Wednesday, December 15, 2004

The Costco Way

Warehouse retailer Costco has a long-term business strategy based on treating employees and customers right. Employee wages average $16 per hour and 83% of the company's workers get health care benefits. The wage scale starts at $10 per hour and goes to $18 per hour. And the employees at the top of the wage scale get twice a year bonuses of $2,000 to $3,000. Yet the company may be the "lowest cost provider". 98% of top positions are filled internally; there's a retail career path at Costco. More cashiers were hired to speed checkouts. Result: Costco whips Sam's Club in the marketplace. Read a good long profile in the Seattle Weekly.

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