The Changing Face of Wal-Mart
In light of scandals of the financial and racist moments the governemnt has made into law new standards but some stores are taking these new standards to an even higher level of compliance that isn’t required just so that they can change the face of the picture and show that they do care about their business. Wal-Mart is one of these such bussinesses. Walmart, right along with most other businesses has suffered in light of the current financial times as well as actions of others that shed negatively upon Wal-Mart themselves.
Wal-mart has decided to hire a director of global ethics. The new director will look only after the financial aspects of Wal-Mart’s business and not have other duties attached so that he can focus on the restructuring of financial and ethical affairs of the store. This focus will be a global effort to encompass all stores. The new director will be responsible for ethics strategy and all related infrastructure, training and administration as it relates to the financial and ethics base.
The promotion of behaviors in an ethical way will be tantamount. All parts of the business will be ethics based. The director will not only be of a high and well regarded reputation but will also have to implement that in all Wal-Mart employees. With a new director in place Wal-Mart’s procedures includes the addressing of financial conflicts and dishonesty. Ethical statements and policies have been redesigned so as to improve upon these factors with all.
Wal-Mart has also adopted a new position called an Ethics Advisor who is responsible in communicating new ethics and policies regarding ethics to those who are employed. The implementation of the Sarbanes Oxley Act also happened. (Public Company Accounting Reform and Investor Protection Act of 2002) This act was put into law and to avoid financial scandals by setting new standards of financial reporting. Wal-Mart is strictly adhering to this law. Wal-mart also has continued on their path to include extensive training in these areas as well as continual training on labor laws.
There also is an in house violation program and a rotating bank of auditors so that all their finances are double checked. These new reforms, while not all of them, will help to alleviate the problems that Wal-Mart, Enron and other financially and racist scandals have brought about in the past. This should by far ensure a better and more productive working atmosphere as well.
Wanted: Wal-Mart Global Ethics Czar, March 2006, http://www. cfo. com/article. cfm/5591434/c_5590364