Compensation At Trader Joe's Case Study
Trader Joe’s demonstrates the importance of planning, organizing, leading, and controlling in the management process. Planning is the practice of setting performance goals and actions in order to achieve those objectives. Mentions to their commitment to thrift, cost savings, persistent pursuit of value, and ways that they demonstrate their commitment are numerous in the case. Their simple four-part philosophy and approach to stocking guides purchasing plans. Organizing involves arranging resources to achieve organizational goals efficiently. Compensation at Trader Joe’s is on the higher side for the industry. This usually allows employers to hire better-qualified employees even in a tight labor market, reducing training, and turnover expenses.
…show more content…
The lessons that the Trader Joe’s story offers to aspiring entrepreneurs who want to get off to a good start in any industry is to understand the advantages and disadvantages of any industry. If an entrepreneur wants to start with Trader Joe’s, he/she would learn to think in smaller retail markets so they can improve food access and quality in neighborhoods with few or no large grocery stores. While the economic advantages of large grocery stores are disadvantages to the smaller markets, small grocers do have distinct advantages. They can offer more personalized service and a greater sense of community. Their smaller pool of employees and customers allow for the development of personal relationships. Corporate grocery store chains recognize the small retail market niche and some are now repackaging their offerings into smaller retail settings. Trader Joe’s is designing new, smaller stores that may offer a more social shopping experience. Through the Trader Joe’s story, entrepreneurs need to explore many facets of their industry they want to dive into.
3. For Hazel to establish herself as a successful team leader, she first and foremost needs to learn from the employers in which she would be leading. Personally, I think a new leader in the company should be hired externally because it’s important to let your employers train you. Knowing how your employers work and what their job routine or habits are will make Hazel more successful in leading them. Finally, she must also
The lessons that the Trader Joe’s story offers to aspiring entrepreneurs who want to get off to a good start in any industry is to understand the advantages and disadvantages of any industry. If an entrepreneur wants to start with Trader Joe’s, he/she would learn to think in smaller retail markets so they can improve food access and quality in neighborhoods with few or no large grocery stores. While the economic advantages of large grocery stores are disadvantages to the smaller markets, small grocers do have distinct advantages. They can offer more personalized service and a greater sense of community. Their smaller pool of employees and customers allow for the development of personal relationships. Corporate grocery store chains recognize the small retail market niche and some are now repackaging their offerings into smaller retail settings. Trader Joe’s is designing new, smaller stores that may offer a more social shopping experience. Through the Trader Joe’s story, entrepreneurs need to explore many facets of their industry they want to dive into.
3. For Hazel to establish herself as a successful team leader, she first and foremost needs to learn from the employers in which she would be leading. Personally, I think a new leader in the company should be hired externally because it’s important to let your employers train you. Knowing how your employers work and what their job routine or habits are will make Hazel more successful in leading them. Finally, she must also