BUS409_Assignment 1_Renecia Simmons-Compensation Practice.doc

This preview shows page 1 - 4 out of 7 pages.

Assignment 1: Compensation Practice Renecia Simmons Professor Jeanette Horner-Smith BUS 409 July 27, 2015
Briefly describe the company you researched, its compensation strategy, best practices they are applying, and compensation-related challenges they are facing. INTRODUCTION The company I decided to research that is a publicly traded company that I would like to work for is Whole Foods Market. Whole Foods Market is the number one ORGANIC retail grocery store in the United States. Whole Foods Market was founded in Austin, Texas. The first Whole Foods Market was opened in 1980, with a staff of only 19 people. Whole Foods Market is a mission-driven company that aims to set the standards of excellence for food retailers. The have a set of core values that they abide by and the one that stands out to me is “We Support Team Member Happiness and Excellence”. That alone says a lot about the company itself. They believe in fair wages and benefits, believe in the value of their work and team members finding fulfillment in their work. Whole Foods Market has a set of core values. The core values are as follows: We sell the highest quality natural and organic products available We satisfy, delight and nourish our customers We support team member excellence and happiness We create wealth through profits and growth We serve and support our local and global communities We practice and advance environmental stewardship
We create ongoing win-win partnerships with our suppliers We promote the health of our stakeholders through healthy eating education The compensation strategy that Whole Foods Market utilizes is a salary cap policy. A salary cap policy limits the total cash compensation that can be paid to a team member. Whole Foods Market has had exponential growth. In order to stay on top that made this voluntary move

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture