Introduction
It is important to note that understanding how most effective and successful organizations operate can provide invaluable insight into the most appropriate perspectives and strategies. The given assessment will primarily focus on Walmart Corporation, which is one of the largest retailers in the world. The analysis is designed to specifically enhance the comprehension and applicability of the company’s financial perspective, relationship strategy, and customer perspective. Walmart Corporation’s customer perspective is about commitment to price leadership, whereas the financial perspective is to heavily quality relationships and team-building with the strategy of learning opportunity.
Financial Perspective: Quality Relationships and Team-Building
When it comes to the financial perspective of Walmart Corporation, it invests heavily in quality relationships and team-building. It is stated that Walmart is “taking a three-tiered approach to train and upskilling our associates through Teaming, the Walmart Academies, and Live Better U” (Holler, 2021, para. 1). The program received a massive investment from the corporation to ensure that its employees are proficient and skilled in working as a team through teamwork. It is reported that more than $5 billion was allocated for Live Better U alone, which strongly indicates how valuable quality relationships are for Walmart (Holler, 2021). In other words, the financial perspective of such a large company is that they perceive funding as superior team-building that brings greater returns. It is evident that these decisions are not made solely based on charity but because there is evidence in favor of proper relationship development endeavors.
Strategies: Quality Relationships and Team-Building
In the case of strategies Walmart uses for the team-building and development of quality relationships, they are solely centered around providing the opportunity for growth through learning. It is stated that “the idea behind Academies is simple: We’ve turned select Walmart stores into centers of excellence for learning” (Holler, 2021, para. 5). Thus, the strategic emphasis is put on educational measures and training activities provided for the employees at all levels. The key purpose is that “training in Walmart Academies builds on what associates learn every day in stores and supply chain facilities, promoting best practices they can carry into any role” (Holler, 2021, para. 5). Healthcare can learn a great deal from the attributes Walmart has since healthcare professionals need to be given an opportunity for constant and continuous growth as well. Healthcare organizations could invest heavily in their workers, such as nurses, not only to train and educate them to be better but additionally to harness loyalty, which would increase retention and commitment.
Customer Perspective
The customer perspective of the Walmart Corporation accentuates the criticality of convenience and price leadership. The company reported that “making life easier for busy families includes our commitment to price leadership, which has been and will remain a cornerstone of our business … increasing convenience to save our customers time” (Walmart Inc., 2022, p. 6). In other words, customer satisfaction is of paramount importance for Walmart, and it is highly aware of what its customers want from it. The answer to the latter is the lowest price in the market. The company’s entire strategy and customer perspective are to attract them and build commitment with price leadership.
Conclusion
In conclusion, Walmart Corporation’s financial perspective is about heavily investing in quality relationships and team-building with the strategy of learning opportunities, but its customer perspective is about commitment to price leadership. The company has a high level of prioritization when it comes to developing its workers. In addition, healthcare organizations can learn a lesson from Walmart about employee retention, worker satisfaction, and the provision of growth opportunities.
References
Holler, D. (2021). Walmart maintains relentless focus on growing frontline associates in the pandemic and beyond: Company takes three-tiered approach to developing workforce.Walmart. Web.
Walmart Inc. (2022). Form 10-K [PDF document]. Web.