According to the World Economic Forum, some of the largest employers in the world are not companies but rather countries (or, more specifically, militaries), with the United States Department of Defense and China’s People’s Liberation Army employing a massive 2.86 and 2 million people respectively.
Despite this sobering reality, millions of workers across the globe are employed by far less threatening entities, with private sector corporations leading the charge. Following our list of the world’s largest companies by revenue, we have decided to look into companies that have emerged as the biggest job creators on the planet.
Here is the list of the top ten largest companies in the world (by number of employees, 2018):
10. China Construction Bank
Country of Origin: China
Industry: Banking, Financial Services
Number of Employees: 352,621
China Construction Bank is the second-largest bank in China and the fifth-largest in the world in terms of market capitalisation. The company has more than 13,600 branches in China alone and operates branches in major cities of the world such as Barcelona, Frankfurt, Luxembourg, Hong Kong, Tokyo and New York City.
9. Tesco
Country of Origin: England
Industry: Retail
Number of Employees: 445,311
Founded 97 years ago by Jack Cohen as a small grocery stall in Hackney, East London, Tesco has evolved to become one of the world’s largest retailers in terms of revenue and the ninth-largest when ranked by number of employees. From its base in Hertfordshire, Tesco now operates as a multinational firm with over 6,966 stores globally. This rapid expansion can be largely attributed to an aggressive diversification strategy that saw the company venture into other segments of retailing such as clothing, electronics, furniture, financial services, telecoms and Internet services.
8. Yum! Brands
Country of Origin: United States
Industry: Restaurants
Number of Employees: 450,000
Yum! Brands is an American multinational fast food company with over 45,000 restaurants in over 140 countries. The company has largely ventured into international markets through its licensing and franchising policy of top brands such as KFC, Taco Bell and Pizza Hut.
In a move to increase profitability amidst a changing industry landscape characterised by dwindling earnings, the company has plans to depend almost solely on franchise and license fees. As such, almost 98 per cent of its restaurants will operate under franchise arrangements by the close of 2018.
Yum! Brands is also well-known for its amiable relationship with its employees. Former CEO David Novak was known for awarding outstanding employee performances and instituting a culture of recognition.
7. Agricultural Bank of China
Country of Origin: China
Industry: Banking, Financial Services
Number of Employees: 487,307
Agricultural Bank of China (ABC) Ltd is one of the largest banks in China, with about 24,000 branches in major cities in the world such as Hong Kong, Tokyo, London and New York. The company conducted its initial public offering (IPO) in 2010, in what became the world’s largest IPO only recently surpassed by that of Alibaba.
In 2017, Asiamoney named ABC the “Best Digital Bank in China.”
6. PetroChina
Country of Origin: China
Industry: Oil and Gas
Number of Employees: 494,297
Founded by the National Petroleum Corporation in 1999, PetroChina is today one of the largest oil and gas companies in the world, with about $282 billion in revenue. As a leading player in China’s oil and gas industry, the firm’s activities cut across all segments of oil production from exploration to production of oil, gas and petroleum products. As such, it ranks as the sixth-largest company in the world based on number of employees – it boasts 494,297 workers on its payroll.
The fall in global oil prices has raised fears that PetroChina’s employees could lose their jobs en masse as a result of substantial cost-cutting already taking place in Western oil companies. However, in order to prevent widespread protest while also staying true to its philosophy of using state-owned enterprises as “policy instruments,” the Chinese government has ordered oil companies not to lay off workers but find other means of cutting cost.
5. Deutsche Post
Country of Origin: Germany
Industry: Postal services
Number of Employees: 519,544
Deutsche Post is reputed as the world’s largest courier company, with more than 519,544 employees across the globe and generating revenue of $68.2 billion as of 2017. Its corporate divisions include:
Mail services – delivers an average of 70 million mails in Germany alone and operates in about 220 countries
Express – operates under the DHL brand and offers courier, express and parcel shipments services across the globe
Forwarding – operates under the DHL brand and performs similar services as the Express division
Supply Chain or Corporate Information – logistics and corporate information.
4. Compass Group
Country of Origin: England
Industry: Foodservice
Number of Employees: 588,112
Britain-based Compass Group is a leading multinational contract food catering company, with a presence in more than 50 countries. The company also operates facility management, cleaning and support services. Being a food contract company with minimal investment in physical assets, its major expenses are the salaries of its 588,112 employees.
3. Volkswagen
Country of Origin: Germany
Industry: Automotive
Number of Employees: 642,292
Founded in 1937 by the German Labour Front with a vision to manufacture low-cost vehicles, Volkswagen has evolved to become the largest automaker in the world today. Over the years, the company has expanded its international footprint by setting up manufacturing and assembling plants in European and Asian countries.
As a result of German laws that encourage cooperation between labour unions and employers, Volkswagen has developed a long history of cordial relationships with its workers. This has led some to advocate the adoption of the Volkswagen model of employee relations by American companies.
2. Hon Hai Precision Industry Co., Ltd
Country of Origin: Taiwan
Industry: Electronics manufacturing
Number of Employees: 1 million
Hon Hai Precision Industry (which trades as Foxconn Technology Group) is a Taiwan-based multinational company reputed as the largest electronics contract manufacturing company in the world. As a contract manufacturer, the company produces items on behalf of top electronics companies and is known as the primary contractor for the iPhone production.
As the second-largest company in the world by the number of employees with 1 million workers, most of whom are based in China, the company has come under fire for the poor working conditions of its employees, many of whom have committed suicide as a result.
1. Walmart
Country of Origin: United States
Industry: Retail
Number of Employees: 2.3 million
From its modest beginning as a small grocery store founded by Sam Walton in the 1960s, Walmart has grown to become the largest retail company in the world, with 11,277 hypermarkets, discount departments and grocery stores across 27 countries. It also ranks as the largest company in the world based on revenue, earning $500.3 billion in 2017. Walmart is also the world’s largest employer, with 2.3 million workers globally.
In recent years, Walmart has faced criticism for its low wages and poor working conditions and has responded by increasing its minimum wage from $9 to $11 per hour.
