A Good Decision With Ethical Implications Can Do What – Two of the three richest people in the world, Microsoft founder Bill Gates and Berkshire Hathaway CEO Warren Buffett, are known for their honesty. In particular, Buffett gives more than his $88.8 billion fortune to charity.
In particular, Buffett announced in June 2019 that he plans to donate $3.6 billion of Berkshire Hathaway shares to the Bill & Melinda Gates Foundation and three other charities. In fact, Bloomberg estimates that Buffett has given away $34 billion since he pledged to give away all his money in 2006.
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Therefore, Gates could be the richest person in the world if he did not commit to charity. Instead, Amazon CEO Jeff Bezos is the richest man in the world because of Gates’ values.
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Fortunately, there are many examples of how ethical decisions can help make money. In addition, making good ethical business decisions can also improve your relationship with your employees.
Costco Wholesale (NASDAQ: COST ) is one of the biggest successes in American retail. Specifically, quarterly revenue was reported at $34.74 billion, growing at a rate of 7.35% on May 12, 2019. Additionally, Costco stock traded at $269.14 per share on July 3, 2019.
Much of Costco’s success is due to the high level of customer service provided by satisfied employees. One of the reasons Costco is able to attract high-quality employees is its willingness to pay above-average wages.
For example, Costco increased its base wage from $13 an hour to $14 an hour in 2018 to $15 an hour in 2019.
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Report. In contrast, the average retail worker in the United States earns between $7.25 and $9 an hour, according to job-applications.com. Meanwhile, the average American retail manager earns $11 to $12 an hour.
Costco is successful because it can attract the best employees. In addition, Costco avoids labor problems, high turnover, and conflicts because its employees are happier.
To explain, Volkswagen is reducing the workforce by not filling vacant positions. For example, Volkswagen does not hire replacements for retired employees. As a result, Volkswagen could cut up to 7,000 jobs and save 5.9 billion euros ($6.7 billion), Reuters reported.
However, according to the Associated Press, existing workers at Volkswagen’s German operations will not face layoffs for up to ten years. No layoffs is a good policy because it increases employee morale.
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In fact, a study conducted in 20 companies found that employees who remained after being laid off experienced a 20 percent drop in job performance.
Report. Additionally, a study by Deepak Datta of the University of Texas found that layoffs had a negative impact on stock performance.
In addition, profits decreased in many companies after the layoffs. Finally, researchers from three universities found that companies that cut employees were twice as likely to go bankrupt. The study was conducted by the University of Tennessee, Baylor University and Auburn University.
After layoffs, the remaining employees experienced a 41% decrease in job satisfaction, a 36% decrease in company loyalty, and a 20% decrease in job performance. The research was carried out by Magnus Sverke and Johnny Hellgren from Stockholm University and Katharina Näswall from the University of Canterbury.
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Research by Teresa Amabile of Harvard Business School shows that employee layoffs reduce productivity and creativity. While the Fortune 500 technology company cut its workforce by 15 percent, the number of new inventions it owned dropped by 24 percent.
Finally, employees are more likely to quit after co-workers are fired. Charlie Trevor of the University of Wisconsin-Madison and Anthony Nyberg of the University of South Carolina found that a 1 percent reduction in staff led to a 31 percent increase in volunteer sales the following year.
Therefore, Volkswagen is wise not to lay off workers. However, history shows that a company can still suffer huge losses from a small workforce. Therefore, firing employees is wrong and very bad for business.
In February 2019, electronics retailer Best Buy (NYSE: BBY) was named “America’s Most Sustainable Company.” Best Buy CEO Hubert Jolly is committed to reducing his company’s environmental impact by reducing waste.
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Report. As a result, Best Buy claims it saved “140,000 gallons of gasoline, the carbon equivalent of taking 263 cars off the road for a year.”
In addition, Best Buy encourages customers not to throw away electronics by having Geek Squad service items. Additionally, Best Buy claims to have collected two billion pounds of unwanted electronics for recycling.
Also, Best Buy operates Teen Tech Centers that teach basic technology skills to America’s youth. Retail Dive reports that young tech centers are helping Best Buy grow its workforce by creating skilled workers. Also, youth technology centers help reduce unemployment in America, which has a severe shortage of vocational training.
