The internal benchmarking used by Whole Foods includes periodic tours of all stores Whole foods compensation essay example employees from another store or region. A final problem that Whole Foods is currently facing is their attempt at horizontal integration through their acquisition of Wild Oats.
Additionally, the team leaders within each store comprise a team, and store leaders in each region form a team as well. Its strongest organizational requirement lies in its ability to attract highly skilled creative employees with its better-than-average wages and benefits. Fifth, the management philosophy of Whole Foods results in a favorable public image.
They tightly control costs and their incentives are based on meeting quantitative targets, both organizational requirements for cost leadership. They focus on motivating and empowering employees to maintain a high level of employee morale.
In the ast, Whole Foods has profited and obtained a strong competitive advantage catering to underappreciated market segments. Whole Foods does have a strong employee force, with just over 50, employees and Whole foods compensation essay example.
In the case of Whole Foods, their mission states that they provide consumers with quality products free of chemicals, hormones and other genetically engineered products. They are regularly monitoring events inside and outside the firm, which could affect the course of its strategy.
See Appendix D for more employee information. The strategy of having a geographically divisional organizational structure helps to build a stronger culture within each of the individual stores.
When analyzing whether or not the grand strategies of horizontal integration, innovation, and product development discussed in Section 1. Whole Foods has done a great deal of research to evaluate their customer profiles.
Whole Foods possesses all necessary skills and resources that foster differentiation, particularly a creative flare, a corporate reputation for quality, and strong cooperation from all channels.
Now that is value added. Although they do not possess the resources necessary to attain cost leadership, Whole Foods does understand the need for cost efficiency. Employee Development Add one full week of training per year for all employees over the next 5 years.
Whole Foods looks for skilled workers at various levels in the organization. I do agree with the open book style management as I feel that it maximizes each employee value, offers transparency in the company, and gives employees a sense of ownership. To monitor situations within the firm, Whole Foods practices a process called internal benchmarking.
It is also difficult to access strong distribution channels, something Whole Foods has accomplished through multiple acquisitions and mergers with suppliers. With the growing competition from copycat stores, Whole Foods may need to begin a program of strategic surveillance externally, in order to stay ahead of the competition.
Not only does Whole Foods participate on a global level with their Whole Foods Foundation, but they also participate by helping local communities. Whole Foods caters their products to the unique demands of their small- to medium-sized customers, as discussed in Section 1.
Eco-efficiency has been crucial for environmental responsibility by companies. This can be accomplished through increased promotion and educating consumers who are unaware to the value of eating organic foods.
In return, focus or strategic scope is based on the selection of the narrow scope of competition within an industry. Obviously, a huge concern for any retailer right now, and an equal challenge for Whole Foods, is the current state of the economy.
They must differentiate their product by convincing new customers of the value of eating organic foods and continually develop unique organic products. Thus, the environmental dominant consists of all the entities that directly interact with the organization.
All in all, it possible to conclude that Whole Foods deservedly occupies the leading positions at the international global market due to its successful strategies, as well as environmentally-friendly and healthy foods. How does increased competition impact decision making and employee relations within the company?
They are difficult to imitate and will be sustainable in the future. The company creates a strong business relationship with its customers by demonstrating the basic beliefs, which include:For example, living a healthy lifestyle is not just something preached by Whole Foods but it is practiced by the employees as well.
To strengthen the employee identification with the company, Whole Foods offer employees compensation such as discounts and. Mackey has been leading by example – walking the walk.
The idea of publicly shared performance data and its links to compensation it could be good in a certain way as a tool for comparison between stores and to be competitive.
PHarris MT Unit 3 Case Study Analysis Whole Foods Market Essay.
Unit 3 WHOLE FOODS MARKET Case Study. Whole Foods Market is a dynamic leader in the quality food business. We are a purpose-driven company that aims to set the standards of excellence for food retailers.
We are building a business in which high standards permeate all aspects of our company. Essay Example: Essay: Whole Foods Market. We Will Write A Custom Essay Sample. 11 Executive Bonus Compensation Plans Whole Foods has an interesting approach to compensating its executives.
CEO John Mackey slashed his own salary from at least one million dollars to one dollar in November In addition, all of his profit made from stock.
See Appendix C for more about the Whole Foods green movement. Whole Foods has many important values. For example, they believe that their customers are the most important stakeholders and the lifeblood of their business. Essay on Whole Foods Market More about Essay about Whole Foods Market.