Monday, December 12, 2005

Costco Owner Does it the Right Way

I have been a big fan of Costco for many years now. I love shopping there, and in my opinion, their employees are friendlier than any other warehouse retail chain. After reading this article from Inc. Magazine about Costco owner, Jim Sinegal, I know why I like them so much. Check out these stats:

  • Costco's minimum wages start at $10 an hour
  • More than 50% of their US employees earn top pay of $18.32 an hour
  • They pay 94% of health care for full AND part-time employees
  • They donate between 3% to 9% of all employees pay to a 401K program
  • Finally, only 5.5% of employees who have been their over a year leave.

Well done Jim. That is the way to run a company. If you pay your employees well, take care of their health care, and help them build for retirement, they'll be with you for life. And, they'll do a great job!


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