An Overview of Management Practice of Whole Foods Essay

An Overview of Management Practice of Whole Foods - Essay ExampleIt was an advantageous time since consciousness of people on the good for you(p) 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 know 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 age 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 didnt stop there since from then on WFM had some(prenominal) acquisitions of companies carrying organic products. In 1992, the company went public trading in NASDACQ Global Select Market. It sal es revenue saw successive growth that reached $11.7 billion in 2012. Correspondingly, 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(prenominal) 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, pamper products and household products (Whole Foods Market 2012 Annual Report). WFM is the worlds leading retailer of organic foods and is the first grocer to be certified as organic. Its corporate charge is 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 promotion of organically g rown foods, healthy eating, and sustainability of the 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 One of the Best Companies to Work for in America. This recognition acknowledgment bears out WFMs commitment to fulfill its core values of backup team members happiness and excellence. . As motivational tool, WFM has designed a 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 members efforts so much so company supports them in many other ways. Part of its package compensation plan inclu des a generous store discount, medical care, dental and vision plan, life insurance, retirement savings plan, gain-sharing program, stock option plan and emergency funds, salaried time off and leaves of absences. A salary cap limits cash compensation (wages plus