Values in the best shopping results in living. Notably, Best Buy is the only remaining electronics chain in the United States. Its main competitor, Radio Shack, went out of business in 2017. Other competitors like Circuit City are also long gone.
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Other brick-and-mortar electronics retailers in the U.S. can’t compete with Amazon (NASDAQ: AMZN ) and discounters like Walmart. However, Best Buy posted annual revenue of $42.879 billion and net profit of $9.961 billion in February 2019. Additionally, Best Buy’s stock traded at $71.97 per share on July 3, 2019.
Best Buy demonstrates that ethical decision making is essential to the company’s survival. The company’s commitment to ethics and customer service will help it survive America’s retail apocalypse.
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Australia’s largest retailer, Woolworths Group Limited (OTCMKTS: WOLWF ), plans to stop selling alcohol and sell its gambling operations.
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Specifically, Woolworths will sell its liquor stores, bars and hotel division, which operates poker machines. To clarify, poker machines are what Americans call slot machines and British tag machines are fruit machines.
Woolworths will lose revenue by spinning off its gambling, pub, liquor and hotel operations into a separate company. However, the reputation of the company can be beneficial. Australian mothers have criticized Woolworths for its investment outside of food.
The sale is part of Woolworths’ commitment to family values. These values go beyond opposition to drinking and gambling. Woolworths is no longer giving out plastic bags and is giving kids free fruit to encourage healthy eating.
The Woolworths Group of Australia is not affiliated with the popular British and American discount supermarket chain Woolworths. British Woolworth Group and F.W. American Woolworths have been liquidating for decades.
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US pharmacy and health insurance giant CVS Health (NYE: CVS ) stopped selling tobacco products in 2014.
CVS stopped selling cigarettes and other tobacco products in September 2014. Interestingly, US cigarette sales fell 1 percent in states where CVS had a 15 percent or greater share of the drugstore market.
. CVS Health estimates that 95 million packs of cigarettes were sold as a result of its decision. However, CVS saw some gains as sales of nicotine patches rose 4 percent at its stores.
Interestingly, CVS has done well since it stopped selling tobacco. In fact, CVS is now one of America’s largest grocers, with a 3.9 percent share of the U.S. grocery market.
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In addition, CVS Health had enough money to buy the largest American health insurance company Aetna for 69 billion dollars in October 2018.
Report. In addition, CVS posted revenue of $194.579 billion and net profit of $31.538 billion for 2018. In contrast, CVS reported net profit of $23.367 billion and revenue of $139.367 billion for 2014.
Therefore, CVS Health Tobacco Free is bigger and more profitable than ever. CVS Health shows that making ethical decisions and taking risks can pay off.
The US fast food chain will pay up to $25,000 in tuition assistance to employees. Additionally, Chick-fil-A claims to pay 53,000 workers $75 million in tuition.
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Interestingly, Chick-fil-A claims that 90% of paid employees want to stay with the company. Additionally, 60% of scholarship recipients claim they would not have been able to attend college without the company’s support. Additionally, 20 percent of Chick-fil-A scholarship recipients say they are the first in their family to attend college.
Treating employees well is a plus for Chick-fil-A. Chicken Sandwich is now the third largest fast food brand in America. For example, Chick-fil-A’s sales grew by $1.1 billion in 2017, twice the growth rate of Wendy’s and Burger King combined.
Chick-fil-A is McDonald’s largest American competitor with more than 2,200 locations. Interestingly, the average Chick-fil-A store makes $4 million a year.
An interest in employee well-being could end the labor shortage at McDonald’s (NYSE: MCD ). Faced with the recent labor shortage in the United States, the fast food giant surveyed 6,500 workers to see what the problem was.
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When a study found that young workers lacked basic employee qualities such as teamwork, customer service and responsibility, McDonald’s decided to help them. The company launched Archways to Opportunity career counseling and training program.
For example, McDonald’s now offers free educational counseling to all employees. In this program, a counselor with a master’s degree provides career counseling to employees.
In addition, in March 2018, McDonald’s increased employee tuition assistance from $700 per year to $2,500 per year. Seniors can now receive up to $3,000 a year in academic aid, according to a press release.
Additionally, the company now offers tuition assistance to employees after 90 days of employment. In addition, McDonald’s employees who
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