Here are a few charts from the article in the url below about Walmart's turnaround that I find encouraging. Collectively, I believe (hope?) that the charts tell a story of an emerging stakeholder perspective and, in particular, the value of an organization treating its employees as its primary stakeholder. First is Walmart's decision, made back in 2009 and in response to extensive external pressure, to raise the hourly pay of its employees – a decision that played out gradually, over time:
Second is the growth in Walmart's annual sales, with a more motivated workforce, covering roughly the same period:
Finally, lagging behind, is the company's share price. Initially, the stock market responded negatively to Walmart's announcement of its intention to increase employee pay. This changed when the value of the company treating its employees well became apparent:
Much of the data in the article is taken from an upcoming HBS case that focuses on the decision by Walmart to improve the working conditions of its employees as driving its subsequent success. Perhaps even HBS has now come around to the benefits of a stakeholder perspective (and the value of an organization treating its employees as its primary stakeholder), after so many damaging decades of promoting shareholder primacy.
Take care
David
David Chandler
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A Decade-Old Flop Is Now Held Up As Walmart's Shining Success
By Sarah Nassauer
October 18-19, 2025
The Wall Street Journal
Late Edition – Final
B1, B11