An Overview of Management Practice of Whole Foods Essay

An Overview of Management Practice of Whole Foods - Essay Example It was an opportune time since consciousness of people on the healthy lifestyle has begun; there is an increasing educated age and wealthy population, and environmental concerns are spanning across the globe. 2. Brief Overview of the Company Whole Foods was formed in 1978 by two friends, John Mackey and Rene Lawson Hardy from a borrowed capital of $40,000 to sell natural foods in Austin, Texas. It was originally known as Safer Way, to be distinct from Safe Way that was also in Austin, Texas. Expansion and mergers has been part of its business strategies as, within only two years after it was formed, it entered into a partnership with a grocery store that resulted into the opening of the Whole Foods Market in 1980. It didn’t stop there since from then on; WFM had several acquisitions of companies carrying organic products. In 1992, the company went public trading in NASDACQ Global Select Market. It sales revenue saw successive growth that reached $11.7 billion in 2012. Correspo ndingly, shareholders earnings have steadily increased, from $0.82 in 2008 to $2.52 per share in 2012. In 2013, its stores are located in 335 sites in North America, Canada, and United Kingdom with prospects of aiming for more stores opening in years to come. The store offers perishable foods, grocery, meat and poultry, seafood, bakery, prepared foods and catering, specialty beer, wine and cheese, coffee and tea, nutritional supplements, vitamins, body care, educational products, floral items, pet products and household products (Whole Foods Market 2012 Annual Report). WFM is the world’s leading retailer of organic foods and is the first grocer to be certified as â€Å"organic†. Its corporate mission is â€Å"to promote the vitality and well-being of all individuals by supplying the highest quality, most wholesome foods available†. This has been translated to a core mission, of â€Å" promotion of organically grown foods, healthy eating, and sustainability of t he eco system†. 3. Motivational tools and strategies such as Work Life Balance, Benefits ,Virtual Work, Rewards, Recognition, Performance Management, Training and Development Fortune List has ranked WFM for 15 consecutive years as â€Å"One of the Best Companies to Work for in America†. This recognition acknowledgment bears out WFM’s commitment to fulfill its core values of â€Å"Supporting team members’ happiness and excellence.† . As motivational tool, WFM has designed a â€Å"Total Health Immersion and Healthy Discount Incentive program to promote health of its employees. This program aims to educate members and create awareness of the benefits of healthier habits that contributed to year-over year decreases in participant medical claims and inpatient stays in hospital, and an increase in annual preventive wellness exams. WFM recognizes team member’s efforts so much so company supports them in many other ways. Part of its package compensa tion plan includes a generous store discount, medical care, dental and vision plan, life insurance, retirement savings plan, gain-sharing program, stock option plan and emergency funds, paid time off and leaves of absences. A salary cap limits cash compensation (wages plus