Rick Wartzman - Still Broke: Walmarts Remarkable Transformation and the Limits of Socially Conscious Capitalism
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- Book:Still Broke: Walmarts Remarkable Transformation and the Limits of Socially Conscious Capitalism
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Still Broke: Walmarts Remarkable Transformation and the Limits of Socially Conscious Capitalism: summary, description and annotation
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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 Americas 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 2005a 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 companys 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 todays economy? Or even $15? Or Walmarts average wage, which now hovers above $17but, even so, doesnt pencil out to so much as $32,000 a year for a fulltime worker?
In the richest nation on earth, how did the bar get set so low? How did America find itself relying on an army of low-wage workers without ever acknowledging their most basic needs? And if Walmarts brand of change is the best we have, how can we ever expect to build a healthy society?
With unparalleled access to the key executives and change-makers at Walmart, Still Broke does more than document a remarkable business makeover. It interrogates the role of business in American life, and asks what the future of our economy and country can beand whose job it is to make it.
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Still Broke
Rick Wartzman proves, once again, why he is Americas most compelling historian of corporate culture. Still Broke is fair-minded, exacting, and brutally clear that achieving humane wages for frontline workers will take more than good intentions. This should be required reading for every CEO, union leader, and politician in America.
Evan Osnos, staff writer, New Yorker , and author of Wildland
Still Broke is an important, comprehensive, supremely balanced study of how Walmart treats its workers. Despite a close and cooperative relationship with Walmart, Wartzman pulls no punches in his efforts to pass judgment on his corporate subjects incomplete efforts to do right by its employees. Its totally absorbing.
Adam Lashinsky, author of Wild Ride
With nuance and unparalleled access, Wartzman thoughtfully dissects the corporate Rashomon that is Walmart. Still Broke is a fast-paced narrative that offers essential and sobering insights at a pivotal moment for industrial relations.
Miriam Pawel, author of The Crusades of Cesar Chavez and The Union of Their Dreams
Still Broke is a 360-degree portrait of Walmart, a company that has for years been a synonym for greed. Wartzmans reporting on the corporation and its history is balanced and thorough. He concludes with well-reasoned solutions that might improve this case study in extreme capitalism, including raising the minimum wage higher than you might expect. The book is that rare title that is for corporate consultants and community organizers.
Alissa Quart, executive director, the Economic Hardship Reporting Project, and author of Squeezed
Still Broke is a look behind the curtain at the inner workings of one of the worlds most controversial corporations. With thorough and excellent reporting and research, Wartzman delivers a portrait of Walmart that contains a number of surprises. Still, anyone who reads through to the books stunning final chapter will know that Wartzman doesnt hold back. He understands exactly whats ailing this country.
Michael Tomasky, editor, the New Republic , and author of The Middle Out
Walmart, in Wartzmans fascinating account, is not the caricature of evildoing popular on the left side of Twitter. Yet Still Broke returns us to the most fundamental question about Americas value proposition, built around the value of a good hours work. If even corporations like Walmart, which seems to have bought into its broader responsibilities toward society, cannot find it in their interest to provide a decent living to the workers who toil for them, should they be left to set the rules?
Eduardo Porter, columnist, Bloomberg Opinion, and former Economic Scene columnist, the New York Times
The End of Loyalty: The Rise and Fall of Good Jobs in America
What Would Drucker Do Now?: Solutions to Todays Toughest Challenges from the Father of Modern Management
Obscene in the Extreme: The Burning and Banning of John Steinbecks The Grapes of Wrath
The King of California: J.G. Boswell and the Making of a Secret American Empire (coauthored with Mark Arax)
Copyright 2022 by Rick Wartzman
Cover design by Pete Garceau
Cover copyright 2022 by Hachette Book Group, Inc.
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First Edition: November 2022
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Library of Congress Cataloging-in-Publication Data
Names: Wartzman, Rick, author.
Title: Still broke : Walmarts remarkable transformation and the limits of socially conscious capitalism / Rick Wartzman.
Description: First edition. | New York : PublicAffairs, 2022. | Includes bibliographical references and index.
Identifiers: LCCN 2022013116 | ISBN 9781541757998 (hardcover) | ISBN 9781541757981 (ebook)
Subjects: LCSH: Wal-Mart (Firm)Finance. | Wal-Mart (Firm) EmployeesFinance, Personal. | Wal-Mart (Firm)Management. | Social responsibility of businessUnited States. | United StatesEconomic conditions21st century.
Classification: LCC HF5429.215.U6 W37 2022 | DDC 381/.14906573 dc23/eng/20220323
LC record available at https://lccn.loc.gov/2022013116
ISBNs: 9781541757998 (hardcover), 9781541757981 (ebook)
E3-20220929-JV-NF-ORI
For Emma and Nathaniel, who have made me incredibly proud as Ive watched you take your own blank pages and create upon them
For Randye, forever
I N 2017, Wal-Mart Store s Inc. ch anged its name to Walmart Inc. I use Walmart throughout the text for continuity, even in references preceding the switchover. The endnotes use both spellings.
I N LATE MARCH 2020, with the coronavirus spreading so fast that President Donald Trump had been forced to back off his expressed hope of packing people into churches on Easter, I tuned in to a Monday morning webinar to check out how several major corporations were responding to the pandemic. It was so early in the crisis that the nations COVID-19 death count hadnt even hit 10,000, and the Centers for Disease Control and Prevention had yet to recommend that masks be worn in public. Zoom still seemed more like a blessing than a burden. But things were grim and clearly getting grimmer.
The session had been put together by FSG, a consulting firm, and featured executives from Truist Financial, 3M, and Walmart discussing how they were changing policies to better support their most vulnerable workers. Every day I find myself using the word unprecedented, Greg Hills, the co-CEO of FSG, said as he started off the discussion. With businesses shuttered, schools and colleges emptied, and social life all but suspended, as that days New York Times put it, this was the scariest time that Ive lived in, Hills added.
Im scared for my mother, he went on. Im scared for my wife and kids, for my friends, my extended family. Im not sleeping well at night because Im worried about and feel responsible for the livelihoods of 150 employees at FSG.
Julie Gehrki, a vice president at Walmarts philanthropic foundation, nodded empathetically on the screen, though it must have been hard not to consider that, as taxing as it was to tend to 150 people, it was up to her company to look after 10,000 times that many workers across all 50 states. Headquartered in Bentonville, Arkansas, the nations biggest employer boasted 1.5 million people on its US payrollroughly equal to the population of Philadelphia, or twice that of Seattleplus 700,000 more in two dozen other countries. By comparison, Amazon has about 1.1 million US employees; Target, 350,000; Costco, 190,000.
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