The world’s largest retailer Wal-Mart Stores Inc. announced that it would be creating 500,000 additional jobs around the globe over the next few years. This initiative is part of its strategy to enable the company to become a more integrated international enterprise.
At the company’s annual meeting last week, Mike Duke, president and chief executive of Wal-Mart Stores, advised shareholders that the company endeavored to provide better services to customers on a worldwide basis as a local store.
Furthermore, the maneuver will provide an avenue to spread its best practices and effectively utilize its global supply network.
“We need to recruit the best talent and identify the best talent in our ranks,” Duke told analysts and investors at the company’s annual shareholder meeting in Fayetteville, Ark. The exact number of jobs to be created in the United States, and the timing of the hirings were not specified by the company.
Employee talent will be key to making that strategy work, the head of the company said in a company statement.
“Just over the next five years, we'll create 500,000 jobs around the world. We need to recruit the best talent and identify the best talent in our ranks. Then we need to develop leaders and help them become global citizens,” Duke said.
The retailer has more than 8,400 retail units in 15 countries and employs more than 2 million people worldwide.
Wal-Mart also announced a new scheme to repurchase $15 billion of its shares, which replaces a $15 billion repurchase plan announced a year ago. The company said $10.3 billion in stock had been purchased as a result of the prior program.
American actor, singer, and Academy Award winner Jamie Foxx hosted the event, as Wal-Mart’s annual meeting was again a star-studded affair. Hollywood celebrities and famous musicians including Mariah Carey, Mary J. Blige, and the latest “American Idol” winner Lee DeWyze, as well as Enrique Iglesias were part of the lineup of entertainers. Shareholders came from all over the world to attend the extravagant occasion.
Duke did caution that growth would be a challenging task for the U.S. namesake chain, with factors such as higher energy costs, aggressive competition, and technology to be key issues facing the company over the next decade.
The CEO made a point about its low-pricing policy, touting a “new era of price transparency,” spurred by the development of mobile technologies around the world.
The largest private employer and grocery retailer in the United States described its will to increase its international footprint, with Duke saying that “[the strategy is] becoming an even bigger and more important part of our company.” He also stated that more than 60 percent of the company’s new square footage last quarter was made up of Wal-Mart’s overseas stores.
Sales from the company’s international division exceeded $100 billion, which is around 25 percent of its $405 billion in total revenue.
At the company’s annual meeting last week, Mike Duke, president and chief executive of Wal-Mart Stores, advised shareholders that the company endeavored to provide better services to customers on a worldwide basis as a local store.
Furthermore, the maneuver will provide an avenue to spread its best practices and effectively utilize its global supply network.
“We need to recruit the best talent and identify the best talent in our ranks,” Duke told analysts and investors at the company’s annual shareholder meeting in Fayetteville, Ark. The exact number of jobs to be created in the United States, and the timing of the hirings were not specified by the company.
Employee talent will be key to making that strategy work, the head of the company said in a company statement.
“Just over the next five years, we'll create 500,000 jobs around the world. We need to recruit the best talent and identify the best talent in our ranks. Then we need to develop leaders and help them become global citizens,” Duke said.
The retailer has more than 8,400 retail units in 15 countries and employs more than 2 million people worldwide.
Wal-Mart also announced a new scheme to repurchase $15 billion of its shares, which replaces a $15 billion repurchase plan announced a year ago. The company said $10.3 billion in stock had been purchased as a result of the prior program.
American actor, singer, and Academy Award winner Jamie Foxx hosted the event, as Wal-Mart’s annual meeting was again a star-studded affair. Hollywood celebrities and famous musicians including Mariah Carey, Mary J. Blige, and the latest “American Idol” winner Lee DeWyze, as well as Enrique Iglesias were part of the lineup of entertainers. Shareholders came from all over the world to attend the extravagant occasion.
Duke did caution that growth would be a challenging task for the U.S. namesake chain, with factors such as higher energy costs, aggressive competition, and technology to be key issues facing the company over the next decade.
The CEO made a point about its low-pricing policy, touting a “new era of price transparency,” spurred by the development of mobile technologies around the world.
The largest private employer and grocery retailer in the United States described its will to increase its international footprint, with Duke saying that “[the strategy is] becoming an even bigger and more important part of our company.” He also stated that more than 60 percent of the company’s new square footage last quarter was made up of Wal-Mart’s overseas stores.
Sales from the company’s international division exceeded $100 billion, which is around 25 percent of its $405 billion in total revenue.
