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94 Comments
- IneedaSN, on 11/18/2008, -1/+98the fact that people on wall grumble about costco caring more about its employees than its share holders shows exactly whats wrong with big buisness
- AmyVernon, on 11/18/2008, -1/+87Reading this, seeing how much they pay employees and the excellent health benefits they give, plus the profits they make, I have just one thing to say: Bravo, Mr. Sinegal, bravo.
- Natitude, on 11/19/2008, -0/+60Wow, this really makes me want to give my business to Costco.
- blitzkriegpunk, on 11/19/2008, -0/+57Welcome to Costco. I love you.
Welcome to Costco. I love you.
Welcome to Costco. I love you.
Welcome to Costco. I love you.
Welcome to Costco. I love you.
Welcome to Costco. I love you.
Welcome to Costco. I love you.
Welcome to Costco. I love you. - crashbang, on 11/19/2008, -0/+52"Wall Street GRUMBLES(???) that Costco cares more about its customers and employees than its shareholders; it pays workers an average of $17 an hour and covers 90% of health-insurance costs for both full-timers and part-timers."
It makes me ill to read things like that. - pintomp3, on 11/19/2008, -3/+52costco >> sam's/walmart
- spaceman84, on 11/19/2008, -0/+47There's a reason why Costco has the lowest employee turnover rate of any major retailer. The employees actually WANT to work there.
- MrPatriotMan, on 11/19/2008, -1/+47Costco, the way big business should run.
- Hydrogeology, on 11/19/2008, -0/+45It's businesses like this that are the solution to a lot of what's wrong with America. The employees are paid well for the work they do, don't have to worry about a medical crisis eating up their savings, so they have money to spend on other things. That's the type of economic stimulus this country needs; not government bailouts.
- mrmod, on 11/19/2008, -0/+29I want to give you hugs and hi-fives and attend your kids' plays Jim Sinegal. Apparently some good people do win.
- costumemaker, on 11/19/2008, -0/+26It was Henry Ford that once said, 'You should pay your employees enough so that they can buy and enjoy the fruits of their own labor.'
Damn if he wasn't right. Costco is a beacon that other companies should look to in order to see how business should be handled. So they don't have billions of dollars to hand out in dividends, but they have long term growth, sustainable business and for every job opening they have flocks of people wanting the job. Everyone wins. Everyone. - starbuxadct, on 11/19/2008, -0/+24Costco doesn't have to 'clean up their act', they have always acted responsibly when it comes to treating their employees like human beings and selling a good product.
Walmart on the other hand... Not sure why you mention them... They are one of the last companies that I would EVER think were 'cleaning up their act'... In fact. I'm pretty sure I've read many things to the contrary. - Adamzockoll, on 11/19/2008, -0/+24Costco is my one true love! Just don't tell my wife!
- clone206, on 11/19/2008, -1/+25costco appends its output to the walmart file in the sam's directory?
- aarghj, on 11/19/2008, -0/+23been a loyal costco fan for over 20 years. one of the best businesses around, and great prices on quality items, to boot. Oh, and customer service that doesnt make you feel like they think your a criminal(ie. best buy, et al).
- freekzero, on 11/19/2008, -0/+23I find it hard to understand how anyone could NOT do business with this level of ethics. How all the big name executives that have helped bury the economy had lobotomies to remove their consciences? Does no-one understand the "do unto others as you would have others do unto you" concept?
Huge kudos to Jim (and everyone else involved) for not only preaching responsible business, but practicing it. - jamesallen74, on 11/19/2008, -1/+22I am so glad he made it public that he supports universal health care. About time a CEO stood up against the BS here in the US.
- ObeseSnake, on 11/19/2008, -0/+20I'm at a Costco at least once a week. Great prices, great service, very good return policies...I could go on...
- askantik, on 11/19/2008, -0/+19Costco is like a hundred times better than Sam's.
- Shadic, on 11/19/2008, -0/+19"Are certain locations really great for coffins?
You mean like Florida [laughs]?"
And hell, the guy has a sense of humor. I love Costco. Employees are friendly, too. They'll let you go buy (cooked) food without needing a damned card. - RizzoFrank, on 11/19/2008, -0/+19My friend works at costco and loves it. Damn now I want to work there. I've had jobs that were cool for a few months but then begin to suck. Costco must be like heaven or something.
- redcolumbine, on 11/19/2008, -0/+18Makes me wish there was a Costco I could get to on public transit! (no car)
- tivolim, on 11/19/2008, -0/+18This is why we drive 30 minutes on back roads to get to Costco when there's a Sam's within a mile of our house.
- jamwil87, on 11/19/2008, -1/+16Doesn't matter you wouldn't be able to carry anything you bought there home by hand anyway.
- inactive, on 11/19/2008, -0/+14There's a Sam's Club 1 mile from me and the Costco is 12 miles from me. I shop at Costco.
- madmaxmedia, on 11/19/2008, -0/+13You know, we were debating whether or not to renew our Costco membership the other day- we don't shop there too often so it's sort of a judgment call. I've read similar articles like this on their business operation, and this one has convinced me to go ahead and renew.
It's great to see a company figure out a win-win scenario for customers, employees, and the company alike. (I guess it should actually be 'win-win-win'). - MixMastaKooz, on 11/19/2008, -0/+12I live on the Illinois side of the river here in St. Louis, and no Costco. There are probably 3 Sam's that are closer to me. But because of how this man runs his company, how well the employees are treated (and it shows when you visit), I go out of my way to visit the South County Costco once every other month. I need to start begging them to open a store on my side of the river!
