The Group’s primary objective is driven by four overarching strategies:
- strengthen existing businesses through operating excellence and satisfying customer needs;
- secure growth opportunities through entrepreneurial initiatives;
- renew the portfolio through value-adding transactions;
- ensure sustainability through responsible long-term management.
Each strategy is underpinned by the Group’s well established strategic planning framework. A key attribute of this approach is the maintenance of a long-term focus and acting sustainably in the creation of value and the building of businesses.
At a divisional level, detailed strategies are developed specific to the opportunities to improve each of our individual businesses.
A core attribute of the Wesfarmers operating model is that each of our businesses operates with a high degree of autonomy. Rather than mandating detailed strategies or implementation plans, the Group aims to ensure that the following seven key enablers are in place in our businesses, with a goal of driving operating performance to best practice.
OUTSTANDING PEOPLE
Wesfarmers seeks to be an employer of choice. Striving to attract a diverse group of outstanding people and utilising their individual talents is one of the most essential elements in achieving sustainable success. Wesfarmers recognises that while great assets and strategies are critical, it is people who drive outcomes.
EMPOWERING CULTURE
Wesfarmers recognises that an empowering culture is essential to engendering accountability for delivering the results agreed upon through the Group’s corporate planning framework. Wesfarmers uses stretch targets in objective setting and encourages team members to be proactive in driving value creation in their businesses.
SOCIAL RESPONSIBILITY
Respect for team members, customers and suppliers and a relentless focus on providing safe workplaces are fundamental to the way that Wesfarmers operates. Wesfarmers’ social and environmental responsibility extends to maintaining high standards of ethical conduct, human rights, reducing our impact on the environment and community contribution.
COMMERCIAL EXCELLENCE
Wesfarmers seeks to ensure that it employs strong financial discipline in all of its decisions across the Group. Wesfarmers has a clear bias towards promoting strong commercial capability across its leadership base.
INNOVATION
Wesfarmers strives to develop a culture that encourages innovation, and rewards entrepreneurial initiative and creativity.
ROBUST FINANCIAL CAPACITY
By maintaining a strong balance sheet, the Group aims to provide a competitive cost of, and access to, capital in order to allow the Group to invest in its existing portfolio of businesses and to act when value-creating opportunities present themselves.
SUSTAINABILITY
Wesfarmers seeks to operate its businesses sustainably. This includes a focus on using natural resources responsibly, managing businesses with deep carbon awareness and reducing the Group’s impacts on the environment.
