An Overview of Management Practice of Whole Foods Essay

An Overview of Management Practice of exclusively Foods - Essay ExampleIt was an opportune time since awareness of people on the healthy lifestyle has begun there is an increasing uprised age and wealthy population, and environmental concerns are spanning across the globe. 2. Brief Overview of the Company Whole Foods was formed in 1978 by two friends, prank Mackey and Rene Lawson Hardy from a borrowed capital of $40,000 to sell natural foods in Austin, Texas. It was originally known as Safer Way, to be distinct from Safe Way that was also in Austin, Texas. Expansion and mergers has been part of its business strategies as, within yet two years after it was formed, it entered into a partnership with a grocery store that resulted into the opening of the Whole Foods Market in 1980. It didnt stop there since from then on WFM had several acquisitions of companies carrying organic products. In 1992, the company went public trading in NASDACQ Global Select Market. It sales revenue saw straight growth that reached $11.7 billion in 2012. Correspondingly, shareholders earnings have steadily increased, from $0.82 in 2008 to $2.52 per share in 2012. In 2013, its stores are located in 335 sites in North America, Canada, and United Kingdom with prospects of aiming for more stores opening in years to come. The store offers perishable foods, grocery, meat and poultry, seafood, bakery, prepared foods and catering, specialty beer, wine and cheese, coffee and tea, nutritional supplements, vitamins, organic structure care, educational products, floral items, pet products and household products (Whole Foods Market 2012 Annual Report). WFM is the worlds leading retail merchant of organic foods and is the first grocer to be certified as organic. Its corporate mission is to promote the vital force and well-being of all individuals by supplying the highest quality, most wholesome foods available. This has been translated to a core mission, of advancement of organically grown foods, healthy eating, and sustainability of the eco system. 3. Motivational tools and strategies such as Work Life Balance, Benefits ,Virtual Work, Rewards, Recognition, executing Management, Training and Development Fortune List has ranked WFM for 15 consecutive years as single of the Best Companies to Work for in America. This recognition acknowledgment bears out WFMs commitment to effect its core values of Supporting team members happiness and excellence. . As motivational tool, WFM has designed a replete(p) Health Immersion and Healthy Discount Incentive program to promote health of its employees. This program aims to educate members and create awareness of the benefits of healthier habits that contributed to year-over year decreases in participant medical claims and inpatient stays in hospital, and an increase in annual preventive wellness exams. WFM recognizes team members efforts so such(prenominal) so company supports them in many other ways. Part of its package compe nsation plan includes a generous store discount, medical care, dental and vision plan, life insurance, retirement savings plan, gain-sharing program, stock alternative plan and emergency funds, paid time off and leaves of absences. A salary cap limits cash compensation (wages plus