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Whole Foods' 5% Days support local non-profits and education
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ryan
about 1 year ago about Whole Foods Market
Whole Foods’ CommUnity Giving Days are one way that the company chooses to support its local communities, which is something many of us expect from the stores that we spend way beyond $100k over the course of our lives. Of course, no standard for how much a “responsible” company should give to philanthropic causes, and I would actually argue strongly that better indications of the true impact of a company’s philanthropic activities should be used to measure this than simply the amount given. Whole Foods’ 5% days is a nice way to ensure that a portion of the company’s profits are returned to its local communities.
For comparative purposes, let’s also do a little math. If we assume that a 5% day receives average traffic, the actual percent of annual revenue that will be donated to local communities is approximately .01%. If we use 2005’s total revenue figures, this amount comes in at just under $500k, just about half what CEO John Mackey received in salary, bonus, and “other” cash compensation, excluding the 17,000 stock options he was also granted. Are 5% days significant contributions to local communities? You decide. Surely, it is better than nothing.
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