- Budkin, on 11/19/2008, -0/+11I love Costco... do most of my shopping there and will continue to do so! Awesome.
- haikuFU, on 11/19/2008, -0/+11I LOVE Costco. I had a Sam's membership at one time. Sam's had cheaper stuff, but it was truly *cheaper* stuff. Costco still saves me a lot of money, but I'm getting something high quality in return for my hard earned cash.
Shopping at Costco, and using a high quality vacuum sealer has cut my grocery bill in half. Their return policy is awesome, although they've changed it for some items because of people who would return TV's that were 10 years old and get all their money back. As far as food goes, if I'm leery of buying a huge amount of something that I might not like, I can just return it if it sucks (which I've never had to do).
The only maddening thing about Costco is that sometimes you'll grow accustomed to them having a certain item and they drop it. Then I have to go to the grocery store and pay 4 times more for it. Bring back the 4 pound tubs of yogurt and the macadamia nuts in my area! - magstheaxe, on 11/19/2008, -0/+10Damn right it does. I've read interviews with this CEO before, and when a Costco opened up near my workplace I made it a point to join. Haven't regretted it in the least.
- kazoomaloo, on 11/19/2008, -0/+10Goddamn I love this guy, but I'm extra sensitive to corporate ***** now because of some big layoffs coming my way.
- nycjap, on 11/19/2008, -0/+10I'm suddenly overcome by an overwhelming urge to buy an 80-roll pack of toilet paper and a 6-gallon jug of pickle relish. Why is that?
- J3553, on 11/19/2008, -0/+10i used to work at costco. it's flat-out the best retail chain to work for. i say this without hesitation after working for best buy.
- wicketr, on 11/19/2008, -0/+9The problem is with these publicly traded companies, the CEO is just a hired man by the Board of Directors. They are made up of people that benefit heavily based on the stock price. So the CEO is always having to kiss ass to keep his job. And by kissing ass, I mean keeping their stock price high and meeting expectations.
If a company is privately owned, or the CEO still has a controlling share of the company, then usually they tend to do what is right for the employee and customer base. It's the sad state of Capitalism at work.
But in the long run, the companies that benefit the employees and customer win because the others eventually die off. UNLESS THEY ARE ***** BAILED OUT! - MixMastaKooz, on 11/19/2008, -0/+9For every position they have open, they receive hundreds of applications! Good luck!
- MixMastaKooz, on 11/19/2008, -0/+8Yea! You can get a Polish Sausage and a 16oz soda for $1.50!! The pizza isn't bad either! $2 a slice I think. Oh, and churros for a $1: yum!
- xerodustrial, on 11/19/2008, -0/+8You know, I've never actually set foot inside a CostCo.
After reading this interview though, I might. - jbmcb, on 11/19/2008, -0/+8Costco is a different business model. You go there for staples - potatoes, coffee, flour, canned goods, stuff like that. They get that stuff from the same place the local stores do. I still go to the local produce market and butcher for quality vegetables and meat.
- MiDri, on 11/19/2008, -0/+7I hear that!
- diulei, on 11/19/2008, -0/+7*Gasp* A company that cares about its own employees AND customers is profitable? WHO WOULD HAVE THOUGHT?!?
Other companies take note:
Treating customers well = returning customers = profit = win.
Treating employees well = loyal employees = less turnaround = less money wasted = win.
Also, having a CEO who is not completely detached from the rest of your employees also helps too. Maybe just a little. - charters14, on 11/19/2008, -0/+7i love hearing stories like this...I wish more companies followed this model of CSR, seeing as it actually benefits the shareholders as well as the stakeholders involved in the corporation. My finance professor would vehemently disagree with me on this and say that this is just a fad and in the long run hurts shareholders (corporations in the long are shackled inextricably from their investors) but I think (I guess hope) as we progress into the 21st century the welfare of all of society will become a primary concern for investors and a symbiotic relationship between socially responsible corporations and shareholders will emerge...not to mention the countless examples of things like the skylights benefiting both society and creating economic value to the firm by reducing costs and enhancing their image with consumers
- TheFinaleofSeem, on 11/19/2008, -1/+8They're not clobbering the manufacturers for special deals and lower prices on goods than anyone else, leaving other businesses with higher costs.
- forcedfx, on 11/19/2008, -1/+7Holy *****. I need to get a new job.
- FeloniusMonkey, on 11/19/2008, -1/+7I see what you did there.
- fapfapfap, on 11/19/2008, -0/+6Another great thing about Mr. Sinegal is that he doesn't draw a multi million dollar salary.
And has noted in the past he thought that it was outrageous about the amounts some CEO's are compensated. - Speed, on 11/19/2008, -0/+6But they aren't getting low prices by requiring the manufacturer to lower the price to them, they just refuse to mark up goods more than 15%.
- publiclurker, on 11/19/2008, -0/+6I purchased a microwave from them that literally spent 6 months in the shop. It died 2 days after I get it back. I went back to them and explained that I only it for a total of 30 days out of the 90 day warranty period. They gave me my money back in cash. Service like that is why I gladly spend hundreds of dollars a month there.
PS. their rotisserie chicken is the best there is. - alihahd, on 11/19/2008, -0/+6Most of the time, listening to the NPR Marketplace/Business reports, it seems like Capitalism simply cannot brook generosity. Reading this sort of article is the beacon of hope in all that (deserved) negativity.
/off to Costco for some delicious pizza - whiledo, on 03/25/2009, -0/+5Costco frozen yogurt is fantastic.
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