for productive approaches. Another advantage of this strategy is that it protects the company from making decisions that are likely to be counterproductive (Watkins 111). The next proactive strategies include the strengthening of the brand, upgrading the company’s outlook and increasing customer satisfaction. The implementation of this strategy along with other tactics will improve the business empire. The tactics for strengthening the brand name includes placing a strong emphasis of promotion activities that have proven to be successful (Watkins 120). Removing services that are irrational to the customers, offering training for the employees and strengthening company services, will improve the satisfaction of the clientele. Upgrading the company systems enable it to acquire a refurbished look and increase efficiency of the mechanisms such as cashing devices or store keeping and inventory. An upgrade can also include introducing new services and expansion of the marketing sector.
Wal-Mart is a
family oriented business empire. It has a high advantage in terms of
progression in the economic world; as such, corporations are seen to be
coordinated with the workforce offering the best working conditions. The
strategies mentioned above are fundamental tools that they can employ to
increase productivity and efficiency of the company and offers tactics on
defending the market share against new competitors.
Works Cited:
Watkins, Timothy D. Performance Practice: Issues and Approaches. Ann Arbor Mich: Steglein Pub, 2009. Print.