Still Broke: Walmart’s Remarkable Transformation and the Limits of Socially Conscious Capitalism by Rick Wartzman
Requirements: .ePUB reader, 1.8 MB
Overview: How America’s biggest company began taking better care of its workers—and why such efforts will never be enough.
Fifteen years ago, Walmart was the most controversial company in America. By offering incredibly low prices, it had come to dominate the retail landscape. But with this dominance came a suite of ethical concerns. Walmart was accused of wiping out of mom-and-pop businesses across the country; ruthlessly pressuring suppliers to cut costs, even if it meant closing up U.S. factories and moving production overseas; and, above all, not taking adequate care of its own employees, who were paid so little that many wound up on public assistance.
Today, while Walmart remains America’s largest employer, the picture is very different. It has become an environmental leader among businesses, and has taken many other steps to use its immense scale to have a positive social impact. Most notably, its starting wage has risen from $7.25 to $12, and employee benefits have improved. With internal and external threats to its business looming, the company began to change directions in 2005—a transformation that accelerated in 2014, with the arrival of CEO Doug McMillon. By undertaking such large-scale change without a legal mandate to do so, Walmart has joined a number of major corporations that say they are dedicated to practicing a new, socially conscious form of capitalism.
Genre: Non-Fiction > General
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