Term: Top Management Buy-In
Company: Whole Foods
Explanation/Definition: Top Management Buy-In can be defined by an action or a series of actions imposed, by which an employee of senior level administration within a company aims to have the rest of the staff implement a certain conviction within the company. Often motivated by an aspiration to improve the firm; it is driven by a change forward and dictates the success of any transformation. For this reason, getting their stakeholders and employees to believe in their mission statement, is invaluable tool utilized throughout a company. Significance/Relevance: One of the greatest challenges to accomplish within an organization is the successful implementation of its core values. This is because; it is not simply executing a certain procedure, but the necessary beliefs that motivate the company’s culture. Failure to implement the company’s values can be tied to a lack of management buy-in. Without this “buy-in”, the cultural inertia will object what is proposed; causing failure regardless of its important to the company’s future success. Wholefoods Market can mark this hitch as a success with their management buy-in and is exemplified through their practices. Wholefoods Co-Founder John Mackey has expressed not only a unique belief about the environment in business, but a conscious one; conveying the environment as a “major stakeholder.” Mackey recognized this early on in the beginning stages of his business in 1978 and described it back then as a “fundamental attribute of what it means to be conscious. We need to address key environmental issues creatively and in an integrated way. A conscious business seeks to minimize its environmental impact…” This philosophy is shared by Patagonia founder Yvon Chouinard, as he believed that business had the “potential to alleviate” some the world’s economic, social and environmental problems as well as saw Patagonia’s commitment to the environment as a...
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