Still Broke: Walmart's Remarkable Transformation and the Limits of Socially Conscious Capitalism

Walmart was once the most controversial company in America due to its low prices, ethical concerns, and lack of care for its employees. However, the company has transformed over the past 15 years, becoming an environmental leader and improving employee benefits. CEO Doug McMillon's arrival in 2014 accelerated this transformation. While Walmart's starting wage has risen to $12, author Rick Wartzman questions whether it is enough in today's economy, given the public debate around the minimum wage and worker movements demanding better treatment. Wartzman argues that Walmart's brand of change is the best we have, but we need to do more to build a healthy society.

Format: Hardback
Length: 272 pages
Publication date: 15 November 2022
Publisher: PublicAffairs,U.S.

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.

In Still Broke, award-winning author Rick Wartzman goes inside the company's transformation, showing in novelistic detail how the company has gotten to where it is. Yet he also asks a critical question: is it enough? With a still-simmering public debate around the minimum wage and widespread movements by workers demanding better treatment, how far will $12 an hour go in today's economy? Or even $15? Or Walmart's average wage of $17.28 an hour?

The answer to this question is not simple. On the one hand, Walmart's efforts to improve the lives of its employees are commendable. The company has taken steps to increase wages, provide better benefits, and create more opportunities for career advancement. It has also invested in training and education programs to help its employees develop new skills and improve their job performance.

On the other hand, there are still significant challenges that Walmart faces. The company is still criticized for its low wages, lack of unionization, and its treatment of suppliers and workers in other countries. There are also concerns about the impact of Walmart's business practices on the environment and local communities.

Despite these challenges, Walmart remains committed to improving the lives of its employees and creating a positive social impact. The company has set ambitious goals to reduce its environmental footprint, increase the diversity of its workforce, and provide more support to local communities.

However, it is important to recognize that Walmart's efforts will never be enough. The company is a massive corporation with immense power and influence, and it will take a sustained effort by all stakeholders to create a more just and equitable society. This includes government policies that promote worker rights and protections, as well as corporate practices that prioritize social responsibility and sustainability.

In conclusion, Walmart's transformation over the past fifteen years is a testament to the power of corporate social responsibility. The company has taken steps to improve the lives of its employees and create a positive social impact, but there is still much work to be done. By continuing to prioritize social responsibility and sustainability, Walmart can help to create a more just and equitable society for all.

Weight: 466g
Dimension: 160 x 244 x 27 (mm)
ISBN-13: 9781541757998