Walmart Leads Major Shift in Corporate Diversity Strategies
Grace Mahas — November 27, 2024 — Pop Culture
References: msn
Walmart is making significant changes to its operations, specifically regarding DEI initiatives. The American multinational retail corporation is changing how it works with employees and suppliers. Notably, the company is stopping several programs that focused on diversity. For example, Walmart has announced the end of its $100 million donation to its racial equity center. In addition, the mega-retailer has pulled out of a workplace program that measured how welcoming companies are to all types of workers.
Walmart will also stop looking at race and gender when picking which companies to buy from. The company announced it will no longer ask companies about these details when deciding who gets loans.
The store is also making other changes, including watching more carefully what outside sellers can market to kids in their online store. Walmart is also taking a closer look at Pride events to make sure they're "suitable" for families. The company is also evolving its corporate language, moving away from DEI terminology in favor of "belonging" in job titles and communications.
Image Credit: Shutterstock
Walmart will also stop looking at race and gender when picking which companies to buy from. The company announced it will no longer ask companies about these details when deciding who gets loans.
The store is also making other changes, including watching more carefully what outside sellers can market to kids in their online store. Walmart is also taking a closer look at Pride events to make sure they're "suitable" for families. The company is also evolving its corporate language, moving away from DEI terminology in favor of "belonging" in job titles and communications.
Image Credit: Shutterstock
Trend Themes
1. Corporate Language Evolution - Walmart's shift from DEI terminology to 'belonging' highlights a trend where companies are rebranding their inclusivity efforts to resonate more broadly.
2. Supplier Diversity Adjustments - The cessation of considering race and gender in supplier selection by Walmart demonstrates a shift towards a universal merit-based approach that could redefine procurement standards.
3. Family-centric Event Scrutiny - By reassessing the suitability of Pride events for families, Walmart signifies a move towards balancing inclusivity with broader consumer appeal.
Industry Implications
1. Retail - The retail industry is witnessing a transformation as companies like Walmart adjust their diversity strategies and vendor selection processes to be more inclusive yet broadly appealing.
2. Corporate Consultancy - Consultancies specializing in corporate strategies can leverage these evolving trends to help businesses navigate the delicate balance between inclusion and wide-reaching consumer engagement.
3. Supplier Management - Supplier management firms have the opportunity to innovate new metrics and systems that accommodate the shifting focus from diversity-based criteria to performance-based evaluations.
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