Costco - Why They're So Successful
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Channel: Company Man
Views: 1,090,094
Rating: 4.9148211 out of 5
Keywords: Costco, Sam's Club, Kirkland Signature, Wholesale
Id: hOHydiS5AJo
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Length: 11min 0sec (660 seconds)
Published: Wed Mar 21 2018
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I see it as quite simple. Instead of looking to maximize crazy returns of 10+%< they look for stable growth over time, which is how companies of the past worked. Sharing money with their employees and ensuring they'll be around long after others.
It just shows you that you don't have to be a greedy shit to make a lot of money.
If I was a big time capitalist my goal would be to keep my employees and community members in that happy zone where they are making enough money to afford to shop at my store, and still live a good life. It seems that most companies only care about squeezing every cent out of people, which just pushes them into the "grab some pitchforks and torches" mindset. All while destroying communities, and limiting future revenue.
Costco is about long term profits, most other places are about a smash and grab.
Everyone AT Costco also seems very human, and well-adjusted and approachable.
Not like they've taken a mandatory corporate approachability training course, but I think because they're paid a living wage and feel like they have a career and aren't just waiting to leave to deal with their existential dread. I like shopping at Costco for this reason, among many others.
Back in 2007, I started at Costco as a 17 year old making $12 an hour. It was awesome. Most that works there are in a good mood and it really shows. Also, great benefits, 401k with match starting when I was 18. Also everyone who worked on Sundays got 1.5x their hourly.
Another company that pays it's employees well is In-N-Out.
I got $12.50 an hour while I was there for the 2014 Christmas season, but you're not wrong. Still, imagine how it would be if every company did that.
It's also worth mentioning that the salaries drawn by the executives are hundreds of thousands and not millions like those of their competitors.
In San Francisco, In-N-Out pays $16+/hr as a starting wage. Restaurant managers earn up to 6 figures.
When I went through interviews with Costco last year they said that they offered no full time employment for new applicants and that you would have the hope of full time with full benefits after 9/12 months of employment.
I already had a part-time warehouse job and had to turn them down.