The Value of Values with Walmart CEO Doug McMillon
Dec 5, 2023
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Doug McMillon, CEO of Walmart, discusses the value of values and how Walmart can have a global impact. Topics include leading based on values, Walmart's commitment to serving others, balance between long-term and short-term focus for CEOs, the impact of working at Walmart, taking care of people in a leadership role, Walmart as a new model for American business, and admiration for Doug and his work.
Leading based on values is crucial for Walmart's success and making a positive impact on the world.
Walmart's purpose-driven approach and commitment to long-term decision-making strengthen its position as a pioneer in American business.
Deep dives
The Importance of Values and Purpose in Leading Walmart
Doug McMillon, the CEO of Walmart, discusses the significance of leading Walmart based on values and purpose. He highlights the commitment to serving customers and partnering with associates as the foundation of Walmart's success. McMillon emphasizes the need for Walmart to make a positive impact on the world by focusing on areas such as healthcare, financial services, sustainability, and community support. He believes that Walmart's potential lies in continually improving and helping people in diverse ways, beyond just offering low prices. With a purpose-driven approach and a commitment to long-term decision-making, Walmart aims to be a regenerative company that serves as a positive force in the world.
The Journey of Change and Adaptation at Walmart
McMillon reflects on Walmart's evolution and the challenges it faced along the way. He acknowledges that Walmart experienced criticism and controversy regarding issues like healthcare and its impact on local communities. However, Walmart embraced these challenges by listening to criticism, engaging with stakeholders, and focusing on making the company better. Walmart recognizes the importance of change and risk-taking to succeed in a rapidly evolving retail landscape. The company remains committed to adapting and making bold decisions, even if they face short-term pressures from Wall Street. Walmart's ability to navigate through change and fulfill its purpose strengthens its position as a pioneer in American business.
Walmart's Role as a Leadership Factory
Walmart has become a leadership factory for America, with numerous alumni leading over 70 companies. McMillon emphasizes the wealth of leadership jobs within Walmart and the invaluable training and experience it provides. Walmart's purpose-driven and values-based approach translates into its alumni taking the mindset of servant leadership with them as they embark on their own ventures. The company values talent development and the retention of talent, with the ultimate goal of creating more purpose-driven leaders who make a positive impact.
The Vision for Walmart's Future
Looking ahead, McMillon envisions Walmart reaching its full potential by helping people in a comprehensive way. This includes providing quality healthcare, offering financial services that promote smart money management, creating jobs, and reducing the company's environmental impact while striving towards regenerative practices. McMillon believes that Walmart's influence extends beyond saving money for customers and prioritizes surprising and delighting them, improving their lives, and making a positive impact on the world. Walmart's long-term view and commitment to purpose-driven action position the company to shape the future of retail and contribute to the well-being of communities and the planet.
All business leaders want to make a lasting impact, but very few have the scale and tools to change the entire planet.
Doug McMillon has the scale and the tools. He is the CEO of Walmart and employs over 2 million people across the world. But it is Doug's commitment to leading Walmart based on its core values that makes him so important.
So I sat down with him to talk about his 33-year career, in which he went from packing trucks in the loading bay to becoming the chief executive, to discuss the value of values and how Walmart can have an impact on the whole world.