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Walmart is a highly successful discount store based in whole on its founders beliefs and convictions. Sam Walton wanted to make a difference amongst the retail dynasty. A great foundation was implemented for his customers, associates, and community. These beliefs are what today still keeps the store sky rocketing to successful measures.
Walmart first department stores opened in a small lower income town called Rogers, Arkansas on July 2, 1962. Sam Walton had a vision of providing inexpensive goods to small town markets. Walmart went public on October 1, 1970 to the trading public. It started at $16.50 a share which was a good start then. In 1991 Walmart expanded internationally, starting in Mexico City. Currently as of July 2004 Walmart have opened more than 1,409 discount stores in the US, 1,562 super centers, 539 Same clubs, and more than 1,506 international Walmarts in various countries.
The industry which Wal marts lie is known as the giant Retail business. The current size is 5,016 total stores in both domestic and internationally. The growth of this company is sky rocketing and leaving any room for competition to keep up. Based on the current sales Walmart is ranked as one of the top retail if not best retail store in the world. It roughly brings in 256,329,000 net sales a year and its net profit is around 10,803,000 a year. With the turn around rates, an accurate calculation of current employees is not attainable, however there is a documentation of 1.3 million current associates worldwide. This includes stores, clubs and 10 international countries.
Walmart has several different departments that I was able to find. The financial department is an extremely important department for Walmart. This is the department that is set up to protect corporate assets throughout their specialties. There are several sub departments under the main title of Finance Department. One is the account payable group. This group is set up to makes accurate payments to suppliers, and negotiates with these suppliers on conditions and agreements. The next sub department is the accounts receivable group. This group is responsible for the collecting or collections of any source of money or payments due to the number of super centers, discount stores, neighborhood markets, and sams club. They also manage the payment from royalties. The last group or sub department is where the taxes are handled. The tax department is in charge of which handling any and all domestic and international taxation laws.
Another department in the Walmart corporation is the Communication department. This department handles the media aspect of the company. Some different sub groups under communication are the television broadcasting group, video production team, the publishing team, and lastly the group that sets up meetings to support like organizations. This department is important when it comes to showcasing or advertising the company.
A department that allows Walmart to stay up to date with all technology is the Information system division. The information system division handles mainly all of the technology and its problems. The main goal of this division is to increase efficiency of all systems and provide more information to use them successfully.
Human Resource or the Personnel Department is crucial for the proper functioning of the company. This department or group handles the job opportunities available to current associates and new, on the job training and new hire training, handling the filing and handling of the payroll for each associate, and any other issue that may arise for Walmart associate. The claims/benefit department is an important sub department for the associates. This group helps the associates with any medical and health concerns that may come up. They help with the enrollment of the health plans, filling and handling all claims, and absolutely any healthcare questions.
Walmart also runs there own international operations. With this expansion there has been a 47 billion-dollar increase each year in sales. These expansions have covered such countries as Argentina, Brazil, Canada, China, Germany, Korea, Mexico, Puerto Rico, and The United Kingdom. It also is a leading distributor for the Japaneses retail industry. Walmart embraces the diversity feature and stays true to this. A fairness and respect have and always will be given to all customers, distributors, suppliers, and associates. They value all cultural differences and like everything else they learn from these differences.
Based on the given information Walmart has not only strived to be the best in the retail business but has established itself in a cut throat world. With all the companies known success and great accomplishments on its hand, there still is room for change. A change and growth with new thought out ideas, could help any current /future problems that may arise. Problems such as unequal rights for women that are currently being fought, a high turn over rates in the Personnel Department, and the substantial growth that has given Walmart the upper hand or called a monopoly.
A current problem that has taken a toll on the company is the claim for unequal rights for women in the work place. Sam Walton founded this company so that all diversity was equal and respected as equals. Equality is extremely important to Walmart Corporation. Retail has primarily always been worked by woman and ran by men. In the Walmart corporation itself, there are thousands of the stores not only managed by woman but ran by woman today too. As a former female employee myself, I do not understand this claim. While working there for over a year not only did I have a chance for advancement, but I did advance in the company. I started at the same pay as all the other new employees. Each associate was given the chance fact to advance, even though who did not work as hard as others. The philosophy of Walmart is there is a place for everyone. A hard-working cashier and a hard-working struggling cashier each will get a promotion. They may both raise up the corporate ladder, but the only difference may be the path they each take. I finished out my last year there as a Human Resource/ personal manager. It is like the old saying one bad egg ruins it for all. In this case I believe that is the truth.
Another problem not only for Walmart but in retail all together, is the unnecessary high turn over rates, which can be costly. The issue of lowering the turn over rates can be a key component in the future outcome of the company. While not ultimately a financial factor in killing a company. Lowering the turn over is a crucial one that may help the company financially succeed in the long haul of things. Having Walmart succeeding not