The High Cost of Low Wages - Assignment Example

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In the paper “The High Cost of Low Wages” the author focuses on a leading retailer in America. However, in 2006, the stock of the company started witnessing fall in prices and its sales volume too started declining. The company had to take a change management strategy to turn things around…
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The High Cost of Low Wages
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Download file to see previous pages Some of the strategies that the company had implemented into achieving these policies were called into question. One of the important objectives of implementing the strategy for change management was to revive the falling sales and get the company back on the growth platform.
One of the turnaround factors for wall mart that is going to lift it out of the stage that it is currently in is to grow leaders at all stage. To grow leaders at all stage of the organizations among both the managerial and non-managerial workforce is to impart them adequate training. Since wall mart is a large multinational organization so to impart training at large scale will require adequate planning. The plan to grow leaders at all stage of the organization should be done step by step (Walmart Inc, 2006b). The plan should be first inducted as a training module for a single branch and then slowly spread into other branches at first in a country, then in a continent and then through all the continents. Before going into the next step of the process the company must first ensure that the first step has been successful with clear and positive results.
The company by utilizing its innovative CRM tools has a huge pile of customer data that it has collected over the years. A simple strategy would be looked into what has changed in the customers buying behavior. If the customers are moving towards other stores why on earth are they doing so? The key is to analyze the key lacunas and fix them.
One of the key areas where wall mart might be lacking as compared to its competitors is that in a drive to give its customers “Always low prices. Always” the company gives discriminatory wages to its employees. So the company suffers from low employee productivity as compared to many of its competitors (Cascio, 2006b). Costco produced $21,805 in operating profit per hourly employee. ...Download file to see next pagesRead More
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